Orexigen Therapeutics (OREX) Tops Q1 EPS by 2c, Sales Miss

Orexigen Therapeutics (NASDAQ: OREX) reported Q1 EPS of ($0.15), $0.02 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $5 million versus the consensus estimate of $8.26 million.

"In preparation for the completion of our acquisition of U.S. rights to Contrave® (naltrexone HCl/bupropion HCl extended release), our team has made rapid progress advancing our commercial plans, including assembling talented and experienced sales and marketing leadership," said Mike Narachi, CEO of Orexigen.

Narachi continued: "We believe patients seeking medication-assisted weight loss deserve new alternatives to the treatment most commonly offered today, generic amphetamines indicated only for short term use with limited assistance for behavior change. We plan to offer Contrave as part of a very differentiated treatment option, one that is indicated for chronic use, that we believe can help patients who are obese or overweight with certain comorbidities achieve longer-term weight management goals."

"We believe that by successfully executing on our plans, Orexigen can achieve profitability beginning in full year 2019 and that the capital we raised in March in connection with the Contrave acquisition will be sufficient to get us there," Narachi said.

For earnings history and earnings-related data on Orexigen Therapeutics (OREX) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Star Equity Holdings (STRR) Misses Q2 EPS by 8c
• SVB & T Corporation (SVBT) Tops Q2 EPS by 275c