Loss Narrows for Onyx

The company's loss isn't as bad as Wall Street expected.
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Onyx Pharmaceuticals

(ONXX)

reported a narrower loss in the third quarter and had a much better result on the bottom line than analysts were expecting.

The company lost $20.1 million, or 49 cents a share, compared with a loss of $22.6 million, 64 cents a share, a year ago. The net loss in the most recent quarter includes stock-based compensation expenses of $3.5 million, or 8 cents a share. Analysts were expecting Onyx to lose 77 cents a share.

While Onyx didn't report any revenue from its kidney cancer drug Nexavar, its marketing partner,

Bayer

(BAY)

, says third-quarter revenue from the drug reached $45.4 million, up 41% from a year ago. Sales were mostly in the U.S. and European Union.

Onyx did recognize $100,000 in revenue in the latest third quarter from sales of certain viruses through its now-discontinued therapeutic virus program. The company recorded no revenue for last year's quarter.

Shares gained 65 cents, or 3.5%, to $19.50 in after-hours trading Tuesday.