Business
Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2021 Financial Results
- Full year 2021 total revenues grew to $268.7 million, an 8% increase compared to 2020 - Full year 2022 total revenues expected to be between $240 million
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"- Full year 2021 total revenues grew to $268.7 million, an 8% increase compared to 2020\n - Full year 2022 total revenues expected to be between $240 million and $280 million\n - End of year 2022 Cash expected to be greater than $440 million\n\n\nWASHINGTON, Feb. 23, 2022 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the fourth quarter and full year ended December 31, 2021.\n\"We are proud of the progress we have made this past year with our existing products and in bringing HETLIOZ® to patients with Smith-Magenis Syndrome, leading to a strong financial performance, even in the face of extraordinary challenges,\" said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. \"We advanced our clinical products pipeline with a number of programs in early and late-stage clinical development and we believe that our recently completed Phase III study of tradipitant in gastroparesis gets us closer to being able to provide a new treatment option for patients with this significant unmet medical need, despite the study not meeting its prespecified primary endpoint.\"\nFinancial Highlights \nFourth Quarter of 2021\nTotal net product sales from HETLIOZ® and Fanapt® were $68.0 million in the fourth quarter of 2021, a 1% increase compared to $67.7 million in the fourth quarter of 2020. HETLIOZ® net product sales were $44.1 million in the fourth quarter of 2021 compared to $44.2 million in the fourth quarter of 2020. Fanapt® net product sales were $24.0 million in the fourth quarter of 2021, a 2% increase compared to $23.5 million in the fourth quarter of 2020. Net income was $7.1 million in the fourth quarter of 2021 compared to $8.2 million in the fourth quarter of 2020.Full Year 2021\nTotal net product sales from HETLIOZ® and Fanapt® were $268.7 million for the full year 2021, an 8% increase compared to $248.2 million for the full year 2020. HETLIOZ® net product sales were $173.5 million for the full year 2021, an 8% increase compared to $160.7 million for the full year 2020. Fanapt® net product sales were $95.1 million for the full year 2021, a 9% increase compared to $87.5 million for the full year 2020. Net income was $33.2 million for the full year 2021 compared to $23.3 million for the full year 2020. Cash, cash equivalents and marketabl...