• News
  • SAN DIEGO
  • BioTech

Obesity drug maker Arena books smaller 3Q loss

San Diego-based weight loss drugmaker Arena Pharmaceuticals Inc. (Nasdaq: ARNA) said Tuesday that its third-quarter loss shrank as its research and development and manufacturing costs declined.

The Food and Drug Administration approved Belviq in June, and Arena's partner Eisai Co. will start selling the drug in the first quarter of 2013. Belviq was the first long-term weight loss drug to get FDA approval in more than a decade. Regulators in the European Union and Switzerland are also reviewing Belviq for sale there.

Arena reported losses of $15.5 million, or 7 cents per share, for the three months ended Sept. 30. In the third quarter of 2011 Arena lost $22.7 million, or 16 cents per share. Its revenue declined to $1.5 million from $3.5 million, but most costs declined and the company booked a gain on revaluing derivatives and recorded interest income.

Analysts were forecasting a larger loss of 9 cents per share and $2.4 million in revenue, according to FactSet.

On Tuesday Arena also announced a marketing partnership for Belviq in South Korea. It said Ildong Pharmaceutical Co. will work to win marketing approval for Belviq in South Korea and will market the drug there if it is approved. Arena will be paid $5 million upfront and $3 million more if the drug is cleared for marketing. San Diego-based Arena will manufacture Belviq and sell it to Ildong.

Arena shares lost 35 cents, or 4.4 percent, to $7.60 on Tuesday.

Separately, shares of Arena's competitor Vivus Inc. (Nasdaq: VVUS) plunged after Vivus reported early data for its weight loss drug Qsymia, which was approved a few weeks after Belviq and reached the market in September. Vivus said large numbers of Qsymia prescriptions were going unfilled because of limited insurance coverage and high copays for the drug.

Vivus shares fell 21 percent to $11.82.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

Arena Pharmaceuticals Inc.

Company Website

6166 Nancy Ridge Drive
San Diego, CA 92121

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
ARNA
2.31
  -0.09  
- 3.75%
6,822,556,000
6.28
1.73

Insider Trade Data

Date Insider Shares Type Value
03/17/2015 Spector, Steven W 70,000 Sell $350,000
03/17/2015 Spector, Steven W 70,000 Exchange $105,803
03/17/2015 Spector, Steven W 70,000 Sell $350,000
03/17/2015 Spector, Steven W 70,000 Exchange $105,803
01/08/2015 Spector, Steven W 45,000 Sell $281,700

Arena Pharmaceuticals Inc. Executive(s):

Jack Lief

  • Chairman, Chief Executive Officer, President

Similar Companies

NAICS - 424210 - Drugs and Druggists' Sundries Merchant Wholesalers
NAICS - 541711 - Research and Development in Biotechnology