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Vanda Pharmaceuticals Reports Fourth Quarter 2016 and Full Year 2016 Financial Results
|||Full year 2016 total revenues grew to $146 million, a 33% increase compared to 2015|
WASHINGTON February 15, 2017 Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ:VNDA), today announced financial and operational results for the fourth quarter and full year ended December 31, 2016.
2016 was an exceptional year for Vanda as we continued to demonstrate strong growth in our commercial business and secured long-term exclusivity for Fanapt, said Mihael H. Polymeropoulos, M.D., Vandas President and CEO. In addition, our emerging pipeline with important 2017 milestones underscores Vandas commitment to bringing important new treatment options to patients and the creation of shareholder value.
|||HETLIOZ® net product sales grew to $19.3 million in the fourth quarter of 2016, a 3% increase compared to $18.7 million in the third quarter of 2016 and a 27% increase compared to $15.1 million in the fourth quarter of 2015.|
|||HETLIOZ® net product sales were $71.7 million for the full year 2016, a 62% increase compared to $44.3 million for the full year 2015.|
|||Fanapt® net product sales were $18.9 million for the fourth quarter of 2016, a 4% decrease compared to $19.8 million in the third quarter of 2016 and a 13% increase compared to $16.7 million in the fourth quarter of 2015.|
|||Fanapt® net product sales were $74.3 million for the full year 2016, a 13% increase compared to $65.6 million for the full year 2015.|
|||An expansion of the Fanapt® U.S. field sales team is expected to be completed during the first quarter of 2017.|
Cash, cash equivalents and marketable securities (Cash) were $141.3 million as of December 31, 2016, representing a decrease to Cash of $1.8 million during 2016.
Research and Development Progress and Objectives
|||Enrollment of patients for a Jet Lag Disorder clinical study is ongoing. Results are expected in the second half of 2017.|
|||Enrollment in the Smith-Magenis Syndrome (SMS) clinical study is ongoing with results expected in 2018.|
|||A pharmacokinetic study of the HETLIOZ® pediatric formulation is enrolling with results expected in 2018.|
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The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Wednesday, February 15, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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