Arena Pharmaceuticals Earnings: Revenue Increase Breaks Streak of Three Straight Declines
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) reported its results for the second quarter.
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Arena Pharmaceuticals, Inc. Earnings Cheat Sheet
Results: Loss narrowed to $22.1 million (12 cents per diluted share) from $22.9 million (loss of 16 cents per share) in the same quarter a year earlier.
Revenue: Rose to $21.98 million from the year-earlier quarter.
Quoting Management: The FDA’s approval of BELVIQ in the second quarter was a significant development for obese and overweight Americans who need help losing weight,” said Jack Lief, Arena’s President and Chief Executive Officer.
“We are focused on working with Eisai to launch BELVIQ in the United States following the completion of DEA scheduling, and expect BELVIQ to play a key role in physicians’ newly expanded toolkits for the medical management of obesity. We also have marketing authorization applications under review in the European Union and Switzerland, and are in the process of prioritizing our commercial and regulatory strategy for additional markets outside of the United States.”
Last quarter’s year-over-year revenue increase ends a three-quarter streak of revenue declines. Revenue fell 44.2% in the first quarter, 48.3% in the fourth quarter of the last fiscal year and 54.7% in the third quarter of the last fiscal year.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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