Onyx Pharmaceuticals Earnings: Here’s Why Investors are Buying Shares Now

Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) had a loss and met 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 3.26%.

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Onyx Pharmaceuticals Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased to $-0.47 in the quarter versus EPS of $-0.68 in the year-earlier quarter.

Revenue: Rose 102% to $145.5 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Onyx Pharmaceuticals Inc. reported adjusted EPS loss of $0.47 per share. By that measure, the company met the mean analyst estimate of $-0.47. It beat the average revenue estimate of $134.36 million.

Quoting Management: “We began 2013 with a broad portfolio of products driving growth and momentum across our business,” said N. Anthony Coles, M.D., chairman and chief executive officer of Onyx. “In our proteasome inhibitor franchise, we continue to execute a successful launch of Kyprolis in the United States, adding select capabilities internationally, and investing in a broad Phase 3 clinical development program across all lines of therapy. Our global kinase inhibitor business, with Nexavar as the cornerstone, and Bayer’s Stivarga, continues to provide important contributions enabling our strategic investments.”

Key Stats (on next page)…

Revenue increased 13.74% from $127.92 million in the previous quarter. EPS decreased to $-0.47 in the quarter versus EPS of $-0.36 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a loss of $0.42 to a loss $0.56. For the current year, the average estimate has moved down from a loss of $1.73 to a loss of $2.25 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)