Vanda Pharmaceuticals (VNDA) Issues Q4, 2016 and 2017 Financial Guidance

Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ: VNDA) announced preliminary unaudited financial results for the fourth quarter and full year 2016 and its financial guidance for 2017.

Preliminary Full Year 2016 Results

• Vanda expects to report 2016 total net product sales from HETLIOZ® and Fanapt® of approximately $146 million, consistent with Vanda's prior guidance of between $143 million and $153 million.
• HETLIOZ® net product sales for 2016 are expected to be approximately $72 million, as compared to Vanda's prior guidance of between $73 million and $78 million.
• Fanapt® net product sales for 2016 are expected to be approximately $74 million, as compared to Vanda's prior guidance of between $70 million and $75 million.
• Vanda ended 2016 with approximately $141 million in cash, cash equivalents and marketable securities ("Cash"), representing a decrease to Cash of approximately $2 million in 2016.

Preliminary Fourth Quarter 2016 Results

• Vanda expects to report fourth quarter 2016 total net product sales from HETLIOZ® and Fanapt® of approximately $38 million.
• HETLIOZ® fourth quarter net product sales are expected to be approximately $19 million.
• Fanapt® fourth quarter net product sales are expected to be approximately $19 million.

2017 Financial GuidanceVanda expects to achieve the following financial objectives in 2017:

• Net product sales from both HETLIOZ® and Fanapt® of between $165 million and $175 million.
• HETLIOZ® net product sales of between $88 million and $93 million.
• Fanapt® net product sales of between $77 million and $82 million.
• Non-GAAP Operating expenses, excluding cost of goods sold, of between $162 million and $172 million. The primary drivers of the expected increase over the prior year are investments in the U.S. Fanapt® commercial business and funding of the ongoing tradipitant and HETLIOZ® clinical studies.
• Non-GAAP Operating expenses also excludes intangible asset amortization expense of $1.7 million and stock-based compensation of between $9 million and $12 million.
• Cash is expected to decrease by less than $20 million during 2017.

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