Vanda Pharmaceuticals Inc., (NASDAQ: VNDA) which recently announced it would be moving its headquarters to 2200 Pennsylvania Avenue, N.W. in Washington, D.C., released disappointing financial results for the second quarter ended June 30, 2011.
Revenues plunged 28% to $14.9 Million in the six months ended June 30, 2011 from $20.7 Million at the end of June 30, 2010, a $5.78 Million difference.
A net loss of $1.2 Million was reported by the Rockville based company for the first half of the year.
In the second quarter revenues totaled $7.43 Million down 1%. A net loss of $1.34 Million (-$0.05 per diluted share) in the quarter was due to higher research & development expenses which increased 41%. In the first quarter ended March 31, 2011 the company posted a profit of $136,000.
On a positive note, cash and cash equivalents were higher, resulting in $50.4 Million at the end of the quarter.
Mihael Polymeropoulos, M.D., President and Chief Executive Officer stated "We are pleased with our progress towards our vision of building a CNS specialty pharmaceutical company. Fanapt® scripts in the U.S. continued to grow, and we have made advances towards the globalization of the franchise. We are excited about the prospects of our tasimelteon programs in both Non-24 and major depression, which are currently underway,"
Vanda received $270,000 less in royalties from big pharma partner Novartis International AG because of a $2.7 million cumulative adjustment to gross to net sales reserves.