Orexigen Therapeutics (OREX) Misses Q4 EPS by 51c

Orexigen Therapeutics (NASDAQ: OREX) reported Q4 EPS of ($1.69), $0.51 worse than the analyst estimate of ($1.18). Revenue for the quarter came in at $13.88 million versus the consensus estimate of $13.95 million.

"Last year was a year of transformational progress for Orexigen, beginning with the re-acquisition of the rights to Contrave® in the United States. Commencing early March, the team at Orexigen demonstrated remarkable focus, executing on a myriad of projects and deals which reshaped and strengthened our Company while rewarding us full control of our FDA approved product," said Mike Narachi, CEO of Orexigen. "Last year we built a fully-operational, high-quality commercial infrastructure in a matter of months. We re-positioned Contrave to focus on the attributes that we believe mattered most to patients, and launched an impactful, broadly-integrated patient campaign along with direct-to-consumer advertising in December. With an established platform to drive growth, and an unwavering commitment to our mission of helping improve the health and lives of patients struggling to lose weight, we are excited for the remainder of 2017."

Adding to Mike's comments, Dr. Thomas Cannell, Chief Operating Officer and President of Global Commercial Products said, "As a result of the efforts that began in 2016, early 2017 prescription trends for Contrave in the United States appear to have entered a new phase of growth. By the first week of March, prescription volumes exceeded their prior peak and continue to trend above prior highs– all with approximately half the average annual commercial spend invested during the first two years on the market. Outside the United States we continue to make substantial progress for the Contrave / Mysimba brand, which is now partnered in 39 total countries."

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

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