Arena Pharma (ARNA) Tops Q2 EPS by 42c

Arena Pharma (NASDAQ: ARNA) reported Q2 EPS of ($1.61), $0.42 better than the analyst estimate of ($2.03). Revenue for the quarter came in at $0 versus the consensus estimate of $1.47 million.

"Over the quarter, we delivered positive Phase 1 data from the etrasimod controlled-release program, fully enrolled the Phase 2b ADVISE trial in atopic dermatitis – meeting the high-end of our enrollment range and allowing for the availability of data in 2020 as guided, and completed a capital raise to further strengthen our balance sheet," said Amit D. Munshi, President and CEO of Arena. "I am extremely proud of the resiliency and tenacity that our team has demonstrated during the past several months as they overcame challenges that our industry is facing as a result of the global COVID-19 pandemic. Our team has adapted quickly and focused on execution in order to achieve key milestones for the company, and I want to acknowledge the hard work that went on across the organization. As a leadership team, we are consistently evaluating the impact of the pandemic and assessing the appropriate level of action needed as circumstances evolve."

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

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