Onyx Pharmaceuticals' Nexavar Launch: Early Momentum and Challenges Ahead
Onyx Pharmaceuticals' latest cancer drug, Nexavar, has generated significant interest among patients and healthcare professionals alike. The company recently received FDA approval for the treatment of advanced kidney cancer, and its stock price has risen by 2 percent to $29.43. In an exclusive interview with CNBC's Mike Huckman, Onyx Pharmaceuticals' CEO and Chairman, Hollings Renton, discussed the ongoing launch of Nexavar, its pricing strategy, and the company's plans for competing with Pfizer's emerging product, Sutant.
Key Takeaways:
- Onyx Pharmaceuticals has already seen a high level of interest in Nexavar, with 2,000 patients participating in the expanded access program and a significant number of inquiries regarding the treatment.
- The company has priced Nexavar at over $4,300 for a one-month supply, more than double the estimates of many Wall Street analysts.
- Despite the high price, Nexavar is covered by Medicare Part D and is available to private payers, with Renton attributing its approval to the value added by the treatment.
- Onyx Pharmaceuticals is gearing up for competition from Pfizer's Sutant, with plans to establish a strong market presence through its first-mover advantage and compelling clinical data.
- The company is also exploring the potential of Nexavar in other cancer indications, including liver, skin, and lung cancer.
Statistics:
- 2,000 patients have participated in the expanded access program for Nexavar.
- Nexavar is priced at over $4,300 for a one-month supply.
- The treatment has been approved for Medicare Part D coverage and is generally available to private payers.
- Onyx Pharmaceuticals expects to start a lung cancer study in the first half of this year.
Sources:
- CNBC/DOW JONES BUSINESS VIDEO MARIA BARTIROMO, CNBC ANCRHOR
- Onyx Pharmaceuticals' CEO and Chairman, Hollings Renton
- CNBC's pharmaceuticals reporter, Mike Huckman
- Federal Document Clearing House Inc., eMediaMillWorks, Inc. (f/k/a)