Orexigen Therapeutics Turns To Profit In Q3 - Quick Facts

(RTTNews) - Orexigen Therapeutics, Inc. (OREX), a biopharmaceutical company focused on the treatment of obesity, Monday posted third-quarter net income of $11.3 million, or $0.09 per share, as compared to a net loss of $18.6 million, or $0.19 per share, for the third quarter of 2013.

On average, seven analysts polled by Thomson Reuters expected a loss of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues climbed to $30.9 million from $857,000, due to recognition of two regulatory/development milestones, consisting of $20.0 million due upon regulatory approval in the U.S. and $10.0 million due upon the delivery of Contrave launch supplies to Takeda. Analysts expected revenues of $8.93 million.

Total operating expenses declined to $17.8 million from $19.4 million, reflecting a decrease in research and development expenses associated with the conduct of the Light Study, the Contrave cardiovascular outcomes trial.