Onyx Earnings Top Analysts’ Estimates on Medicine Sales
Onyx Pharmaceuticals Inc. (ONXX), a maker cancer drugs, reported a fourth-quarter loss that was less than analysts’ estimates as sales of newly approved therapies rose faster than expected.
Onyx reported a fourth-quarter net loss of $42.9 million, or 64 cents a share, compared with net income of $216.7 million, or $3.16, a year earlier, the South San Francisco, California- based company said today in a statement. The loss excluding one- time items of 36 cents topped by 38 cents the average of 14 analysts’ estimates compiled by Bloomberg.
Onyx won approval for two therapies last year, Kyprolis, for the blood cancer multiple myeloma, and Stivarga, for advanced-colorectal cancer. The company’s third medicine, Nexavar, a treatment for kidney and liver cancer developed with Bayer AG (BAYN), reached $1 billion in sales in 2011.
Onyx said 2012 revenue was $362.2 million. Analysts had expected $347.6 million, according to data compiled by Bloomberg. Sales of Kyprolis reached $64 million for the year, while analysts estimated $48 million.
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