Arena Pharmaceuticals Inc. ($ARNA) announced better than expected results for its fourth quarter. The company its revenue for the quarter totaled $85.4 million, including $15.2 million in net product sales of BELVIQ, $1.3 million in milestone payments earned from Eisai and Ildong for BELVIQ, and $66.1 million of revenue associated with upfront BELVIQ payments. The company incurred $11.9 million in Research and Development expenses. Arena’s net income was $38.3 million or $0.16 per share.
For full year 2016, Arena reported its revenue at $124 million. The company suffered net loss of $22.9 million or $0.09 per share. Its Research and development expenses totaled $66.4 million, while General and administrative expenses stood at $31.2 million.
Arena also provided encouraging guidance for the full year 2017. The company expects full year 2017 net cash used in operating and investing activities to be $80 to $100 million, assuming no additional partnerships and no adjustment to our development plans.
The company stock is currently trading 12 percent up. It has gained 11 percent this year so far while its 12 months gain stands at over 9 percent. The stock is expected to stabilize on account of good results reported. Its encouraging plans for this year are also likely to provide positive boost to the stock price.