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Vanda Pharmaceuticals Inc. (VNDA-1.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $198.8 million for 2024, a 3% increase from the previous year. This increase was driven by the commercial launch of PONVORY® and an increase in Fanapt® sales, despite a decline in HETLIOZ® sales due to generic competition.
Net product sales for Fanapt® increased by 4% to $94.3 million, while HETLIOZ® sales decreased by 23% to $76.7 million. PONVORY® sales contributed $27.8 million following its acquisition from Janssen.
Research and development expenses decreased by 3% to $74.4 million, reflecting reduced spending on certain development programs, offset by increased investment in PONVORY® and CFTR programs.
Selling, general, and administrative expenses rose by 30% to $146.4 million, primarily due to increased spending on commercial activities for Fanapt® in bipolar disorder and PONVORY® in RMS.
The company reported a net loss of $18.9 million for 2024, compared to a net income of $2.5 million in 2023, largely due to increased operating expenses.
Vanda's cash, cash equivalents, and marketable securities totaled $374.6 million at the end of 2024, down from $388.3 million at the end of 2023.
The filing details ongoing patent litigation concerning HETLIOZ®, with generic versions entering the market following unfavorable court rulings.
Vanda continues to focus on expanding its product portfolio and advancing its pipeline, with notable progress in the development of Bysanti™ and tradipitant for various indications.
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. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.