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Vanda Pharmaceuticals Reports First Quarter 2017 Financial Results
|||Total net product sales were $37.4 million in the first quarter of 2017|
|||Vanda reiterates 2017 net product sales guidance of $165 million to $175 million|
WASHINGTON May 2, 2017 Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ:VNDA), today announced financial and operational results for the first quarter ended March 31, 2017.
We are pleased with the progress made in the first quarter of 2017 with the continued growth of our HETLIOZ business and the successful expansion of the Fanapt U.S. field sales team, said Mihael H. Polymeropoulos, M.D., Vandas President and CEO. Our research and development pipeline is advancing and the tradipitant program is nearing completion of the enrollment stage of the pruritus randomized clinical study. We look forward to sharing the pruritus study results in the third quarter of 2017.
|||Total net product sales from HETLIOZ® and Fanapt® were $37.4 million during the first quarter of 2017, a 2% decrease compared to $38.2 million in the fourth quarter of 2016 and a 12% increase compared to $33.3 million the first quarter of 2016.|
|||HETLIOZ® net product sales grew to $20.2 million in the first quarter of 2017, a 5% increase compared to $19.3 million in the fourth quarter of 2016 and a 25% increase compared to $16.2 million in the first quarter of 2016.|
|||Fanapt® net product sales were $17.2 million in the first quarter of 2017, a 9% decrease compared to $18.9 million in the fourth quarter of 2016 and a 1% increase compared to $17.1 million in the first quarter of 2016.|
|||An expansion of the Fanapt® U.S. field sales team was completed during the first quarter of 2017.|
Research and Development
|||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 clinical study is ongoing with results expected in 2018.|
|||A pharmacokinetic study of the HETLIOZ® pediatric formulation is enrolling with results expected in 2018.|
|||The Marketing Authorization Application (MAA) for oral Fanaptum® tablets is under evaluation by the European Medicines Agency for the treatment of schizophrenia in adults. A decision on the Fanaptum® MAA is expected during the second half of 2017.|
|||Enrollment in a tradipitant clinical study for the treatment of chronic pruritus in patients with atopic dermatitis is almost complete. Results are expected in the third quarter of 2017.|
|||A tradipitant clinical study for the treatment of gastroparesis is ongoing. Results are expected in the fourth quarter of 2017.|
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The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Tuesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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