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ANI Pharmaceuticals, Inc. (ANIP) - $25 value - yours FREE >>
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Arena's (ARNA) Q2 Loss Narrower, Revenues Increase Y/Y
Arena Pharmaceuticals, Inc. reported a loss of 9 cents per share (excluding restructuring charges) in the second quarter of 2016, narrower than the year-ago loss of 12 cents per share. Including one-time items, reported quarter loss came in at 11 cents per share. The Zacks Consensus Estimate was a loss of 11 cents per share. Total revenues grew 3.6% year over year to $9.5 million.
Arena recorded Belviq (weight management) sales of $4.3 million, up 22.9% sequentially. The company gained FDA approval for a once-daily formulation of Belviq (Belviq XR) in Jul 2016.
Research & development (R&D) expenses declined 23.4% year over year to $18.5 million. General & administrative (G&A) expenses declined 4.3% year over year to $8.5 million.
The company expects 2016 R&D expenses of $78 - $84 million, including non-cash expenses of approximately $9 million and G&A expense of $27 - $33 million, including non-cash expenses of approximately $7 million in 2016.
Arena expects reduced annualized cash expenditure of approximately $23-$25 million. In July, the company also cut the workforce in Arena GmbH, primarily in the areas of manufacturing and G&A and expects this move to lead to additional reduced annual cash expenditure of about $2.1 million.
Focus in 2016 will remain on the advancement of the company’s proprietary pipeline candidates, which include etrasimod (phase II for ulcerative colitis), ralinepag (in a phase II study for pulmonary arterial hypertension), and APD371 (phase II program for the treatment of pain associated with Crohn's disease expected to commence in early 2017). Phase II data on ralinepag is expected in mid-2017 and on etrasimod in the fourth quarter of 2017.
ARENA PHARMA Price
ARENA PHARMA Price | ARENA PHARMA Quote
Arena is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the healthcare sector include Cambrex Corporation , ANI Pharmaceuticals, Inc. (ANIP - Free Report) and Heska Corporation . All three are Zacks Rank #1 (Strong Buy) stocks.
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