Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: ONYX Pharmaceuticals
So what: Non-GAAP earnings per share of -$0.23 were worse than the year-ago non-GAAP EPS of -$0.02 and the consensus estimate of -$0.14. GAAP EPS deteriorated to -$0.78 for the quarter, from -$0.19 in the year-ago quarter. Revenue of $67.1 million grew 7% year over year but fell short of the consensus forecast of $69.9 million.
Now what: Operating expenses are climbing much faster than revenue as ONYX gears up for a potential U.S. launch of carfilzomib, for treating patients with multiple myeloma, in 2012. The FDA has granted the drug fast-track status. Investors are focused on its approval status, and ONYX indicated that it is on track for the potential launch.
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