Arena Pharmaceuticals Earnings: Here’s Why Investors are Selling Shares Now
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 17.85%.
Arena Pharmaceuticals, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.09 in the quarter versus EPS of $-0.18 in the year-earlier quarter.
Revenue: Rose 8.22% to $2.37 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Arena Pharmaceuticals, Inc. reported adjusted EPS loss of $0.09 per share. By that measure, the company missed the mean analyst estimate of $0.11. It missed the average revenue estimate of $50.36 million.
Quoting Management: “We are pleased with AACE’s recently published treatment guidelines and the specific reference to BELVIQ, which we believe will increase awareness among physicians and support the expansion of reimbursement,” said Jack Lief, Arena’s President and Chief Executive Officer. “We look forward to the completion of BELVIQ’s scheduling designation in the United States, and we are focused on making this new treatment option available to patients in additional parts of the world.”
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