Why Vanda Pharmaceuticals Stock Crawled Higher Today
Earnings season seems to be the pill needed to improve sentiment on Vanda Pharmaceuticals (NASDAQ: VNDA). 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.
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.
Source Fool.com
