Onyx Pharmaceuticals Inc. (ONXX:US), 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 (ONXX:US) 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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