Exhibit 99.1

 

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Vanda Pharmaceuticals Reports First Quarter 2018 Financial Results

 

    Total net product sales were $43.6 million in the first quarter of 2018

 

    Vanda reiterates 2018 net product sales guidance of $180 million to $200 million

WASHINGTON – May 2, 2018 – Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq:

VNDA) today announced financial and operational results for the first quarter ended March 31, 2018.

“We are pleased with the progress made in 2018 with the continued growth of our HETLIOZ business and the successful defense of our U.S. Fanapt franchise,” said Mihael H. Polymeropoulos, M.D., Vanda’s President and CEO. “Our research and development programs are progressing including life cycle management of commercialized products and the advancement of our late stage clinical pipeline.”

Key Highlights:

 

    Total net product sales from HETLIOZ® and Fanapt® were $43.6 million during the first quarter of 2018, a 2% decrease compared to $44.3 million in the fourth quarter of 2017 and a 17% increase compared to $37.4 million in the first quarter of 2017.

 

    In March 2018, Vanda completed a public offering of its common stock that resulted in net proceeds of $100.9 million.

HETLIOZ® (tasimelteon)

 

    HETLIOZ® net product sales were $25.4 million in the first quarter of 2018, a 2% increase compared to $25.0 million in the fourth quarter of 2017 and a 26% increase compared to $20.2 million in the first quarter of 2017.

 

    In April 2018, Vanda filed a lawsuit against Teva Pharmaceuticals USA, Inc. for infringement of HETLIOZ® patents by submitting to the U.S. Food and Drug Administration (the FDA) an Abbreviated New Drug Application for a generic version of HETLIOZ® prior to the expiration of the latest to expire of Vanda’s HELTIOZ® patents in 2034.

Fanapt® (iloperidone)

 

    Fanapt® net product sales were $18.2 million in the first quarter of 2018, a 6% decrease compared to $19.3 million in the fourth quarter of 2017 and a 5% increase compared to $17.2 million in the first quarter of 2017.

 

    Fanapt® prescriptions, as reported by IQVIA, were 27,372 in the first quarter of 2018, a 3% decrease compared to the fourth quarter of 2017.

 

    In April 2018, the U.S. Court of Appeals for the Federal Circuit affirmed the U.S. District Court for the District of Delaware’s decision that West Ward Pharmaceuticals, a subsidiary of Hikma Pharmaceuticals, infringed Vanda’s U.S. Patent number 8,586,610 (the ‘610 Patent) for Fanapt®. The ‘610 Patent is set to expire November 2, 2027.

Research and Development

Tradipitant

 

    Vanda held an end of Phase II meeting with the FDA in April 2018 to discuss the clinical and regulatory path forward for tradipitant as a treatment for chronic pruritus in atopic dermatitis. A Phase III clinical study is expected to begin in the second quarter of 2018.

 

    A tradipitant clinical study for the treatment of gastroparesis is ongoing. Results are expected by the end of 2018.

 

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The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Wednesday, May 2, 2018 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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