I think that AMG151 actually failed in the clinic - Amgen cancelled their Phase II trial some time ago. But nobody was counting on it anyway, Array last mentioned it a year ago as a 8.5M milestone source. All Array was touting since then is their oncology/inflammation pipeline. No big deal for Amgen, they bid 75M on it and lost - pocket money for the company. No big deal for Array - this drug was outside of their core competency and a long shot at diabetes market.
Overall, the layoff is a slightly positive news - cuts the burn rate once again, turns the corner towards profitability. Earnings release is also slightly positive - nobody really cares about beating estimates too much, but analysts like to see predictability and sticking to the guidance from the management. I expect ARRY to open tomorrow flat or up from the close price.
AMGN is an $85 BILLION dollar market cap company, these milestones to ARRY weren't even coffee break money to them, it's very obvious they see it's a waste to them, even a small waste is still a waste.