Vanda Q1 revenue $47.5M, net loss $4.1M; Fanapt bipolar approval, PONVORY launch in Q3

Vanda Pharmaceuticals Inc.

2024-Q1 EPS reported -$0.07 revenue$47,462,000

Net loss $4.1M (diluted EPS -$0.07) vs net income $3.3M ($0.06) in Q1 2023; revenue $47.5M, -24% YoY.
Cash increased $5.9M to $394.1M; Fanapt approved for acute bipolar I disorder, launch Q3 2024.
PONVORY commercial launch in multiple sclerosis expected Q3 2024; tradipitant NDA for gastroparesis under FDA review with PDUFA Sept 18, 2024.
Milsaperidone NDA for schizophrenia and bipolar expected early-2025; tradipitant motion sickness Phase III results Q2 2024.
No FY 2024 guidance given due to HETLIOZ generic competition and upcoming launches.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Vanda Pharmaceuticals Inc. reported first quarter ended March 31, 2024 results: revenue $47.5 million, net income $(4.1) million.

Period: first quarter ended March 31, 2024
Revenue: $47.5 million
Net income: $(4.1) million
Result: reported results

Exact text from the filing

Financial Highlights • Total net product sales from Fanapt ® , HETLIOZ ® and PONVORY ® were $47.5 million in the first quarter of 2024, a 24% decrease compared to $62.5 million in the first quarter of 2023, and a 5% increase compared to $45.3 million in the fourth quarter of 2023. • Fanapt ® net product sales were $20.6 million in the first quarter of 2024, a 10% decrease compared to $22.9 million in the first quarter of 2023, and a 9% decrease compared to $22.6 million in the fourth quarter of 2023. • HETLIOZ ® net product sales were $20.1 million in the first quarter of 2024, a 49% decrease compared to $39.6 million in the first quarter of 2023, and a 5% decrease compared to $21.1 million in the fourth quarter of 2023. The decrease relative to the first quarter of 2023 was the result of continued generic competition in the U.S. • PONVORY ® net product sales were $6.8 million in the first quarter of 2024. The acquisition of PONVORY ® from Actelion Pharmaceuticals Ltd. (Janssen), a Joh

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