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Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2009 Results
Date:2/16/2010

ing requirements with respect to Fanapt™.  Vanda also plans to continue the clinical, regulatory and commercial evaluation of tasimelteon.  Although Vanda incurred transaction-related costs of approximately $6.0 million in the fourth quarter of 2009, which included financial advisor fees, consulting fees, legal expenses and employee bonuses, and $2.0 million in Fanapt™ inventory costs, Vanda's fixed overhead costs are expected to be approximately $10.0 million to $12.0 million annually.  Vanda will recognize revenue of $26.8 million in 2010 for the amortization of the deferred upfront payment received from Novartis.  The forecasted royalty revenue and sales milestones based on sales of Fanapt™ by Novartis can not be determined at this time.  Vanda expects to receive approximately $7.7 million from Novartis for Fanapt™ inventory, of which $2.0 million was recorded as a receivable at year-end.  

Vanda is currently working with its tax advisors to determine its tax liability relating to the receipt of the $200.0 million upfront payment from Novartis in late 2009.  Generally, under the Internal Revenue Code, an accrual basis taxpayer is required to include in taxable income certain cash payments in the year received.  Revenue Procedure 2004-34, however, allows taxpayers a limited deferral beyond the taxable year of receipt for certain advance payments.  For federal income tax purposes, Vanda may avail itself of the provisions of this Revenue Procedure to defer recognition of income on the upfront payment from Novartis.  As a result, only a portion of the $200.0 million upfront payment from Novartis that was received in 2009 is expected to be include
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SOURCE Vanda Pharmaceuticals Inc.
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