Vanda Pharmaceuticals Inc (Nasdaq: VNDA), a global biopharmaceutical company, reported on Wednesday its financial results for the first quarter ended 31 March 2021.

The company reported income before taxes at USD10.4m in the first quarter of 2021, compared to USD1.2m for the first quarter of 2020.

The firm posted net income at USD8.7m for the first quarter of 2021, compared to net income of USD0.5m for the first quarter of 2020. It posted diluted net income per share at USD0.15 in the first quarter of 2021, compared to diluted net income per share of USD0.01 in the first quarter of 2020.

'Despite seasonal and global challenges, we recorded another quarter of strong revenue across our commercial portfolio coupled with the launch of HETLIOZ in the new indication of night-time sleep disturbances in patients with Smith-Magenis Syndrome,' said Mihael H Polymeropoulos, MD, Vanda president and CEO. 'In our clinical programs, we have made significant progress, reaching 85 percent randomisation in our Phase III tradipitant study in gastroparesis and initiating a new clinical program for HETLIOZ in delayed sleep phase disorder.'