Business
Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2022 Financial Results
Q4 2022 total revenues were $64.5 millionFull year 2022 revenues were $254.4 millionVanda provides update on pipeline advancements and upcoming
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"Q4 2022 total revenues were $64.5 millionFull year 2022 revenues were $254.4 millionVanda provides update on pipeline advancements and upcoming milestonesWASHINGTON, Feb. 8, 2023 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the fourth quarter and full year ended December 31, 2022.\n\"Our strong full year 2022 commercial performance positions Vanda well towards our objectives as we pursue a number of near term regulatory filings in bipolar I disorder, gastroparesis and insomnia,\" said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. \"At the same time, we continue to believe in the strength of our intellectual property portfolio as we proceed with our appeal in the HETLIOZ patent litigation.\"\nFinancial Highlights \nFourth Quarter of 2022\nTotal net product sales from HETLIOZ® and Fanapt® were $64.5 million in the fourth quarter of 2022, a 5% decrease compared to $68.0 million in the fourth quarter of 2021.HETLIOZ® net product sales were $40.1 million in the fourth quarter of 2022, a 9% decrease compared to $44.1 million in the fourth quarter of 2021, due in part to continued reimbursement challenges for prescriptions for patients with Non-24-Hour Sleep-Wake Disorder (Non-24).Fanapt® net product sales were $24.4 million in the fourth quarter of 2022, a 2% increase compared to $24.0 million in the fourth quarter of 2021.Net income was $6.9 million in the fourth quarter of 2022 compared to $7.1 million in the fourth quarter of 2021.Cash, cash equivalents and marketable securities (Cash) was $466.9 million as of December 31, 2022, representing an increase to Cash of $12.1 million, or 3%, compared to September 30, 2022.Full Year 2022\nTotal net product sales from HETLIOZ® and Fanapt® were $254.4 million for the full year 2022, a 5% decrease compared to $268.7 million for the full year 2021.HETLIOZ® net product sales were $159.7 million for the full year 2022, an 8% decrease compared to $173.5 million for the full year 2021, due in part to continued reimbursement challenges for prescriptions for patients with Non-24.Fanapt® net product sales were $94.7 million for the full year 2022, essentially flat compared to $95.1 million for the full year 2021.Net income was $6.3 million for the full year 2022 compared to net income of $3...