"2015 was a transformational year for Vanda with the continued growth of HETLIOZ in the U.S., and the European market approval of HETLIOZ for Non-24," said
Key Highlights:
HETLIOZ® (tasimelteon)
- HETLIOZ® net product sales grew to
$15.1 million in the fourth quarter of 2015, a 30% increase compared to$11.7 million in the third quarter of 2015 and a 152% increase compared to$6.0 million reported in the fourth quarter of 2014. - HETLIOZ® net product sales were
$44.3 million for the full year 2015, a 246% increase compared to$12.8 million reported for the full year 2014. - During the fourth quarter of 2015, Vanda initiated an open label interventional study of tasimelteon for the treatment of Smith-Magenis Syndrome. A placebo controlled, Phase III study is planned to begin in the second half of 2016.
- During the fourth quarter of 2015, Vanda completed an observational study of Jet Lag Disorder. A placebo controlled, Phase III study is planned to begin in the second half of 2016.
Fanapt® (iloperidone)
- Fanapt® net product sales were
$16.7 million for the fourth quarter of 2015, compared to$16.7 million in the third quarter of 2015. - Fanapt® net product sales were
$65.6 million for the full year 2015, compared to$65.0 million in 2014, as reported byNovartis AG . - In
December 2015 , the Marketing Authorization Application for oral Fanaptum® tablets was accepted for evaluation by theEuropean Medicines Agency for the treatment of schizophrenia in adults. - The
FDA review of the supplemental New Drug Application for Fanapt® for the maintenance treatment of schizophrenia in adults is ongoing. TheFDA has set a PDUFA goal date inMay 2016 .
Cash, cash equivalents and marketable securities (Cash) were
Non-GAAP Financial Results
Vanda Non-GAAP total revenues for the fourth quarter of 2015 were
For the fourth quarter of 2015, Non-GAAP net loss was
Vanda provides Non-GAAP financial information, which it believes can enhance an overall understanding of its financial performance when considered together with GAAP figures. Refer to the sections of this press entitled "Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."
2016 Financial Guidance
Vanda expects to achieve the following financial objectives in 2016:
- Net product sales from both HETLIOZ® and Fanapt® of between
$143 and $153 million . - HETLIOZ® net product sales of between
$73 and $78 million . - Fanapt® net product sales of between
$70 and $75 million . - Non-GAAP Operating expenses, excluding cost of goods sold, of between
$125 and $135 million . The primary drivers of the expected increase over the prior year are investments in the U.S. Fanapt® and European HETLIOZ® commercial businesses. - Non-GAAP Operating expenses also excludes intangible asset amortization expense of
$10.9 million and stock-based compensation of between$9 and $11 million . - Year end 2016 Cash is expected to be between
$123 million and $143 million .
Conference Call
Vanda has scheduled a conference call for today,
The conference call will be broadcast simultaneously on Vanda's website, www.vandapharma.com. Investors should click on the Investor Relations 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.
Non-GAAP Financial Information
Vanda believes that the Non-GAAP financial information provided in this press release can assist investors in understanding and assessing the ongoing economics of Vanda's business and reflect how it manages the business internally and sets operational goals. Vanda's "Non-GAAP Total revenues" excludes the Fanapt® licensing agreement revenue. Vanda's "Non-GAAP Selling, general and administrative expenses" and "
Vanda believes that excluding the impact of these items better reflects the recurring economic characteristics of its business, as well as Vanda's use of financial resources and its long-term performance.
This press release includes a projection of 2016 Non-GAAP Operating expenses, excluding cost of goods sold, a forward-looking Non-GAAP financial measure under the heading "2016 Financial Guidance." This Non-GAAP financial measure is determined by excluding cost of goods sold, stock-based compensation and intangible asset amortization. Vanda is unable to reconcile this Non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments.
These Non-GAAP financial measures, as presented, may not be comparable to similarly titled measures reported by other companies since not all companies may calculate these measures in an identical manner and, therefore, they are not necessarily an accurate measure of comparison between companies.
The presentation of these Non-GAAP financial measures is not intended to be considered in isolation or as a substitute for guidance prepared in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in Vanda's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these Non-GAAP financial measures. In order to compensate for these limitations, Vanda presents its Non-GAAP financial guidance in connection with its GAAP guidance. Investors are encouraged to review the reconciliation of our Non-GAAP financial measures to their most directly comparable GAAP financial measure.
About
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Various statements in this release, including, but not limited to, the guidance provided in the subheading to this release and under "2016 Financial Guidance" above, are "forward-looking statements" under the securities laws. Forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions 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 assumptions regarding its ability to continue to grow its business in the U.S., Vanda's ability to successfully commercialize HETLIOZ® in
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 release is provided only as of the date of this 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.
VANDA PHARMACEUTICALS INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
December 31 |
December 31 |
December 31 |
December 31 |
|||||||||||||
(in thousands, except for share and per share amounts) |
2015 |
2014 |
2015 |
2014 |
||||||||||||
Revenues: |
||||||||||||||||
HETLIOZ® product sales, net |
$ |
15,143 |
$ |
6,021 |
$ |
44,302 |
$ |
12,802 |
||||||||
Fanapt® product sales, net |
16,706 |
- |
65,623 |
107 |
||||||||||||
Fanapt® royalty revenue |
- |
1,584 |
- |
6,502 |
||||||||||||
Fanapt® licensing revenue |
- |
7,765 |
- |
30,746 |
||||||||||||
Total revenues |
31,849 |
15,370 |
109,925 |
50,157 |
||||||||||||
Operating expenses: |
||||||||||||||||
Cost of goods sold |
6,171 |
682 |
23,462 |
1,583 |
||||||||||||
Research and development |
8,747 |
4,752 |
29,145 |
19,230 |
||||||||||||
Selling, general and administrative |
28,881 |
17,323 |
84,531 |
84,644 |
||||||||||||
Intangible asset amortization |
2,943 |
536 |
12,972 |
2,254 |
||||||||||||
Gain on arbitration settlement |
- |
(77,616) |
- |
(77,616) |
||||||||||||
Total operating expenses |
46,742 |
(54,323) |
150,110 |
30,095 |
||||||||||||
Income (loss) from operations |
(14,893) |
69,693 |
(40,185) |
20,062 |
||||||||||||
Other income |
95 |
26 |
320 |
124 |
||||||||||||
Net income (loss) |
$ |
(14,798) |
$ |
69,719 |
$ |
(39,865) |
$ |
20,186 |
||||||||
Net income (loss) per share: |
||||||||||||||||
Basic |
$ |
(0.35) |
$ |
1.85 |
$ |
(0.94) |
$ |
0.58 |
||||||||
Diluted |
$ |
(0.35) |
$ |
1.77 |
$ |
(0.94) |
$ |
0.55 |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
42,815,291 |
37,622,884 |
42,250,254 |
34,774,163 |
||||||||||||
Diluted |
42,815,291 |
39,421,014 |
42,250,254 |
36,686,723 |
VANDA PHARMACEUTICALS INC. |
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||||||
($ in thousands) |
December 31, |
December 31, |
||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
$ |
50,843 |
$ |
60,901 |
||||||||
Marketable securities |
92,337 |
68,921 |
||||||||||
Accounts receivable, net |
16,331 |
3,654 |
||||||||||
Inventory |
1,294 |
5,170 |
||||||||||
Prepaid expenses and other current assets |
5,742 |
3,084 |
||||||||||
Total current assets |
166,547 |
141,730 |
||||||||||
Property and equipment, net |
4,570 |
2,437 |
||||||||||
Intangible assets, net |
38,752 |
26,724 |
||||||||||
Non-current inventory and other |
3,181 |
813 |
||||||||||
Total assets |
$ |
213,050 |
$ |
171,704 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable and accrued liabilities |
$ |
15,767 |
$ |
7,291 |
||||||||
Accrued government and other rebates |
35,550 |
495 |
||||||||||
Total current liabilities |
51,317 |
7,786 |
||||||||||
Milestone obligation under license agreement |
25,000 |
- |
||||||||||
Other non-current liabilities |
3,706 |
3,101 |
||||||||||
Total liabilities |
80,023 |
10,887 |
||||||||||
Stockholders' equity: |
||||||||||||
Common stock |
43 |
41 |
||||||||||
Additional paid-in capital |
460,794 |
448,744 |
||||||||||
Accumulated other comprehensive income |
39 |
16 |
||||||||||
Accumulated deficit |
(327,849) |
(287,984) |
||||||||||
Total stockholders' equity |
133,027 |
160,817 |
||||||||||
Total liabilities and stockholders' equity |
$ |
213,050 |
$ |
171,704 |
Reconciliation of GAAP to Non-GAAP Financial Information
VANDA PHARMACEUTICALS INC. |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) |
||||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
December 31 |
December 31 |
December 31 |
December 31 |
|||||||||||||
(in thousands, except for share and per share amounts) |
2015 |
2014 |
2015 |
2014 |
||||||||||||
Net income (loss) |
$ |
(14,798) |
$ |
69,719 |
$ |
(39,865) |
$ |
20,186 |
||||||||
Adjustments: |
||||||||||||||||
Fanapt® licensing revenue |
- |
(7,765) |
- |
(30,746) |
||||||||||||
Stock-based compensation |
1,887 |
1,631 |
7,961 |
5,878 |
||||||||||||
Intangible asset amortization |
2,943 |
536 |
12,972 |
2,254 |
||||||||||||
Gain on arbitration settlement |
- |
(77,616) |
- |
(77,616) |
||||||||||||
Non-GAAP Net loss |
$ |
(9,968) |
$ |
(13,495) |
$ |
(18,932) |
$ |
(80,044) |
||||||||
Non-GAAP Net loss per share: |
||||||||||||||||
Basic & Diluted |
$ |
(0.23) |
$ |
(0.36) |
$ |
(0.45) |
$ |
(2.30) |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic & Diluted |
42,815,291 |
37,622,884 |
42,250,254 |
34,774,163 |
||||||||||||
Total revenues |
$ |
31,849 |
$ |
15,370 |
$ |
109,925 |
$ |
50,157 |
||||||||
Adjustment: |
||||||||||||||||
Fanapt® licensing revenue |
- |
(7,765) |
- |
(30,746) |
||||||||||||
Non-GAAP Total revenues |
$ |
31,849 |
$ |
7,605 |
$ |
109,925 |
$ |
19,411 |
||||||||
Operating expenses |
$ |
46,742 |
$ |
(54,323) |
$ |
150,110 |
$ |
30,095 |
||||||||
Adjustments: |
||||||||||||||||
Cost of goods sold |
(6,171) |
(682) |
(23,462) |
(1,583) |
||||||||||||
Stock-based compensation |
(1,887) |
(1,631) |
(7,961) |
(5,878) |
||||||||||||
Intangible asset amortization |
(2,943) |
(536) |
(12,972) |
(2,254) |
||||||||||||
Gain on arbitration settlement |
- |
77,616 |
- |
77,616 |
||||||||||||
Non-GAAP Operating expenses |
||||||||||||||||
excluding Cost of goods sold |
$ |
35,741 |
$ |
20,444 |
$ |
105,715 |
$ |
97,996 |
||||||||
Research and development |
$ |
8,747 |
$ |
4,752 |
$ |
29,145 |
$ |
19,230 |
||||||||
Adjustment: |
||||||||||||||||
Stock-based compensation |
(526) |
(556) |
(2,269) |
(1,933) |
||||||||||||
Non-GAAP Research and development |
$ |
8,221 |
$ |
4,196 |
$ |
26,876 |
$ |
17,297 |
||||||||
Selling, general and administrative |
$ |
28,881 |
$ |
17,323 |
$ |
84,531 |
$ |
84,644 |
||||||||
Adjustment: |
||||||||||||||||
Stock-based compensation |
(1,361) |
(1,075) |
(5,692) |
(3,945) |
||||||||||||
Non-GAAP Selling, general and administrative |
$ |
27,520 |
$ |
16,248 |
$ |
78,839 |
$ |
80,699 |
COMPANY CONTACT:
Senior Vice President & Chief Financial Officer
(202) 734-3428
jim.kelly@vandapharma.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-fourth-quarter-2015-and-full-year-2015-financial-results-300218370.html
SOURCE