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Vanda Pharmaceuticals Reports Fourth Quarter 2011 and Full Year 2011 Results
Date:2/14/2012

42.0 million, compared to $26.9 million for 2010.  The primary driver of the higher expenses in 2011 was the ongoing support of the tasimelteon Non-24-Hour Disorder and MDD clinical studies.

Vanda recorded a net loss of $9.8 million for 2011, compared to net income of $7.2 million for 2010.  Diluted net loss per share for 2011 was $0.35, compared to diluted net income per share of $0.25 for 2010.

Vanda's cash, cash equivalents and marketable securities as of December 31, 2011 totaled $167.9 million.

FOURTH QUARTER 2011 REPORTED RESULTSTotal revenues for the fourth quarter of 2011 were $8.4 million, compared to $7.8 million for 2010. Fourth quarter 2011 revenues included $1.6 million in Fanapt® royalties received from Novartis as compared to royalties of $0.5 million for the fourth quarter of 2010.  

Total operating expenses for the fourth quarter of 2011 were $14.3 million, compared to $7.0 million for the fourth quarter of 2010.  The primary driver of the higher expenses in the fourth quarter of 2011 was the initiation and ongoing support of the tasimelteon Non-24-Hour Disorder and MDD clinical studies.

Vanda recorded a net loss of $5.5 million for the fourth quarter of 2011, compared to net income of $2.2 million for the fourth quarter of 2010.  Diluted net loss per share for the fourth quarter of 2011 was $0.20, compared to diluted net income of $0.08 per share for the fourth quarter of 2010.

Full Year December 31, 2011 Key Financial Figures(1)Twelve Months EndedDecember 31December 31(in thousands, except per share amounts)

20112010Change ($)Change (%)Total revenues

$
31,270$
35,709$
(4,439)-12%Research & development  expenses

28,99612,33816,658135%General & administrative expenses

11,48610,1471,33913%Non-cash stock-based compensation(2)

5,5014,98152010%Income (loss) before tax provision

(10,246)9,269(19
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SOURCE Vanda Pharmaceuticals Inc.
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