What happened
Earnings season seems to be the pill needed to improve sentiment on Vanda Pharmaceuticals (VNDA -1.51%). The commercial-stage biotech saw its share price rise by almost 1% on Thursday, following the release of quarterly results that comfortably topped analyst estimates. By contrast, the S&P 500 index fell by 0.9% on the day.
So what
For the quarter, Vanda took in revenue of just under $64.5 million. The bulk of this -- a bit over $40 million -- derived from its most important commercialized drug, Hetlioz. The sleep medication's sales were higher in the same period one year ago when it brought in $44 million. Offsetting this was schizophrenia treatment Fanapt, the sales of which improved to $24.4 million from slightly under $24 million in the fourth quarter of 2021.
The biotech was profitable on the bottom line, although that line item sagged along with revenue. For the quarter, it ended up at $6.86 million, or $0.12 per share, against the year-ago result of $7.08 million.
This meant a mixed performance, as far as analyst estimates were concerned. On average, pundits following the company were anticipating it would earn more ($67.6 million) on the top line. However, their collective estimate for per-share net income was $0.08.
Now what
Vanda did not proffer any guidance for full-year 2023. It said that this was due to "uncertainties" over Hetlioz in the U.S. market, in addition to a patent dispute over the drug. It did pledge that it "will continue to evaluate its ability to provide financial guidance as the year progresses."
