Onyx Pharmaceuticals Inc. reported $81.3 million in second-quarter Nexavar revenues, up 34 percent from the first quarter and 150 percent from the year-ago period.
Nexavar (sorafenib), a multikinase inhibitor in tablet formulation, is approved for treating kidney cancer in the U.S., Europe and elsewhere. Profits from Nexavar sales are shared with collaborator Bayer HealthCare Pharmaceuticals Inc., of Wayne, N.J., which recognizes all revenue from those sales. Applications are pending in the U.S. and Europe to expand the Nexavar label to include use against liver cancer.
Onyx, of Emeryville, Calif., had a net loss of $10.8 million, or 22 cents per share, in the second quarter, down from the loss of $31.5 million in the second quarter of 2006.
As of June 30, the company had cash, cash equivalents and short- and long-term marketable securities of $454.4 million. Onyx completed a $185 million stock sale in June. (See BioWorld Today, June 22, 2007.)
"Onyx had a tremendous second quarter driven by increased domestic sales, as well as continued expansion and penetration of the Nexavar franchise outside of the United States," Hollings Renton, president and CEO of Onyx, said in a news release. "We anticipate continued positive momentum over the next 18 months, with top-line sales growth, potential regulatory actions in liver cancer, results from ongoing Phase III and Phase II clinical trials, and the continued expansion of our clinical development program."
Onyx's stock (NASDAQ:ONXX) had gained $2.46 Tuesday when Bayer disclosed the Nexavar revenues figure. The shares gained another 57 cents Wednesday to close at $33.88.
In other earnings news:
• BioMarin Pharmaceutical Inc., of Novato, Calif., reported a net loss of $3.9 million for the second quarter, which includes $4.3 million of noncash stock compensation expense. The loss in the year-ago quarter was $1.3 million, with $2.1 million of that in nonstock compensation. Net sales of Naglazyme (galsulfase), an enzyme replacement therapy for mucopolysaccharidosis VI, were $20.9 million for the quarter vs. $10.3 million in the year-ago period. Net sales of Aldurazyme (laronidase), an enzyme replacement therapy for mucopolysaccharidosis I marketed with Genzyme Corp., increased to $29.1 million from the second-quarter 2006 total of $23.5 million. BioMarin's share of the profits from the BioMarin/Genzyme LLC venture was $6.6 million. As of June 30, BioMarin had cash and equivalents of $587.7 million. Its stock (NASDAQ:BMRN) gained $1.15 Wednesday, or 5.8 percent, to close at $20.98.