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

d in taxable income for the tax year ended December 31, 2009.  Any of the income from the $200.0 million payment that was not recognized in 2009 will be recognized in taxable income for the year ending December 31, 2010 and is expected to create income tax liabilities for the Company.  The timing of the payment of the income taxes due is largely dependent upon when the income is recognized for financial statement purposes, as well as the Company's ability to utilize its carry forward tax attributes in offsetting the income recognized from the receipt of the $200.0 million upfront payment.

As of December 31, 2008, Vanda has approximately $123.7 million of net operating loss carry forwards incurred since 2003, which potentially may be used in part to offset future taxable income and thereby reduce Vanda's U.S. federal income taxes that would otherwise be payable.  Section 382 of the Internal Revenue Code (Section 382), imposes an annual limit on the ability of a corporation that undergoes an "ownership change" to use its net operating loss carry forwards to reduce its tax liability.  As a result of certain changes in Vanda's shareholder base, Vanda's ability to utilize its net operating losses to offset future taxable income in any particular year may be limited pursuant to Section 382.

CONFERENCE CALL

Vanda has scheduled a conference call for today, Tuesday, February 16, 2010, at 9:30 AM ET.  During the call, Mihael H. Polymeropoulos, M.D., President and CEO, and Stephanie Irish, Acting CFO, will discuss quarterly results and other corporate activities.  Investors can call
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SOURCE Vanda Pharmaceuticals Inc.
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