Arena Pharma (ARNA) Posts Surprise Q2 Profit of 2c/Share

Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) reported Q2 EPS of $0.03, $0.14 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $12.8 million versus the consensus estimate of $9.81 million.

Second Quarter and Recent Developments

BELVIQ® (lorcaserin HCl) CIV US Commercial Update

• IMS Health estimates that approximately 110,000 prescriptions for BELVIQ were filled in the second quarter of 2014, representing growth of approximately 43% in total prescriptions as compared to the previous quarter.

• Eisai recorded net product sales for BELVIQ of $9.9 million in the second quarter of 2014.

• Eisai completed its planned increase of more than 200 new sales representatives in its Metabolic Business Unit, increasing the sales force for BELVIQ by 50% to approximately 600. Eisai expects this further expansion of the sales force will enable them to increase their reach to a total of approximately 92,000 physicians in the United States.

BELVIQ Additional Developments

• Arena's wholly owned subsidiary, Arena Pharmaceuticals GmbH, and Teva Pharmaceutical Industries Ltd.'s local Israeli subsidiary entered into a marketing and supply agreement for BELVIQ in Israel. Under the agreement, Arena granted the rights to market and distribute BELVIQ in the territory for weight loss or weight management in obese and overweight patients, subject to regulatory approval of BELVIQ by the State of Israel Ministry of Health.
• Arena and Eisai participated at the American Diabetes Association's 74th Scientific Sessions in San Francisco, California, including giving one oral presentation, Lorcaserin Can Improve Weight Loss in Patients with Prediabetes and Reduce Progression to Diabetes in Obese and Overweight Patients, and presenting two posters, Change in A1C in Overweight Patients with Type 2 Diabetes with the Healthy Lifestyle Program Used in the Lorcaserin Phase 3 Trials and Lorcaserin Free Plasma Levels at Recommended Dose are Sufficient to Activate Serotonin 2C but not 2A or 2B Receptors.
• An article based on post-hoc analyses from the three pivotal Phase 3 trials of lorcaserin entitled, "Early Weight Loss While on Lorcaserin, Diet, and Exercise as a Predictor of Week 52 Weight-Loss Outcomes," was published in the online issue of Obesity, the official peer reviewed journal of The Obesity Society.
• BELVIQ was nominated by the Galien Foundation and Awards Committee for the 2014 Prix Galien USA Award in the Best Pharmaceutical Agent category.

For earnings history and earnings-related data on Arena Pharmaceuticals, Inc. (ARNA) click here.

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