Arena Pharma (ARNA) Misses Q4 EPS by 21c

Arena Pharma (NASDAQ: ARNA) reported Q4 EPS of ($1.76), $0.21 worse than the analyst estimate of ($1.55). Revenue for the quarter came in at $3 million versus the consensus estimate of $1.74 million.

"As we continue to execute on near and mid-term operational objectives, including delivering up to eight major data readouts between 2020 and 2021, we must also make the bold, strategic moves necessary to unlock the critical value that we believe our pipeline holds," said Amit D. Munshi, President and CEO of Arena. "As a result, I am excited to announce the appointment of Kevin Lind, as President and Chief Executive Officer of our subsidiary, Arena Neuroscience, Inc., and the appointment of Laurie Stelzer as Executive Vice President and Chief Financial Officer of Arena."

"I have been tremendously privileged to have joined the company three years ago with the charter to reset Arena and deliver long-term shareholder value," said Mr. Lind "I am excited to continue that mission by further leveraging the significant potential value of Arena\'s world-class GPCR discovery research in the area of neuroscience. We believe Arena Neuroscience has an opportunity to expand treatment options in a therapeutic area where there is an urgent unmet need for patients."

Laurie Stelzer joins Arena from Halozyme Therapeutics, where she has spent the last five years as the Chief Financial Officer, leading the Finance, Information Technology, Business Development, Project Management and Site Operations organizations. Prior to joining Halozyme, Laurie held senior management roles at Shire Plc (acquired by Takeda), including Senior Vice President of Finance, Division CFO for the Regenerative Medicine Division, and Head of Investor Relations. Previously she held positions of increasing responsibility during her fifteen-year career at Amgen, Inc., spanning the areas of Finance, Treasury, Global Accounting and International/Emerging Markets. Laurie received her B.S. in Accounting from Arizona State University, and her M.B.A. from the Anderson School at the University of California, Los Angeles. She currently serves on the board of directors for Surface Oncology.

"Laurie is an accomplished executive with significant financial expertise across both emerging and established biotechnology companies and will be an exceptional addition to our management team," said Mr. Munshi. "Having previously worked with Laurie at Amgen, I am confident in her experience and leadership as we continue to scale a sustainable, vibrant, company while being mindful stewards of our resources."

For earnings history and earnings-related data on Arena Pharma (ARNA) click here.

You May Also Be Interested In

• L3Harris CEO steps down amid conduct review, shares drop
• Bimergen Energy Corporation (BESS) Reports Q2 EPS of $0.22
• Huazhu Group Limited (HTHT) Tops Q2 EPS by 37c