UPDATE: Orexigen Therapeutics Shares Drop After Q4 Results

Shares of

fell over 3% after the company reported results for the fourth quarter. The La Jolla, California-based company posted quarterly net income of $607,000, or $0.00 per share, versus a year-ago net loss of $21.5 million, or $0.21 per share. Its revenue climbed to $23 million in the quarter. However, analysts were expecting earnings of $0.21 per share on revenue of $49.65 million. Total operating expenses declined to $20.6 million from $21.8 million. As of December 31, 2014, the company had $104.2 million in cash and cash equivalents and an additional $101.3 million in marketable securities. "2014 was a transformational year for Orexigen, with the US approval and commercial launch of Contrave® and the positive opinion of the CHMP recommending marketing authorization for Mysimba™," said Michael Narachi, CEO of Orexigen. "While the U.S. launch is still in its early stages, we are encouraged by the progress so far and by the positive reports we are hearing from Takeda's field based teams about how the product is being received by health care professionals and their patients." Orexigen Therapeutics shares fell 3.09% to $5.64 at 9:35 a.m. ET.