Onyx Pharma Narrows Loss

The company has no revenue for the first quarter.
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Onyx Pharmaceuticals

(ONXX)

reported a narrower-than-expected loss in the first three months of the year as its marketing partner

Bayer

(BAY)

recorded the initial full quarter of sales of the cancer drug Nexavar.

According to an agreement between the companies, Bayer recognizes all sales of the kidney cancer drug, which in the first quarter amounted to $23.7 million. Onyx reported no revenue. Analysts were expecting Onyx to bring in $3.7 million in revenue for the quarter.

Onyx reported a loss of $20.4 million, or 49 cents a share, in the first quarter, including a stock-based compensation expense of $3.6 million, or 9 cents a share. A year ago, the company lost $16.1 million, or 46 cents a share. Analysts expected the company to lose 67 cents a share.

Nexavar, which was first approved to treat kidney cancer in December, is currently in late-phase clinical trials to treat liver cancer and advanced skin cancer that has spread to other parts of the body.

"Although it's early, we are very pleased with Nexavar's solid first-quarter sales performance, as well as its availability to a significant number of patients," said Hollings C. Renton, Onyx chairman and CEO.