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Arena Pharmaceutical shares slide after drug maker reports disappointing financial results

Sue Chang

Shares of Arena Pharmaceuticals Inc. declined in Wednesday's extended session after the drug company posted quarterly results that fell short of expectations. Arena reported it swung to a first-quarter profit of $620.1 million, or $12.53 a share, from a loss of $32 million, or 80 cents a share, a year earlier. Revenue jumped to $801.1 million versus $1.8 million. First-quarter revenue was bolstered by $800 million associated with upfront payment from United Therapeutics. Anaysts surveyed by FactSet had forecast earnings of $14 a share and revenue of $802 million. Arena shares were down 2.6% after hours.