WASHINGTON, July 31, 2024 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2024.
"2024 has been marked by the achievement of significant clinical development milestones and the expansion of our commercial organization to support the commercialization of Fanapt in bipolar disorder and Ponvory in multiple sclerosis," said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. "The expansion of our commercial operations positions us well for future growth as we advance our clinical development pipeline with late-stage and early-stage assets."
Financial Highlights
Second Quarter of 2024
First Six Months of 2024
Key Operational Highlights
Psychiatry Portfolio
HETLIOZ® (tasimelteon)
PONVORY® (ponesimod)
Tradipitant
Early-Stage Programs
GAAP Financial Results
Net loss was $4.5 million in the second quarter of 2024 compared to net income of $1.5 million in the second quarter of 2023. Diluted net loss per share was $0.08 in the second quarter of 2024 compared to diluted net income per share of $0.03 in the second quarter of 2023.
Net loss was $8.7 million in the first six months of 2024 compared to net income of $4.8 million in the first six months of 2023. Diluted net loss per share was $0.15 in the first six months of 2024 compared to diluted net income per share of $0.08 in the first six months of 2023.
2024 Financial Guidance
Vanda reinstates financial guidance and expects to achieve the following financial objectives in 2024:
Full Year 2024 Financial Objectives | Full Year 2024 Guidance |
Total revenues | $180 to $210 million |
Year-end 2024 Cash | $360 to $390 million |
Conference Call
Vanda has scheduled a conference call for today, Wednesday, July 31, 2024, at 4:30 PM ET. During the call, Vanda's management will discuss the second quarter 2024 financial results and other corporate activities. Investors can call 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and use passcode number 1278669. A replay of the call will be available on Wednesday, July 31, 2024, beginning at 8:30 PM ET and will be accessible until Wednesday, August 7, 2024 at 11:59 PM ET. The replay call-in number is 1-800-770-2030 for domestic callers and 1-609-800-9909 for international callers. The passcode number is 1278669.
The conference call will be broadcast simultaneously on Vanda's website, www.vandapharma.com. Investors should click on the Investors tab and are advised to go to the website at least 15 minutes early to register, download, and install any necessary software or presentations. The call will also be archived on Vanda's website for a period of 30 days.
References
About Vanda Pharmaceuticals Inc.
Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on X @vandapharma.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Various statements in this press release, including, but not limited to, the guidance provided under "2024 Financial Guidance" above, and statements regarding Vanda's plans for pursuit of FDA approval of tradipitant for the treatment of motion sickness, milsaperidone for the treatments of schizophrenia and acute bipolar I disorder, and HETLIOZ® for the treatments of insomnia and jet lag disorder; Vanda's clinical development plans for the LAI formulation of Fanapt®, PONVORY® for the treatments of psoriasis and ulcerative colitis, VPO-227 for the treatment of cholera, VCA-894A for the treatment of CMT2S, and VTR-297 for the treatment of onychomycosis; the prevalence of pediatric sleep disorders; the regulatory status of the Company's NDA for tradipitant for the treatment of symptoms of gastroparesis; the prevalence of gastroparesis; the commercial opportunity for tradipitant for the treatment of motion sickness; and the impact of generic competition on sales of HETLIOZ® in future periods are "forward-looking statements" under the securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Vanda's forward-looking statements include, among others, Vanda's ability to complete and submit to the FDA the NDAs for tradipitant for the treatment of motion sickness and milsaperidone for the treatments of schizophrenia and acute bipolar I disorder within the specified timeframes; the FDA's assessment of the sufficiency of the data packages to be included in the NDAs for tradipitant and milsaperidone; Vanda's ability to correct the deficiencies identified by the FDA with respect to the sNDA for HETLIOZ® for the treatment of insomnia; the outcome in the U.S. Court of Appeals of Vanda's challenge to the FDA's rejection of its sNDA for HETLIOZ® for the treatment of jet lag disorder; Vanda's ability to initiate the Phase III program for the LAI formulation of Fanapt® by the end of 2024; the accuracy of the estimates regarding the prevalence of pediatric sleep disorders; Vanda's ability to file the INDs, and initiate the Phase III studies for, PONVORY® for the treatments of psoriasis and ulcerative colitis by the end of 2024; the outcome of the FDA's review of Vanda's NDA for tradipitant for the treatment of symptoms of gastroparesis; the accuracy of the estimates regarding the prevalence of gastroparesis; Vanda's ability to enroll patients and initiate the Phase I study for VPO-227 for the treatment of cholera by the end of 2024; Vanda's ability to enroll the patient for the Phase I study for VCA-894A for the treatment of CMT2S by mid-2024; Vanda's ability to continue to enroll patients and complete the Phase I study of VTR-297 for the treatment of onychomycosis in the third quarter of 2024; and the ability of generic competitors to increase their share of the market for HETLIOZ®. Therefore, no assurance can be given that the results or developments anticipated by Vanda will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Vanda. Forward-looking statements in this press release should be evaluated together with the various risks and uncertainties that affect Vanda's business and market, particularly those identified in the "Cautionary Note Regarding Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Vanda's most recent Annual Report on Form 10-K, as updated by Vanda's subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.
All written and verbal forward-looking statements attributable to Vanda or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Vanda cautions investors not to rely too heavily on the forward-looking statements Vanda makes or that are made on its behalf. The information in this press release is provided only as of the date of this press release, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
VANDA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts) (unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30 | June 30 | June 30 | June 30 | ||||
Revenues: | |||||||
Fanapt® net product sales | $ 23,150 | $ 24,077 | $ 43,729 | $ 46,959 | |||
HETLIOZ® net product sales | 18,708 | 21,979 | 38,761 | 61,595 | |||
PONVORY® net product sales | 8,616 | — | 15,446 | — | |||
Total revenues | 50,474 | 46,056 | 97,936 | 108,554 | |||
Operating expenses: | |||||||
Cost of goods sold excluding amortization | 2,733 | 3,499 | 6,173 | 8,273 | |||
Research and development | 16,661 | 16,647 | 37,815 | 35,884 | |||
Selling, general and administrative | 39,474 | 28,399 | 69,559 | 64,503 | |||
Intangible asset amortization | 1,752 | 378 | 3,770 | 757 | |||
Total operating expenses | 60,620 | 48,923 | 117,317 | 109,417 | |||
Loss from operations | (10,146) | (2,867) | (19,381) | (863) | |||
Other income | 4,630 | 5,459 | 9,201 | 8,983 | |||
Income (loss) before income taxes | (5,516) | 2,592 | (10,180) | 8,120 | |||
Provision (benefit) for income taxes | (998) | 1,072 | (1,516) | 3,348 | |||
Net income (loss) | $ (4,518) | $ 1,520 | $ (8,664) | $ 4,772 | |||
Net income (loss) per share, basic | $ (0.08) | $ 0.03 | $ (0.15) | $ 0.08 | |||
Net income (loss) per share, diluted | $ (0.08) | $ 0.03 | $ (0.15) | $ 0.08 | |||
Weighted average shares outstanding, basic | 58,220,838 | 57,453,916 | 57,990,890 | 57,233,878 | |||
Weighted average shares outstanding, diluted | 58,220,838 | 57,535,615 | 57,990,890 | 57,469,105 |
VANDA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||
June 30 | December 31 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 102,953 | $ 135,821 | |
Marketable securities | 284,723 | 252,443 | |
Accounts receivable, net | 41,864 | 34,155 | |
Inventory | 1,469 | 1,357 | |
Prepaid expenses and other current assets | 8,171 | 9,170 | |
Total current assets | 439,180 | 432,946 | |
Property and equipment, net | 2,303 | 2,037 | |
Operating lease right-of-use assets | 6,375 | 7,103 | |
Intangible assets, net | 117,599 | 121,369 | |
Deferred tax assets | 76,559 | 75,000 | |
Non-current inventory and other | 9,355 | 9,985 | |
Total assets | $ 651,371 | $ 648,440 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 39,598 | $ 38,460 | |
Product revenue allowances | 54,193 | 49,237 | |
Total current liabilities | 93,791 | 87,697 | |
Operating lease non-current liabilities | 6,005 | 7,006 | |
Other non-current liabilities | 9,059 | 8,827 | |
Total liabilities | 108,855 | 103,530 | |
Stockholders' equity: | |||
Common stock | 58 | 58 | |
Additional paid-in capital | 706,844 | 700,274 | |
Accumulated other comprehensive loss | (330) | (30) | |
Accumulated deficit | (164,056) | (155,392) | |
Total stockholders' equity | 542,516 | 544,910 | |
Total liabilities and stockholders' equity | $ 651,371 | $ 648,440 |
Corporate Contact:
Kevin Moran
Senior Vice President, Chief Financial Officer and Treasurer
Vanda Pharmaceuticals Inc.
202-734-3400
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Jim Golden / Jack Kelleher / Dan Moore
Collected Strategies
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Last Trade: | US$4.66 |
Daily Change: | 0.10 2.19 |
Daily Volume: | 360,782 |
Market Cap: | US$271.630M |
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