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Vanda Pharmaceuticals Inc. (VNDA-1.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $47.7 million from $38.8 million in the same quarter the previous year. This increase is attributed to the commercial launch of PONVORY® and increased sales of Fanapt®.
Cost of goods sold for the quarter was $2.6 million, representing a decrease from $3.1 million in the previous year, primarily due to reduced third-party royalty costs.
The company reported a net loss of $5.3 million for the quarter, compared to a net income of $137,000 in the previous year.
Research and development expenses increased slightly to $16.8 million from $16.6 million, driven by ongoing development programs for milsaperidone and PONVORY®.
Selling, general, and administrative expenses rose to $37.6 million from $24.8 million, reflecting increased spending on commercial activities related to the launch of Fanapt® for bipolar disorder and PONVORY® for multiple sclerosis.
Net product sales for Fanapt® were $23.9 million, up from $21.3 million, while HETLIOZ® sales were $17.9 million, slightly higher than $17.5 million in the previous year.
PONVORY® generated $5.9 million in net product sales following its launch.
The company has $376.3 million in cash, cash equivalents, and marketable securities as of September 30, 2024, down from $388.3 million at the end of 2023.
Vanda continues to face legal challenges related to its HETLIOZ® patents and is pursuing litigation against generic manufacturers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vanda Pharmaceuticals Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.