Vanda Pharmaceuticals Inc (VNDA) saw its loss narrow to $0.60 million, or $0.01 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $14.80 million, or $0.35 a share. On an adjusted basis, net profit for the quarter was $3.60 million, when compared with net loss $9.97 million in the last year period.
Revenue during the quarter grew 20.08 percent to $38.24 million from $31.85 million in the previous year period. Gross margin for the quarter expanded 559 basis points over the previous year period to 86.21 percent. Operating margin for the quarter stood at negative 1.71 percent as compared to a negative 46.76 percent for the previous year period.
Operating loss for the quarter was $0.65 million, compared with an operating loss of $14.89 million in the previous year period.
“2016 was an exceptional year for Vanda as we continued to demonstrate strong growth in our commercial business and secured long-term exclusivity for Fanapt,” said Mihael H. Polymeropoulos, M.D., Vanda’s president and chief executive officer. “In addition, our emerging pipeline with important 2017 milestones underscores Vanda’s commitment to bringing important new treatment options to patients and the creation of shareholder value.”
Vanda Pharmaceuticals Inc projects revenue to be in the range of $165 million to $175 million for financial year 2017.
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