Onyx shatters expectations in 1st qtr
USA-based biopharmaceutical firm Onyx' swung from a loss for the first quarter of 2007 to generate a profit of $15.4 million in the 3 months ending March 31, 2008, driven by a 149% increase in sales of its cancer treatment Nexavar (sorafenib).
The drug, licensed to German-based Bayer Healthcare, approved in major markets for the treatment of liver and advanced kidney cancer, earned the company $151.9 million in worldwide sales versus $60.9 million during the like period last year. This brought overall revenue up to $37.7million, vs just $3.0 million in 2007. As a result income advanced into profit from a $12.2 million loss last year, bringing the firm earnings per share of $0.27.
Analysts polled by Thomson Financial had expected the company to remain in loss, predicting it to be down $11.7 million or $0.06 loss per share. On the day the results were announced, Onyx' stock went up $0.33 to $37.94.
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