Onyx Pharmaceuticals Earnings: Here’s Why the Stock is Rising 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 1.24%.
Onyx Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.4 in the quarter versus EPS of $-0.68 in the year-earlier quarter.
Revenue: Rose 110.5% to $153.03 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Onyx Pharmaceuticals Inc. reported adjusted EPS loss of $0.4 per share. By that measure, the company beat the mean analyst estimate of $-0.42. It beat the average revenue estimate of $151.73 million.
Quoting Management: “Accelerating revenue from each of our products, coupled with strategic investment to unlock the value of Kyprolis, provides a compelling platform for the current and future growth of Onyx,” said Tony Coles, M.D., chairman and chief executive officer of Onyx. “With our Phase 3 program for Kyprolis across all lines of multiple myeloma therapy, we are committed to expanding the label globally, and we have a clear strategy to enable a filing in Europe in the second half of 2014, pending positive results from both ASPIRE and FOCUS. Important commercial, clinical, and regulatory momentum across the business continues to drive Onyx’s value creation as we become an emerging global oncology leader.”
Key Stats (on next page)…