Business
Vanda Pharmaceuticals Reports Second Quarter 2020 Financial Results
- Q2 2020 Total net product sales reached a new record of $62.2 million, a 7% increase as compared to Q1 2020 - Q2 2020 HETLIOZ® net product sales reached a
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"- Q2 2020 Total net product sales reached a new record of $62.2 million, a 7% increase as compared to Q1 2020\n - Q2 2020 HETLIOZ® net product sales reached a new record of $41.6 million, an 18% increase as compared to Q1 2020\n - The HETLIOZ® SMS marketing authorization applications were accepted for priority review by the FDA\n\n\nWASHINGTON, Aug. 5, 2020 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2020.\n\"We are very proud of the achievements of our team, especially the record commercial performance, even in the face of the challenges presented by the pandemic. We are also very excited with the progress of the HETLIOZ® SMS applications as we get closer to providing a therapeutic solution to patients with SMS,\" said Mihael H. Polymeropoulos, M.D., Vanda's President and CEO.\nKey Financial and Corporate Highlights \nTotal revenues from HETLIOZ® and Fanapt® were $62.2 million in the second quarter of 2020, a 5% increase compared to $59.1 million in the second quarter of 2019. HETLIOZ® net product sales were $41.6 million in the second quarter of 2020, a 10% increase compared to $37.8 million in the second quarter of 2019. Fanapt® net product sales were $20.6 million in the second quarter of 2020, a 3% decrease compared to $21.2 million in the second quarter of 2019. Cash, cash equivalents and marketable securities (Cash) were $339.8 million as of June 30, 2020, representing an increase to Cash of $47.2 million compared to June 30, 2019. Net income was $8.7 million in the second quarter of 2020 compared to net income of $11.5 million in the second quarter of 2019. Key Product and Pipeline Highlights \nProducts\nVanda is encouraged by its record commercial performance during the second quarter of 2020. Vanda continues to implement marketing and sales strategies aimed at supporting continued growth and minimizing the impact of disruptions caused by the COVID-19 pandemic, including the launch of a Fanapt® for schizophrenia direct-to-consumer campaign at the end of the second quarter of 2020. \nPipeline\nThe COVID-19 pandemic has impacted clinical research globally, including Vanda's previously reported clinical trials. The tradipitant gastroparesis and motion sickness programs have resumed, while recruitment for the tradip...