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Vanda Pharmaceuticals Reports First Quarter 2011 Results
Date:5/5/2011

pared to $12.4 million for the same period in 2010.  First quarter 2011 revenues included $0.9 million related to Fanapt® royalties received from Novartis as compared to $2.1 million for the first quarter of 2010.  The higher first quarter 2010 royalty revenue was the result of initial wholesaler stocking at launch.   First quarter 2010 revenues also included one-time product sales to Novartis of $3.7 million.  Total operating expenses for the first quarter of 2011 were $7.5 million, compared to $6.3 million for the first quarter of 2010.  The primary driver of the higher expenses in the first quarter of 2011 was the ongoing support of the tasimelteon N24HSWD clinical studies.

Net income was $0.1 million for the first quarter of 2011, compared to $0.5 million for the first quarter of 2010.  Basic and diluted earnings per share for the first quarter of 2011 were $0.00, compared to $0.02 per share for the first quarter of 2010.

First Quarter 2011 Key Financial Figures (1)Three Months EndedMarch 31December 31(in thousands, except per share amounts)

20112010  Change ($)Change (%)Total revenues

$
7,501$
7,752$
(251)-3%Research & development  expenses

4,2673,82244512%General & administrative expenses

2,8582,762963%Non-cash stock-based compensation (2)

1,6041,33526920%Net income before tax provision

142933(791)-85%Tax provision (benefit)

6(1,266)1,272100%Net income

1362,200(2,064)-94%Diluted net income per share

$
.00$
.08$
(0.08)-100%Select Cash Flow Data (1)(In thousands)

Three Months EndedMarch 31March 3120112010Net cash provided by (used in)Operating activities

(3,264)(4,826)Investing activities

13,225(32,457)Financing activities

-1,933Net change in cash and cash equivalents

$
9,961$
(35,350)Select Balance Sheet Data (1)March 31December 31March 31(in thous
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SOURCE Vanda Pharmaceuticals Inc.
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