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ONYX Pharmaceuticals, AŞ Message Board

  • johnpapas893 johnpapas893 Oct 15, 2012 7:50 PM Flag

    S&P coverage, PT $105

    On October 11, S&P initiated coverage of ONXX with a buy rating and PT $105.

    We project revenues of $331 million in 2012 and $566 million in 2013, with latter period growth driven by the July 2012 FDA approval of Kyprolis for relapsed multiple myeloma. Although it is a more mature product, we think Nexavar, partnered wth Bayer, could see a boost in sales gowth upon a positive phase III outcome in thyroid cancer, for which data is expected in late 2012.We expect earlier Kyprolis use to drive long-term growth.
    Our 12-month target price of $105 is based on our net present value of ONXX's currently marketed
    drug roster and clinical pipeline. We #$%$ a 16% blended risk discount rate, and estimate peak annual global sales of Kyprolis of more than $2 billion, reflecting our view of favorable label expansion prospects.

    Sentiment: Strong Buy