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Vanda Pharmaceuticals Reports Third Quarter 2019 Financial Results
Q3 2019 Total net product sales of $59.5 million, a 21% increase year over year
Vanda reiterates full year 2019 revenue guidance of $215 to $225 million and expects results in the upper half of the range
WASHINGTON November 6, 2019 Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq:VNDA) today announced financial and operational results for the third quarter ended September 30, 2019.
These results affirm Vandas corporate strategy, and continue to demonstrate our ability to grow our commercial assets and expand our pipeline of products, said Mihael H. Polymeropoulos, M.D., Vandas President and CEO. I am proud of the progress we have made in our research and development programs, with several new filings expected to be submitted within the next two years. Furthermore, Vanda has put in place a proactive regulatory strategy to better support our patients and products.
Key Financial Highlights:
Total net product sales from HETLIOZ® and Fanapt® were $59.5 million in the third quarter of 2019, a 21% increase compared to $49.1 million in the third quarter of 2018.
HETLIOZ® net product sales were $37.6 million in the third quarter of 2019, a 26% increase compared to $29.9 million in the third quarter of 2018.
Fanapt® net product sales were $21.9 million in the third quarter of 2019, a 14% increase compared to $19.2 million in the third quarter of 2018.
Cash, cash equivalents and marketable securities (Cash) were $299.6 million as of September 30, 2019, representing an increase to Cash of $59.0 million compared to September 30, 2018.
Key Research and Development Highlights:
Enrollment in EPIONE, the Phase III clinical study of tradipitant in atopic dermatitis, is complete. Results from EPIONE are expected in the first quarter of 2020.
In October 2019, EPIONE II, a second Phase III clinical study of tradipitant in atopic dermatitis, began enrolling patients.
Enrollment in the Phase III study of tradipitant in gastroparesis is ongoing as Vanda continues to engage with the U.S. Food and Drug Administration (FDA) on tradipitants regulatory path.
Vanda plans to initiate the Phase III program of tradipitant in motion sickness in the fourth quarter of 2019. Vanda expects to file a New Drug Application with the FDA for tradipitant for the treatment of motion sickness in 2020.
The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Wednesday, November 6, 2019 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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