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Orexigen Reports Second Quarter Results

San Diego’s Orexigen Therapeutics Inc. reported a jump in quarterly revenue, but missed Wall Street’s expectations for total earnings-per-share, according to a recent earnings statement.

The weight-loss drugmaker reported $7.8 million in revenue for Q2 2016, beating analyst expectations of $6.88 million. By comparison, Orexigen brought in $5.2 million in the like period last year.

Net loss rose to $25.2 million for the quarter, compared with a loss of $22.5 million in the second quarter of 2015. As a result, earnings-per-share dropped to ($1.73), which was $0.26 worse than Wall Street expectations of ($1.47) per share.

Orexigen closed the quarter with $264.4 million in cash, restricted cash and investments, and short term investments.

“Earlier this week we completed our acquisition of U.S. rights to Contrave, transforming Orexigen into a fully integrated commercial pharmaceutical company focused on our mission to improve the health and lives of patients struggling to lose weight,” said Mike Narachi, CEO of Orexigen, in a statement. “With the completion of this acquisition and the development of our independent commercialization capabilities over the past several months, Orexigen is ready to execute on our strategy to grow Contrave sales in the U.S. with our targeted specialty sales force and to market Mysimba and Contrave outside the U.S. through multiple, regionally specific partnerships.”

San Diego’s Orexigen Therapeutics Inc. reported a jump in quarterly revenue, but missed Wall Street’s expectations for total earnings-per-share, according to a recent earnings statement.

The weight-loss drugmaker reported $7.8 million in revenue for Q2 2016, beating analyst expectations of $6.88 million. By comparison, Orexigen brought in $5.2 million in the like period last year.

Net loss rose to $25.2 million for the quarter, compared with a loss of $22.5 million in the second quarter of 2015. As a result, earnings-per-share dropped to ($1.73), which was $0.26 worse than Wall Street expectations of ($1.47) per share.

Orexigen closed the quarter with $264.4 million in cash, restricted cash and investments, and short term investments.

“Earlier this week we completed our acquisition of U.S. rights to Contrave, transforming Orexigen into a fully integrated commercial pharmaceutical company focused on our mission to improve the health and lives of patients struggling to lose weight,” said Mike Narachi, CEO of Orexigen, in a statement. “With the completion of this acquisition and the development of our independent commercialization capabilities over the past several months, Orexigen is ready to execute on our strategy to grow Contrave sales in the U.S. with our targeted specialty sales force and to market Mysimba and Contrave outside the U.S. through multiple, regionally specific partnerships.”

Orexigen’s stock is up almost 15 percent on the news, currently trading at $3.76 per share.

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