The company indicated in the report that total net product sales from HETLIOZ and Fanapt increased by 24% to $59.1 million in Q2/19 compared to $47.7 million in Q1/19 and were up 25% in the current quarter compared to $47.4 million in Q2/18. Net product sales for HETLIOZ increased by 31% to $37.8 million in Q2/19 versus $29.0 million in Q1/19 and were up 35% versus $28.0 million in Q2/18.
Net product sales for Fanapt were $21.2 million in the Q2/19, a 13% increase versus $18.8 million in Q1/19 and increased 10% over the $19.3 million for Q2/18. The firm reported that non-GAAP net income nearly doubled in the quarter to $15.0 million in Q2/19, or $0.28 per share, compared to a non-GAAP net income of $7.7 million, or $0.15 per share for Q2/18.
Vanda's President and CEO Mihael H. Polymeropoulos, M.D. commented, "The exceptional commercial performance of HETLIOZ and Fanapt positions Vanda to continue on its path of growth and long term value creation...The recently announced positive results from the tradipitant motion sickness study further enhance the potentially broad therapeutic utility of tradipitant as a treatment option for the millions of patients with gastroparesis, motion sickness and atopic dermatitis."
In the report the company also provided some full-year 2019 revenue guidance indicating it expects combined net product sales from both HETLIOZ and Fanapt in the range of $215 to $225 million. More specifically, it guided $137–143 million for HETLIOZ, and $78–82 million for Fanapt. The firm further raised its projected year-end cash position to greater than $275 million, up from prior guidance of $260 million.
Vanda provided key research and development highlights for Tradipitant, as well as both HETLIOZ and Fanapt. In July 2019, the company announced positive results from a Phase 2 clinical study (Motion Sifnos) of tradipitant in motion sickness, and further indicated that Vanda intends to initiate a Phase 3 program in motion sickness in 2019 with a plan to file for marketing authorization in 2020.
Vanda Pharmaceuticals describes itself as a biopharmaceutical company focused on the development and commercialization of therapies to address unmet medical needs. Its product portfolio includes HETLIOZ (tasimelteon) for treatment of non-24-hour sleep-wake disorder (Non-24) and Fanapt (iloperidone) used for the treatment of schizophrenia. The firm's pipeline includes Tradipitant (VLY-686), a small molecule neurokinin-1 receptor antagonist that is in clinical development for the treatment of chronic pruritus in atopic dermatitis; Trichostatin A, a small molecule histone deacetylase (HDAC) inhibitor; and AQW051, which is a Phase 2 alpha-7 nicotinic acetylcholine receptor partial agonist with indications for the treatment of central nervous system disorders.
Vanda's shares opened nearly 20% higher today at $15.50 (+$3.05, +19.68%) over the prior day's closing price of $12.45. In early trading shares traded up higher than 36% in the range of $14.72 to $17.00, and closed at $15.79 (+3.34, +26.83%).[NLINSERT]
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