Arena Pharma (ARNA) Tops Q1 EPS by 28c

Arena Pharma (NASDAQ: ARNA) reported Q1 EPS of ($2.00), $0.28 better than the analyst estimate of ($2.28). Revenue for the quarter came in at $300 thousand versus the consensus estimate of $1.58 million.

Cash, cash equivalents and marketable securities were $1.0 billion at March 31, 2020, as compared to $1.1 billion at December 31, 2019

"We are pleased to announce that our ongoing clinical programs are currently on track and our liquidity position remains strong with approximately one billion dollars in cash and investments. While maintaining momentum has not been easy, and we – along with the rest of the industry – have experienced a slowing in clinical trial operations, including site activations, our teams have been actively monitoring our ongoing trials day-by-day to ensure patient safety, study momentum and conduct, and drug supply. Additionally, prior to the COVID-19 outbreak, our programs were well ahead of schedule, giving us an important buffer to weather the storm. Finally, given the broad clinical site base across our programs, we are also monitoring certain countries and regions as they begin to lift restrictions. We continue to evaluate the situation in real-time and we will provide further updates frequently as circumstances evolve," said Amit D. Munshi, President and CEO of Arena.

Mr. Munshi added, "In the meantime, as we navigate the difficult and uncertain global conditions, we are taking measures to slow down hiring and spend in non-clinical areas, ensuring that we are highly focused on our key clinical objectives. We continue to judiciously manage cash and explore ways to reduce burn without impacting the long-term value of Arena or the delivery of critical milestones."

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

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