Onyx Pharmaceuticals Earnings: Here’s Why Investors are Excited Now
Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.12%.
Onyx Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.36 in the quarter versus EPS of $1.50 in the year-earlier quarter.
Revenue: Decreased 46.04% to $127.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Onyx Pharmaceuticals Inc. reported adjusted EPS loss of $0.36 per share. By that measure, the company beat the mean analyst estimate of $-0.75. It beat the average revenue estimate of $113.17 million.
Quoting Management: “This past year was transformational, as Onyx grew from a company with one therapy in two indications to one with three therapies approved in four indications and positive Phase 3 data for another two potential indications,” said N. Anthony Coles, M.D., chairman and chief executive officer of Onyx. “We enter 2013 with the architecture for near-term momentum in our business and sustained growth. The successful launch of Kyprolis, Onyx’s first wholly-owned product, serves as the foundation of our emerging proteasome inhibitor franchise, and we are committed to investing in a broad Phase 3 clinical development program across all lines of therapy to reach more patients globally. 2013 will be an important year for commercial execution in the United States, while developing select capabilities to expand our business internationally.”
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