Uh Oh Arena Pharma! Q3 Belviq Sales Just $4.8M

SAN DIEGO ( TheStreet) -- The launch of Arena Pharmaceuticals' ( ARNA) obesity pill Belviq is foundering. Third quarter net sales totaled a tiny $4.8 million, well below even reduced Wall Street expectations.

Early Friday morning, Eisai -- Arena's marketing partner for Belviq -- reported $9 million in Belviq net sales for the six months period ended June 30.

Important to note: That's $9 million of Belviq sold over the past two quarters. Arena and Eisai announced the commercial launch of the obesity pill during the first week of June.

Last August, Eisai reported second quarter Belviq net sales of $4.2 million, representing three weeks of sales in June.

That means for the entire third quarter, Belviq sales totaled $4.8 million. A new drug that manages to generate just 14% sales growth over the first two quarters of its launch is on a dismal trajectory.

Arena receives 31.5% royalty on Belviq net sales, so the company should report third quarter revenue of approximately $1.5 million -- well below Street consensus expectations of $5.5 million. Arena reports third-quarter results on Nov. 7.

Eisai announced recently plans to double to 400 the number of U.S. sales reps marketing Belviq. Now we know why. ARNA Chart ARNA data by YCharts

-- Reported by Adam Feuerstein in Boston.

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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