Arena Pharmaceuticals, Inc. (ARNA) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $38.57 million, or $ 0.16 a share in the quarter, against a net loss of $30.46 million, or $0.13 a share in the last year period.
Revenue during the quarter surged 1,001.46 percent to $85.37 million from $7.75 million in the previous year period. Gross margin for the quarter expanded 3452 basis points over the previous year period to 92.62 percent.
Operating income for the quarter was $38.13 million, compared with an operating loss of $29.29 million in the previous year period.
"We are very pleased with our progress in 2016 as we have positioned the Company to deliver results on multiple Phase 2 programs in 2017. In the last nine months, since the arrival of the new management team, we prioritized our Phase 2 programs; strengthened our board and team to support our strategy; implemented cost reduction measures; renegotiated our agreement with Eisai; and took a methodical approach to maximizing the value of our assets," said Amit Munshi, Arena's president and chief executive officer.
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