Business
Vanda Pharmaceuticals Reports Second Quarter 2023 Financial Results
Q2 2023 total revenues were $46.1 millionTotal revenues in the first six months of 2023 were $108.6 millionVanda provides update on pipeline advancements and
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"Q2 2023 total revenues were $46.1 millionTotal revenues in the first six months of 2023 were $108.6 millionVanda provides update on pipeline advancements and regulatory plansWASHINGTON, July 27, 2023 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \n\"During the second quarter we continued our efforts to protect our commercial interests in the HETLIOZ® franchise in the face of the at-risk generic launch. We recorded a higher number of HETLIOZ® prescription dispenses in the second quarter of 2023 as compared to the first quarter of 2023, a testament to our dedication to our patient services and the loyalty of our patients,\" said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. \"We also advanced towards our goal of marketing authorizations for Fanapt® in bipolar disorder, HETLIOZ® in insomnia and tradipitant in patients with gastroparesis.\"\nFinancial Highlights \nSecond Quarter of 2023\nTotal net product sales from HETLIOZ® and Fanapt® were $46.1 million in the second quarter of 2023, a 28% decrease compared to $64.4 million in the second quarter of 2022.HETLIOZ® net product sales were $22.0 million in the second quarter of 2023, a 47% decrease compared to $41.2 million in the second quarter of 2022. The decrease was the result of the at-risk launch of a generic version of HETLIOZ® in the U.S.Fanapt® net product sales were $24.1 million in the second quarter of 2023, a 4% increase compared to $23.2 million in the second quarter of 2022.Net income was $1.5 million in the second quarter of 2023 compared to net income of $2.6 million in the second quarter of 2022.Cash, cash equivalents and marketable securities (Cash) was $489.4 million as of June 30, 2023, representing a decrease to Cash of $12.1 million, or 2%, compared to March 31, 2023.First Six Months of 2023\nTotal net product sales from HETLIOZ® and Fanapt® were $108.6 million in the first six months of 2023, a 13% decrease compared to $124.6 million in the first six months of 2022.HETLIOZ® net product sales were $61.6 million in the first six months of 2023, a 21% decrease compared to $78.2 million in the first six months of 2022. The decrease was the result of the at-risk launch of a generic version of HE...