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Earnings Roundup
(BioWorld Today Via Acquire Media NewsEdge) , of Rockville, Md., reported net income of $7 million, or 24 cents per share, for the first quarter. Total revenues for the three months grew 62 percent over last year to $42.7 million, driven primarily by an increase in BioThrax (anthrax vaccine absorbed) sales. BioThrax sales consisted of $41.1 million in doses delivered to the Department of Health and Human Services and aggregate international and other sales of $400,000. As of March 31, Emergent BioSolutions had cash and equivalents totaling $92.7 million. The company's shares (NYSE:EBS) closed at $9.43 Wednesday, down 59 cents.
? Onyx Pharmaceuticals Inc., of Emeryville, Calif., said sales of Nexavar, as reported by partner Bayer HealthCare Pharmaceuticals Inc., of Wayne, N.J., totaled $151.9 million for the first quarter of 2008, representing a 149 percent increase over the same period in 2007. Nexavar (sorafenib) is approved in liver cancer and advanced kidney cancer. Onyx's net revenue from unconsolidated joint business totaled $37.7 million, compared to $3 million the year before. That increase is due to the increase in Nexavar sales by Bayer offset by an increase in combined commercial and research and development. For the first three months of the year, Onyx reported net income of $15.4 million, or 27 cents per share, well above consensus estimates that projected a net loss of 6 cents per share. As of March 31, the firm had cash, cash equivalents and marketable securities of $456.6 million. Onyx's stock (NASDAQ:ONXX) closed at $35.79 Wednesday, down $2.15.
? OSI Pharmaceuticals Inc., of Melville, N.Y., reported total revenues of $91 million for the first quarter, a 17 percent increase over the first quarter of 2007, which the company attributed to the growth in revenues arising from worldwide Tarceva (erlotinib) sales, partially offset by a decline in business development revenue. As reported by South San Francisco-based Genentech Inc. and Basel, Switzerland-based F. Hoffmann-La Roche Ltd., worldwide net sales of Tarceva totaled $267 million. OSI's net revenues from the unconsolidated joint Tarceva business were $50 million. Its net revenues are based on total U.S. sales of $111 million. The company posted net income of $31.7 million, or 52 cents per share for the three-month period. As of March 31, its cash and investments totaled about $441.4 million. Shares of OSI (NASDAQ:OSIP) gained $1.54 Wednesday to close at $36.41.
? Salix Pharmaceuticals Ltd., of Raleigh, N.C., reported total product revenue of $34.3 million for the first quarter. Its marketed products include Xifaxan, which brought in $16.7 million in revenue; bowel-cleansing products Moviprep, Osmoprep and Visicol, which generated revenue of $10.3 million; and Colazal, which generated revenue of only $1.3 million for the quarter, compared to $30 million one year ago. The Colazal decline was attributed to the approval of three generic balsalazide products in December. Salix reported a net loss of $24 million, or 50 cents per share, for the quarter. As of March 31, its cash position totaled $111.5 million. Shares of Salix (NASDAQ:SLXP) fell 53 cents Wednesday to close at $6.37.
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