Business
Vanda Pharmaceuticals Reports Second Quarter 2024 Financial Results
Revenues for Q2 2024 were $50.5 million, an increase of 6% compared to Q1 2024 and an increase of 10% compared to Q2 2023Financial Guidance reinstated for
About this update from Vanda Pharmaceuticals Inc.
[{"type":"text","content":"Revenues for Q2 2024 were $50.5 million, an increase of 6% compared to Q1 2024 and an increase of 10% compared to Q2 2023Financial Guidance reinstated for Full Year 2024Fanapt® approved for the acute treatment of bipolar I disorder; commercial launch initiated in Q3 2024PONVORY® commercial launch in multiple sclerosis initiated in Q3 2024Tradipitant NDA review for gastroparesis ongoing; PDUFA date of September 18, 2024Positive results for tradipitant second Phase III motion sickness study results announced in May 2024; NDA expected to be submitted in Q4 2024WASHINGTON, July 31, 2024 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \n\"2024 has been marked by the achievement of significant clinical development milestones and the expansion of our commercial organization to support the commercialization of Fanapt in bipolar disorder and Ponvory in multiple sclerosis,\" said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. \"The expansion of our commercial operations positions us well for future growth as we advance our clinical development pipeline with late-stage and early-stage assets.\"\nFinancial Highlights \nSecond Quarter of 2024\nTotal net product sales from Fanapt®, HETLIOZ® and PONVORY® were $50.5 million in the second quarter of 2024, a 10% increase compared to $46.1 million in the second quarter of 2023, and a 6% increase compared to $47.5 million in the first quarter of 2024.Fanapt® net product sales were $23.2 million in the second quarter of 2024, a 4% decrease compared to $24.1 million in the second quarter of 2023, and a 12% increase compared to $20.6 million in the first quarter of 2024.HETLIOZ® net product sales were $18.7 million in the second quarter of 2024, a 15% decrease compared to $22.0 million in the second quarter of 2023, and a 7% decrease compared to $20.1 million in the first quarter of 2024. The decrease relative to the second quarter of 2023 was the result of continued generic competition in the U.S.PONVORY® net product sales were $8.6 million in the second quarter of 2024, an increase of 26% compared to $6.8 million in the first quarter of 2024. The acquisition of PONVORY® from Actelion Pharmaceuticals Ltd. (Janssen), a Johnson & John...