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Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2010 Results
Date:2/10/2011

ROCKVILLE, Md., Feb. 10, 2011 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced financial and operational results for the fourth quarter and full year ended December 31, 2010.

"2010 has been an exceptional milestone year in the history of our company.  Our first product, Fanapt®, reached the U.S. market for the treatment of schizophrenia, we had our first profitable year and we have advanced our second asset, tasimelteon, in Phase 3 studies," said Mihael Polymeropoulos, M.D., President and Chief Executive Officer. "2011 will be a foundation year for Vanda, as we begin to execute upon our vision of building a world class neuroscience pharmaceutical company."

Key Highlights:

  • Vanda recorded 2010 revenue of $35.2 million including royalties and product sales of $8.4 million.  
  • Cash and cash equivalents plus marketable securities at year end 2010 were $198.0 million as compared to $205.3 million at year end 2009.
  • Monthly prescriptions of Fanapt®, as reported by IMS, increased from over 6,000 in September of 2010 to over 8,000 in December of 2010. For the full year 2010, more than 55,000 prescriptions have been written.
  • Tasimelteon efficacy and safety studies are ongoing in both the U.S. and Europe.
  • On November 15, 2010, Vanda received a private letter ruling (PLR) from the Internal Revenue Service (IRS) clarifying the company's ability to utilize net operating loss carryforwards for tax purposes.  

  • Full Year 2010 Reported ResultsTotal revenues for the full year 2010 were $35.2 million, compared to $4.5 million for the same period in 2009.  2010 revenues included $26.8 million recognized from the $2
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    SOURCE Vanda Pharmaceuticals Inc.
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