Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) declared a net loss of 10 cents a share in its recently released third quarter result, which beat the analyst estimate of 11 cents per shared polled by Zacks Consensus Estimate, but according to estimates of the company last year.
The pharmacy company, revenue for recently release quarter was up 140.9% to$3.6 million, mainly boosted by the unveiling of new obesity drug, Belviq. On Friday the drug maker also revealed that it has extended its marketing agreement with Eisai Co., which is the company Japanese partner on drug Belviq.
According to the agreement with the partner the company will get a $60 million upfront payment and could received the second amount of $176.5 million from partner’s based on regulatory and development milestones. The Japanese drug-maker currently has get international rights to market the ARNA’s drugs throughout the world except Taiwan, South Korea, Australia, Israel and New Zealand. While previously the deal between the two firms only covered most of South and North America.
The company declared a net sale of $2 million only from Belviq in Q3, 2013, and from its lunch so far it has made total sales of $3.3 million, which was approved by regulators in June 2012, but during next twelve month didn’t reach the market as there are some logistical concerns such as classification of the drug by the Drug Enforcement Administration.
Simon Simeonidis, analyst at Cowen and Co. revealed n his note that according to him Belviq isn’t all that efficient, but the latest agreement is good news for Pharmacy Company as its conditions are attractive. Simeonidis also rated the firm as “Market Perform.”
For the latest release the company R&D was increased 25.6% to $14.6 million and other G&A (general and administrative expenses also boosted 5.0% to $7.8 million during the quarter. Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) share increased 17.40% to $4.79 in last trading session.