Onyx Pharma posts larger 2Q loss on Kyprolis costs

SOUTH SAN FRANCISCO, Calif. (AP) -- Onyx Pharmaceuticals Inc. said Wednesday it took a bigger loss in the second quarter as it prepared to launch its new blood cancer drug Kyprolis.

Onyx spent more money as it set up a sales operation for Kyprolis, which received Food and Drug Administration approval July 20. It also reported greater costs related to additional clinical trials of the drug.

The company said it lost $106 million, or $1.65 per share. Excluding one-time costs, Onyx said it lost 68 cents per share.

Revenue rose 7 percent to $72.7 million. That revenue came from the liver and kidney cancer pill Nexavar, which is marketed through a partnership with Bayer AG. Worldwide sales grew 4 percent to $214.5 million during the second quarter, Onyx said.

Analysts, on average, were forecasting a loss of 69 cents per share and $71.9 million in revenue, according to FactSet.

A year ago, Onyx took a loss of $54.5 million, or 86 cents per share, on $68 million in revenue.

Kyprolis is an injectable drug approved as a treatment for multiple myeloma, a type of cancer that causes tumors to grow in the bone marrow, preventing the production of normal blood cells. The FDA approved Kyprolis for patients who have already been treated with at least two other multiple myeloma drugs, and Onyx is conducting other trials to win broader marketing approval.

Shares of Onyx Pharmaceuticals lost $1.84, or 2.5 percent, to close the regular session at $73.13 Wednesday. The stock slipped 13 cents more in aftermarket trading.