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Vanda Pharmaceuticals Inc. (VNDA) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Vanda Pharmaceuticals Inc.

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CIK: 1347178 Ticker: VNDA

Exhibit 99.1
 vandaq32019earningsca_imaga.jpg
Vanda Pharmaceuticals Reports Fourth Quarter and Full Year
2020 Financial Results
 
•Q4 2020 total revenues grew to $67.7 million, an 11% increase compared to Q4 2019
•Full year 2020 total revenues grew to $248.2 million, a 9% increase compared to 2019
•Full year 2021 total revenues expected to be between $270 million and $300 million, an increase of approximately 15% compared to 2020
•End of year 2021 Cash expected to be greater than $400 million

WASHINGTON – February 10, 2021 /PRNewswire/ – Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the fourth quarter and full year ended December 31, 2020.
“I am very proud of the significant accomplishments we realized during this challenging year,” said Mihael H. Polymeropoulos, M.D., President and CEO of Vanda. “As we look forward to the new year, it is worth noting some of our significant accomplishments from 2020: Vanda achieved record commercial revenue despite extraordinary difficulty in the field, which we believe is a testament to the value our products bring to patients; HETLIOZ® received FDA approval for nighttime sleep disturbances in patients with Smith-Magenis Syndrome; our tradipitant gastroparesis Phase III study continued recruitment; the FDA approved individual Expanded Access to tradipitant for multiple gastroparesis patients; we launched the tradipitant study for COVID-19 pneumonia; the FDA approved the Investigational New Drug application for VSJ-110 in allergic conjunctivitis; the United States Supreme Court affirmed the patent ruling on Fanapt®; and our research and development efforts advanced the clinical programs for our commercial assets as well as those in our pipeline. We look forward to another great year of accomplishments, including further revenue growth, the commercial launch of HETLIOZ® in patients with Smith-Magenis Syndrome, and the results of the tradipitant Phase III study in gastroparesis, to highlight a few.”
Key Financial and Corporate Highlights
Fourth Quarter of 2020
 
•Total net product sales from HETLIOZ® and Fanapt® were $67.7 million in the fourth quarter of 2020, an 11% increase compared to $60.9 million in the fourth quarter of 2019.
 
•HETLIOZ® net product sales were $44.2 million in the fourth quarter of 2020, a 14% increase compared to $38.6 million in the fourth quarter of 2019.

•Fanapt® net product sales were $23.5 million in the fourth quarter of 2020, a 5% increase compared to $22.3 million in the fourth quarter of 2019.

•Income before taxes was $10.9 million in the fourth quarter of 2020 compared to $5.8 million in the fourth quarter of 2019.
Full Year 2020
•Total net product sales from HETLIOZ® and Fanapt® were $248.2 million for the full year 2020, a 9% increase compared to $227.2 million for the full year 2019.
 
•HETLIOZ® net product sales were $160.7 million for the full year 2020, a 12% increase compared to $143.0 million for the full year 2019.

•Fanapt® net product sales were $87.5 million for the full year 2020, a 4% increase compared to $84.2 million for the full year 2019.

•Income before taxes was $31.7 million for the full year 2020 compared to $29.0 million for the full year 2019.

The following information was filed by Vanda Pharmaceuticals Inc. (VNDA) on Wednesday, February 10, 2021 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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Inside Vanda Pharmaceuticals Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Detail)
Accounts Payable And Accrued Liabilities (Tables)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Tables)
Accumulated Other Comprehensive Income - Summary Of Accumulated Balances Related To Each Component Of Other Comprehensive Income (Loss) (Detail)
Business Organization And Presentation
Business Organization And Presentation (Detail)
Commitments And Contingencies
Commitments And Contingencies - Cftr Activators And Inhibitors - Additional Information (Detail)
Commitments And Contingencies - Fanapt - Additional Information (Detail)
Commitments And Contingencies - Hetlioz - Additional Information (Detail)
Commitments And Contingencies - Purchase Commitments (Detail)
Commitments And Contingencies - Tradipitant - Additional Information (Detail)
Commitments And Contingencies - Vqw-765 - Additional Information (Details)
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Employee Benefit Plan
Employee Benefit Plan (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets Measured At Fair Value On Recurring Basis (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Net Deferred Tax Assets And Related Valuation Allowance (Detail)
Income Taxes - Reconciliation Between Statutory Tax Rate And Effective Tax Rate (Detail)
Income Taxes - Summary Of Domestic And Foreign Components Of Income Before Income Taxes (Details)
Income Taxes - Summary Of Gross Unrecognized Income Tax Benefits (Details)
Income Taxes - Summary Of Provision (Benefit) For Income Taxes (Detail)
Income Taxes - Valuation Allowance Activity On Deferred Tax Assets (Detail)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Fanapt - Additional Information (Detail)
Intangible Assets - Hetlioz - Additional Information (Detail)
Intangible Assets - Summary Of Amortization Expense (Detail)
Intangible Assets - Summary Of Future Intangible Asset Amortization (Detail)
Intangible Assets - Summary Of Intangible Assets (Detail)
Inventory
Inventory (Detail)
Inventory (Tables)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Lease Assets And Liabilities (Details)
Leases - Maturities (Details)
Legal Matters
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Available-For-Sale Marketable Securities (Detail)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Property And Equipment-At Cost (Detail)
Public Offering Of Common Stock
Public Offering Of Common Stock (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Detail)
Quarterly Financial Data (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Black-Scholes-Merton Option Pricing Model For Stock Options Granted (Detail)
Stock-Based Compensation - Rsu - Additional Information (Detail)
Stock-Based Compensation - Stock Option - Additional Information (Detail)
Stock-Based Compensation - Summary Of Option Activity (Detail)
Stock-Based Compensation - Summary Of Rsu Activity Plan (Detail)
Stock-Based Compensation - Total Stock-Based Compensation Expense (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Net Sales By Product (Detail)
Summary Of Significant Accounting Policies - Reconciliation Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Schedule Of Major Customers That Represented More Than 10% Of Accounts Receivable, Net (Detail)
Summary Of Significant Accounting Policies - Schedule Of Major Customers That Represented More Than 10% Of Total Revenues (Detail)
Summary Of Significant Accounting Policies - Summary Of Product Return Allowance (Detail)
Ticker: VNDA
CIK: 1347178
Form Type: 10-K Annual Report
Accession Number: 0001347178-21-000005
Submitted to the SEC: Thu Feb 11 2021 7:04:13 AM EST
Accepted by the SEC: Thu Feb 11 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations

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