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Onyx Pharmaceuticals swings to 1Q profit on cancer drug

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May 6, 2008

EMERYVILLE, Calif.—Onyx Pharmaceuticals Inc. said Tuesday it swung to a first-quarter profit on a surge in revenue from the liver cancer drug Nexavar.

The company earned $15.4 million, or 27 cents per share, compared with a loss of $12.2 million, or 26 cents per share, during the same period a year prior. Revenue jumped to $37.7 million from $3 million.

Analysts polled by Thomson Financial expected a loss of 6 cents per share on revenue of $11.7 million.

The revenue boost came from a payment from the company's Nexavar partner Bayer. Nexavar had worldwide sales of $151.9 million in the first quarter.

Shares of Onyx Pharmaceuticals rose 33 cents to close at $37.94.

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