This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Onyx: Initial Kyprolis Sales Blow Past Estimates

SOUTH SAN FRANCISCO ( TheStreet) -- Onyx Pharmaceuticals (ONXX)posted $18.6 million in Kyprolis sales in the third quarter -- a strong start to the launch of the new multiple myeloma drug.

FDA approved Kyprolis on July 20 for the treatment of multiple myeloma patients who no longer respond to Takeda's Velcade and Celgene's (CELG - Get Report) Revlimid or Thalomid.

The $18.6 million in Kyprolis sales for the September quarter easily surpassed the Street consensus estimate of $7 million (although the whisper number was in the $12-15 million range.)

On its conference call, Onyx said Kyprolis had quickly garnered 10% market share in third-line multiple myeloma, suggesting the drug still had lots of room to grow given the estimated 10,000 to 15,000 multiple myeloma patients eligible for third-line treatment.

No future sales guidance for Kyprolis was given Thursday.

Onyx is running clinical trial to expand Kyprolis into earlier lines of multiple myeloma therapy. One such ongoing trial, dubbed ASPIRE, combines Kyprolis with Celgene's Revlimid. On Thursday, Onyx said interim results from the ASPIRE trial would likely be delayed to the fourth quarter 2013 or later because patients enrolled are progressing slower than expected. Onyx was careful to note that the study is blinded so it's impossible to determine what is causing the slower progression.

Another phase III study, FOCUS, is fully enrolled with interim results expected in the second half of 2013. If positive, Kyprolis data from this study will be used to seek European approval.

At next month's American Society of Hematology (ASH) meeting, Onyx will be presenting early data on oprozomib, an oral proteasome inhibitor for multiple myeloma. In June, Takeda announced the start of a phase III trial of its own oral proteasome inhibitor in multiple myeloma.

In the third quarter, Onyx reported a non-GAAP net loss of $51.8 million, or 79 cents per share, compared to a non-GAAP net loss of $19.5 million, or 31 cents per share, for the same period of 2011. Street consensus was looking for a net loss of 90 cents per share.

Total revenue in the September quarter was $89.5 million, up 19% year over year, including $70.7 million in revenue recorded from the joint venture with Bayer that covers the sale of the cancer drug Nexavar. Nexavar global sales totaled $208.2 million in the third quarter, flat from the year-ago period.

Sales of the colon cancer drug Stivarga, also sold in a partnership with Bayer, were $100,000 in the quarter. The drug was approved on Sept. 27.

Onyx shares were closed Thurday up 2.5% to $80.33 and were up another 1% to $81 in after-market trading.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
ONXX $0.00 0.00%
CELG $119.52 0.00%
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs