Rockville-based Vanda Pharmaceuticals reports 4Q loss

Posted: 2:20 pm Tue, February 14, 2012
By Daily Record Staff

Vanda Pharmaceuticals Inc., of Rockville, which is developing drugs to treat disorders of the central nervous system, reported a fourth-quarter net loss of $5.5 million, or 20 cents per diluted share, versus net income of $2.2 million, or 8 cents per diluted share, for the year-ago period.

Revenue rose to $8.4 million in fourth-quarter 2011 versus $7.75 million in the 2010 quarter, primarily due to more royalties from sales of Fanapt, its schizophrenia drug.

Vanda’s operating expenses during the fourth quarter doubled to $14.3 million in 2011 compared to $7 million in the 2010 period, chiefly due to costs associated with clinical trials of its drug candidates.