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Vanda Pharmaceuticals Reports Second Quarter 2011 Results
Date:8/4/2011

) for the commercialization of Fanapt® in Argentina.
  • The first tasimelteon Non-24-Hour Sleep-Wake Disorder (N24HSWD or Non-24) Phase III pivotal study continues its enrollment.  New international clinical sites were added during the quarter.  

  • SECOND QUARTER 2011 REPORTED RESULTSTotal revenues for the second quarter of 2011 were $7.4 million, compared to $8.3 million for the same period in 2010.  Second quarter 2011 revenues included $0.8 million related to Fanapt® royalties received from Novartis as compared to $0.1 million for the second quarter of 2010.  Second quarter 2011 sales of Fanapt® as reported by Novartis included a $2.7 million cumulative adjustment to gross to net sales reserves that resulted in approximately $270 thousand less in royalties to Vanda in the period. Second quarter 2010 revenues also included one-time product sales to Novartis of $1.5 million.  Total operating expenses for the second quarter of 2011 were $8.9 million, compared to $7.1 million for the second quarter of 2010.  The primary driver of the higher expenses in the second quarter of 2011 was the ongoing support of the tasimelteon N24HSWD clinical studies.

    A net loss of $1.3 million was recorded for the second quarter of 2011, compared to net income of $1.3 million for the second quarter of 2010.  Diluted net loss per share for the second quarter of 2011 was $0.05, compared to diluted net income of $0.04 per share for the second quarter of 2010. Year to date June 30, 2011 Key Financial Figures(1) Six Months Ending June 30June 30(in thousands, except per share amounts)

    20112010  Change ($)Change (%)Total revenues

    $
    4,931$
    20,711$
    (5,780)-28%Research & development  expenses

    10,2664,4445,822131%General & administrative expenses

    5,4305,331992%Non-cash stock-based compensation(2)

    2,9292,7601696%Income (loss) before t
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    SOURCE Vanda Pharmaceuticals Inc.
    Copyright©2010 PR Newswire.
    All rights reserved

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