Ebb & Flow

Onyx (ONXX) soundly beat the 3Q07 consensus EPS estimate of a $0.21 loss per share last week, turning a bit of a profit at $0.01 a share. The surprise came because analysts hadn't accounted for the strength of off-label Nexavar sorafenib sales to treat liver cancer.

For the quarter, Nexavar net revenue was $105 million. That was up 130% from $45 million in 3Q06 and 29% from $81 million in 2Q07. ONXX chalked up the growth to off-label liver cancer sales, noting that kidney cancer sales are "essentially stable." ...