Vanda files financials for PONVORY acquisition; product line had $553.7M loss in FY2023 on $17.8M sales

Vanda Pharmaceuticals Inc.

Purchase price $100M for U.S./Canadian rights of PONVORY (ponesimod) from Johnson & Johnson.
FY2023 net sales $17.8M, up from $3.9M in prior year; direct expenses $571.6M.
Non-cash impairment of $426.1M on intangible asset, reducing net book value to $36.8M.
Direct expenses exceeded sales by $553.7M; prior year excess was $160.3M.
Vanda also filed unaudited pro forma condensed combined financials for year ended Dec 2023.

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