Vanda Pharmaceuticals(US:VNDA)2022-05-05 23:07Financial Data and Key Metrics Changes - Total revenues for Q1 2022 were $60.2 million, a 4% decrease from $62.7 million in Q1 2021 [8] - HETLIOZ net product sales were $37 million in Q1 2022, down from $39.3 million in Q1 2021 [8] - Vanda recorded a net loss of $6.4 million in Q1 2022, compared to a net income of $8.7 million in Q1 2021 [9] - Operating expenses increased to $67.9 million in Q1 2022 from $52.3 million in Q1 2021 [9] Business Line Data and Key Metrics Changes - Fanapt net product sales were $23.2 million in Q1 2022, essentially flat compared to $23.3 million in Q1 2021 [8] - Fanapt sales decreased by 3% compared to $24 million in Q4 2021, with a 2% decrease in prescriptions reported by IQVIA [8] Market Data and Key Metrics Changes - The first quarter of 2022 saw continued reimbursement challenges from payers for HETLIOZ prescriptions for patients with Non-24 [8] - Over 15 states revised their Medicaid prior authorization criteria to improve HETLIOZ coverage [4] Company Strategy and Development Direction - The company aims to strengthen commercial efforts and advance its clinical pipeline in 2022 [4] - Ongoing efforts include increasing awareness and coverage for HETLIOZ and engaging with the Autism community regarding SMS [4][5] - The company is committed to delivering Tradipitant for nausea in Gastroparesis and has scheduled a pre-NDA meeting with the FDA [7] Management's Comments on Operating Environment and Future Outlook - Management believes 2022 will be an exciting year with significant milestones as clinical programs advance [4] - The company expects net product sales from HETLIOZ and Fanapt to be between $240 million and $280 million for the year [10] Other Important Information - Cash, cash equivalents, and marketable securities as of March 31, 2022, were $435.2 million, an increase of $57 million from March 31, 2021 [10] - The company anticipates year-end 2022 cash to exceed $440 million [10] Q&A Session Summary - The Q&A session did not contain any specific questions or answers as the call concluded shortly after management's remarks [11][12][13]