Business
Vanda Pharmaceuticals Reports First Quarter 2020 Financial Results
- Q1 2020 Total net product sales of $58.0 million, a 22% increase year over year - Advancing the Commercial and Development Pipeline; Initiating Studies for
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"- Q1 2020 Total net product sales of $58.0 million, a 22% increase year over year\n - Advancing the Commercial and Development Pipeline; Initiating Studies for COVID-19\n\n\nWASHINGTON, May 6, 2020 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the first quarter ended March 31, 2020.\n\"Our strong financial performance in the first quarter well positions Vanda to continue to innovate and serve our patients, even during this deadly pandemic,\" said Mihael H. Polymeropoulos, M.D., Vanda's President and CEO.\nKey Financial and Corporate Highlights \nTotal revenues from HETLIOZ® and Fanapt® were $58.0 million in the first quarter of 2020, a 22% increase compared to $47.7 million in the first quarter of 2019. HETLIOZ® net product sales were $35.3 million in the first quarter of 2020, a 22% increase compared to $29.0 million in the first quarter of 2019. Fanapt® net product sales were $22.7 million in the first quarter of 2020, a 21% increase compared to $18.8 million in the first quarter of 2019. Cash, cash equivalents and marketable securities (Cash) were $312.3 million as of March 31, 2020, representing an increase to Cash of $44.5 million compared to March 31, 2019. Net income was $0.5 million for the first quarter of 2020, compared to a net loss of $0.6 million for the first quarter of 2019. Key Product and Pipeline Highlights\nVanda is working proactively across its business and research units to protect employees and customers, and to maintain business continuity as a result of the COVID-19 pandemic.\nProducts\nVanda is encouraged by the strong performance of its commercial products during the first quarter of 2020, driving 22% year-over-year growth. Vanda is implementing marketing and sales strategies aimed at overcoming the disruptions caused by the pandemic. Vanda remains committed to continue innovating and bringing value to patients and prescribers, while advancing and strengthening the awareness and use of its products.\nPipeline\nThe COVID-19 pandemic has impacted clinical research globally, including Vanda's previously reported clinical trials. New recruitment for the tradipitant atopic dermatitis, gastroparesis and motion sickness programs, as well as the HETLIOZ® delayed sleep phase disorder study and Fanapt® bipolar disorder and long acting inje...