Rockville’s Vanda Pharmaceuticals reports 2Q loss of $1.3M
Posted: 3:23 pm Thu, August 4, 2011
Vanda Pharmaceuticals Inc. of Rockville reported a second-quarter net loss of $1.3 million, or 5 cents per diluted share, on revenue of $7.4 million, versus net income of $1.3 million, or 4 cents per diluted share, on revenue of $8.3 million for the year-ago period.
Analysts on average expected a loss of 5 cents per share.
The company, which develops drugs to treat central nervous system disorders, said lower royalty payments related to its flagship drug, Fanapt, a schizophrenia treatment, hit its bottom line hard, as did higher research and development expenses and the ongoing cost of clinical trials.