Nexavar pushes Onyx back to profit
California, USA-based Onyx Pharmaceuticals swung back into profit in the 12 months to December 31, 2008, from a loss in the year before, due to increased revenue from Nexavar (sorafenib), marketed by Germany's Bayer.
Nexavar sales jumped 82% to $677.8 million, increasing the amount Onyx earned from the deal to $194.3 million, compared to $90.4 million in 2007. R&D costs rose 48% to $123.7 million.
As a result, the firm's net income was $1.9 million, or $0.03 per share, versus a loss of $34.2 million, or $0.67 loss per share. However, cash and cash equivalents were reduced by 16% during the year, to stand at $418.4 million, due to payments made to Singapore's S*Bio and the UK's BTG (Marketletters passim).
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