NEW YORK (Thomson Financial) - Onyx Pharmaceuticals Inc. reported late
Tuesday it swung to first-quarter net income of $15.4 million, or 27 cents a
share, from a net loss of $12.2 million, or 26 cents a share, in the same period
a year earlier.
The latest results included employee stock-based compensation expense of
$5.2 million, or 9 cents a share.
The mean estimate of analysts polled by Thomson Reuters was for a loss of 6
cents a share.
Revenue from unconsolidated joint business for the quarter ended March 31
rose to $37.7 million from last year's $3 million.
Analysts had expected sales of $11.7 million for the period.
Net revenue from unconsolidated joint business were based on total Nexavar
sales of $151.9 million in the first quarter of 2008, the company said. Onyx
with its collaborator, Bayer, markets and develops Nexavar tablets, an
anticancer therapy approved for the treatment of liver cancer and advanced
kidney cancer.
The stock of the Emeryville, Calif.-based biopharmaceutical company closed
the regular session at $37.94.
Wanfeng Zhou
wz/wz/gm
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|