Cambridge, MA-based ARIAD Pharmaceuticals, Inc. ARIA is a biopharmaceutical company focused on the discovery, development and commercialization of breakthrough treatments for cancer. ARIAD’s only approved product is Iclusig (ponatinib). Iclusig, a tyrosine kinase inhibitor (TKI), is approved both in the U.S. and EU for the treatment of adults suffering from T315I-positive chronic myeloid leukemia (chronic, accelerated or blast phase) or Philadelphia chromosome positive acute lymphoblastic leukemia or for whom no other TKI therapy is approved. ARIAD is also working on studying Iclusig in earlier lines of therapy. In this scenario, investor focus will remain on the performance of Iclusig. Investors will also be keen on the company’s progress with its pipeline. ARIAD’s performance so far has been disappointing with the company missing expectations in each of the last four quarters with an average negative surprise of 19.20%.Currently, ARIAD has a Zacks Rank #5 (Strong Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below: Earnings: ARIAD reported a first-quarter 2016 loss of 28 cents per share, a penny narrower than the consensus estimates.Revenues: Revenues in the reported quarter fell short of expectations. ARIAD posted revenues of $35.6 million, compared to our consensus estimate of $49 million. Key Stats: Iclusig performed well in the first quarter of 2016. Following the anticipated closing of the transaction in which ARIAD has agreed to sell its European operations and license commercial rights to Iclusig in Europe to Incyte, the company provided an updated guidance for 2016.In 2016, global Iclusig net product and royalty revenues are expected in the range of $170 million to $180 million (old guidance: $190 million to $200 million) reflecting a reduction in European product revenue and the addition of royalty revenue following the Incyte transaction. The transaction is expected to close on or about Jun 1, 2016.While R&D expenses are expected in the range of $175 million to $180 million, SG&A expenses are expected in the range of $120 million to $125 million in 2016. The expense guidance reflects an expected reduction in expenses of approximately $30 million from the divesture of European business to Incyte.Check back later for our full write up on this ARIAD earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ARIAD PHARMA (ARIA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research