Biotech
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Let's cut Onyx some slack, shall we? Clearly, the Nexavar sales guidance is conservative, and as Coles said on the call, the forecast can easily be updated higher once the company gets more visibility into the second half of the year. Nexavar is being right now being launched across Asia, which is a very large liver cancer market but one that is hard to predict. This likely contributed to Onyx's decision to play it safe with Nexavar guidance. Just as important as Nexavar sales guidance was the fact that Coles said many of the right things when it comes to managing expenses. Onyx now expects to break even or be profitable in 2008, which is something the company couldn't promise during the fourth-quarter conference call, the last under the old regime of Hollings Renton. Consensus calls for Onyx to earn 32 cents a share in 2008. Onyx shares closed Tuesday at $37.94.
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