Arena Pharma (ARNA) Belviq Numbers Lowered at Needham & Company
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Needham & Company analyst Alan Carr reiterated Hold rating and lowered estimates on Arena Pharma (NASDAQ: ARNA) ahead of Q1 earnings and spring review.
Carr comments, "Initiation of a direct to consumer (DTC) print campaign and expansion of the Eisai sales force appear to have had an impact on Belviq prescriptions in recent months. We believe a DTC television campaign planned for late April by Eisai may have an even greater effect. Broadly, however, we remain concerned by modest single-agent efficacy of Belviq and the risk of low patient retention."
The firm's new 1Q14 and 2014 U.S. Belviq sales estimates are $11.0M (was $11.5M) and $81.5M (was $91.5M). They project $3.5M (was $3.6M) in 1Q14 Belviq revenues to Arena. The firm also said its prescription refill assumptions have been too aggressive, however, and they are therefore lowering long-term Belviq sales estimates. Their 2015 estimate is $196.0M (was $259M).
Shares of Arena Pharma closed at $6.18 yesterday.
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