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2007.05.10 - Onyx's profits from Nexavar
By STEVE MITCHELL UPI Senior Medical Correspondent
WASHINGTON, May. 10 (UPI) -- Onyx's first quarter topped Wall Street's expectations, but analysts are split about the future of the company's Kidney Cancer treatment Nexavar. Prudential analyst Jason Zhang liked Onyx's first-quarter performance but expressed concern about the growth potential of the cancer drug, which the company co-markets with Bayer.
"Going forward we believe U.S. Nexavar sales in (Kidney Cancer) will remain stable and could see slight pressure from Wyeth's Torisel if approved in the third quarter," Zhang stated in a research report.
Nexavar sales outside the United States jumped 22 percent over the fourth quarter of 2006, but that kind of growth will probably not be maintained.
"Although ex-U.S. sales exceeded our expectations, we feel that that will flatten out around the $37 million mark going forward," Zhang stated.
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