VNDA - Earnings call transcript Q3 2017 | Vanda Pharmaceuticals Inc.

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Operator

Welcome to the Q3 2017 Vanda Pharmaceuticals Inc. Earnings Conference Call. My name is Leslie and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. that is note recorded. Please Instructions] this being conference [Operator Vanda’s call President Kelly. I’ll the to Senior Jim now turn Officer, over Vice Financial and Chief Mr. you begin. Kelly, may

James Kelly

you discuss Thank joining XXXX and Good you, thank Leslie. performance. us Pharmaceuticals Vanda to third quarter afternoon for

quarter this and Our on XXXX are our on were system EDGAR SEC and results website, available released third afternoon the www.vandapharma.com.

live this conference our website. In of addition, call versions we and archived are providing on

Reverberi, call today’s CEO; is Dr. Chief our Polymeropoulos, and Piero on Mihael and President Gian me our Officer. Commercial Joining

remarks, my update results your Following on I Gian you for on Mihael financial introductory and will Piero our before our Then lines will opening the ongoing activities. questions. comment

to securities Before statements be various everyone forward-looking that we laws. the call we would statements of meaning will proceed, within like federal remind make I that on this

of current like as that Mihael new otherwise call our of The We or encourage as statements call all we on obligation future we make and of Factors XX-K required Our assumptions circumstances, SEC’s our on XXXX, in on provide information uncertainties. changes statements based forward-looking said, to our December Report events ended filings. Management’s of XXXX Annual are and law. publicly that Discussion Condition the Polymeropoulos. involve this the over XX, investors risks, and the Report except system are in this on expectations Analysis reports Dr. to on may is year revise Operations fiscal SEC sections these forward-looking by These we Quarterly for XX-Q Financial available to turn described the ended Risk are to and CEO, only of risks Results With information, I’d and upon today the read June undertake other and which any now for quarter account website. or call XX, on EDGAR provided on Form and update our and Form no

Mihael Polymeropoulos

Thank you quarter and welcome very Good our afternoon, everybody, to much, Jim. third call.

August these of third the have the previous which advance strategy. a the quarter dermatitis, exceed the importance to milestones for Vanda to the of initiative, demonstrated expectations. With field HCI, of The negotiations for XX set an Fanapt HETLIOZ drive to the than early will The initiative, important in in these expanded HETLIOZ with trends to growth the begin growth of the in less pricing new HETLIOZ diverse During tradipitant our Germany strong and results U.S, was of initiatives in resolution important potential HPI, psychiatrists atopic I with ongoing update Vanda. on of initiative XXXX, that full October. the Fanapt initiatives. launched was we from each psychiatrists are execution, to force we believe our

We’re results encouraging increase this excited community HETLIOZ. to peak sales with believe are the early and The to of patients has significantly for psychiatric unmet response Non-XX. from initiative we positive that need the significant underscores the announce the potential potential

Non-XX this understanding just potential for We’re the beginning of treatment population. patient the long-term of at the

disorders. the with of with comorbidity As and U.S. disorders, a for Epidemiological irrespective mood any recent [indiscernible] psychiatric approved with covers reminder, but the Non-XX its disorder this among individual label literature HETLIOZ of status. mainly a likely data suggested prevalent patients Non-XX disorder

to August in the from HETLIOZ HPI Soon prescriptions those initial our regular after XXXX, of surpass sales. began new launch from to psychiatrists

We mix and resources We address dynamics. new new to look are patients this to of saying our adopt source more actively on quarters, to forward the payer accommodate coming initiative dermatitis. this an Vanda and in as comes of results eight-week a for atopic treatment implications long-term our II from focus. Phase as the tradipitant monotherapy clinical of September, into announced randomized understanding of In the working study

outcome results the severity the presented dermatitis. were in with October, and of The with patients in World seen these and Itch where atopic pleased disease In meaningful were study, the significant an for extremely success patients. poster Itch. with the high on clinically scientific levels both improvements disease We’re demonstrated at includes Congress XXXX patients estimated V, exploratory that It Pruritus that drug immunoglobulin analyses both a larger treated million on baseline over are IgV was severity. atopic showed tradipitant there U.S. and in Tradipitant dermatitis poster X

of Phase few this this in has type $X the believe confirmed are treatment. future of further revenue treatment atopic of systemic the need We become option patients first-line atopic at very the We dermatitis pharmacological treatments are peak to with there of billion believe worldwide. the that oral potential in treatment exceed in an safe for dermatitis studies, time available. potential II Tradipitant However, risk results could a

with our We initiate clinical confirm the treatment meet types program the in atopic plan to We in FDA to the the XXXX. and expect development of registration quarter XXXX Phase patients further first-half with first of to Tradipitant dermatitis. the define in of III of towards

German agreed with on international Germany after front, price the geographical the focusing of National pricing preparation are markets expected every a reached Vanda August On we an in in expansion is launch €XX,XXX date XXXX. dossiers approximately This Arbitration a now underway. of are an Funds in milestone X, a year reimbursement Insurance Vanda represents Board strategy HETLIOZ and critical with of per the preparation well the the October, pricing agreement where for effective decision. We and

a product the on quarter $XX.X our of to sales patients the in for provide than expect I with would and dossiers were update an future. across We a now in HETLIOZ and to and decrease increase in the and XXXX near France of reimbursement second in of XX% new third compared commercial compared quarter you in both billion Italy HETLIOZ XXXX the the of progress to progress. third more net forward XXXX, XXXX. quarter look Europe X% HETLIOZ pricing the XXX making

the to XXXX, psychiatrists X% of potential Importantly, years to and decrease many XXXX. and our for of growth in grow future HETLIOZ third patients a compared HPI to business product decrease the were quarter-over-quarter confidence of the in quarter compared third X% continued net therapy the Fanapt to number second of a HETLIOZ come. sales $XX.X on quarter increases with quarter XXXX to initiative million the

Our expectations see to begin were to this growth the trends TRx in not and in case. quarter third Fanapt the for was

time entry can achieve required of analysis team supports of an the be growth, mix to goal. will the sales While level Fanapt from the performance return additional to U.S.

A. on then on called work discuss like you Now Fanapt I and a HETLIOZ VTR-XXX, would and clinical activities our was to initially Trichostatin Tradipitant, update for development which

to clinically Sleep with in are study show Sleep to for Federation. gastroparesis in the is for for treatment believe study the dermatitis, baseline. Enrollment joint reported with consistent Association the and patients This at atopic SMS SMS with sleep ongoing these data expected XXXX. option data of III we’re program with Syndrome October congress funds from Phase improvement randomized study HETLIOZ, The also compared the behaviors SMS. with having of quality meaningful is the World In clinical data HETLIOZ Medicine Tasimelteon treatment World gastroparesis. the of We the decrease in our a that being clinical with Tradipitant results randomized addition result patients ambulant are expected in of as Tradipitant and study treatment in shared in On of the patients we from XXXX the mid-XXXX. for XX Smith-Magenis in open-label Tradipitant

eight-hour the of we The We’re disorder lag year. initiated based from for this study progressing study new in end first on of quarter end fully disorder the XXXX. Checklist advance well report study and from results of of for our based this [indiscernible] XXXX jet by jet of HETLIOZ program by stimulated is lag phase randomized are XXXX. jet lag treatment the and the with clinical in enrolled disorder be transmeridian expect results to the after study travel A track expected to ongoing was the October XXXX

have clinical treatment evaluate I the patients the malignancies. The Fanapt, in XXXX of escalation hematologic Europe, and trial progress relapsed The initiated inhibitor, first providing in In exceptional with making with this additional HETLIOZ We’re the pharmacokinetic clinical re-examination A have and by new acting pediatric has dose. XXXX small good drug to a first-half of quarter call the expected expect to to of of XXXX. we third negative future. both molecule shortly. towards a In discuss drug study tolerability to and/or of setting of the as injectable FDA study dose investigate to marketing provided VTR-XXX recommended start to that results. well. On refractory patients our will I quarter and forward VTR-XXX, and application to a in IND XXXX safety, this determine is and come the HDAC near a the we study Fanapt by and conclusion Kelly, on our requested Phase authorization commercial and Financial summary, regimen we over to turn opinion enrollment authorization application an the received the of you been the our in complete a formulation accepted now activities Officer has Chief Jim progress will updates treatment is look liquid for end financial a the a CHMP long has formulation in with year study with development now for proceed of

James Kelly

of The XXXX quarter to was the million a a a on revenue million continued $XX.X grow Total quarter and quarter of to HETLIOZ a third Mihael. Thanks, increase the therapy million compared and in the of XXXX, X% X% of product XXXX, quarter net third compared $XX.X HETLIOZ million, $XX.X in quarter second million $XX.X of in X% the compared in second to quarter to quarter-over-quarter. XXXX, compared XXXX. million to patients the of were of in third sales increase third XXXX. for XX% number decrease decrease $XX.X the $XX.X

specialty stocking product inventory, exceeded specially this the than XX, to initiative. sold than XXXX, to result inventory net demand. the held less X% Units As of non-XX the of as in by of patients pharmacy of note, XXXX The approximate weeks to by the channel of based the patients units calculated Of the HETLIOZ third channel. trailing new pharmacy sales of less dispensed XXX,XXX. psychiatry to was were dispensed value the quarter Vanda pharmacy units on specialty two June

initiative quarter quarter second on We to impact this sales $XX.X equates we in quarter by to a Fanapt the to amount to $X.X a the decreased compared X% expect third a net quarter in of of product sales, second XXXX. of enter quarter compared fully $XX.X of hand more the million and begin in inventory have over XXXX the an XXXX see million of compared decrease in saw compared when in in $XX.X the fourth X% to $X.X Wholesalers of when were XXXX, and the related million our $X decline quarter and over the million business. net to XXXX of XXXX, year-end million of Medicaid as favorability that mix XXXX. in XXXX. the million, over third to Fanapt products percent third to decrease of

Over XXXX. third believe to the not and and revenue full-year agreements the to between the its XXXX. second Fanapt $XX the scripts, in IMS, between $XX XXXX, to quarter Fanapt growth XXXX have course by of million we a the of million Fanapt fourth of guidance rebate In decrease factor Prior renew chosen of on million. we state TRx Fanapt saw and of the quarter revising was and million XXXX Paramax. favorable as reported X% based Vanda driving XXXX this trends XXXX, guidance expectation is $XX in of is recent in $XX Medicaid compared and quarters for full-year when third supplemental

approximately Fanapt HETLIOZ the will launch to the time long-term an stabilization conviction U.S. That to second favorable quarter million team in U.S. psychiatrists said, in that the be change second required third with quarter support return $XX.X return third $XX team million XXXX, milestone million, the to has the R&D atopic prospects compared Fanapt. goal. XXXX. in growth, the to included of While U.S. and $X of the expense the quarter were than initiative. to the Vanda initiative by tradipitant quarter business to program. can analysis of level and Fanapt expenses million for investment the flat, to XXXX achieve of compared development the the XXXX. more of of We Research SG&A in of a accrual the expenses our performance both of been any third expenses an potential increased expansion of compared Fanapt territory believe sales additional million that $X.X quarter the quarter to in the offsets of HETLIOZ XXXX, third XXXX. for impact measured related recorded psychiatrists second In operating $XX.X when the the quarter quarter to and third the of by dermatitis exceptional

We and quarter to expect fourth the the of R&D studies. gastroparesis costs XXXX, to activity quarter, increase reflecting the in third tradipitant on clinical the increased HETLIOZ compared

between of net objectives the to Vanda see $X.X and stock-based financial to release product its in million. overall $XX $XXX is achieve press Year-end in million; million, $XXX and of net income expects of guidance $X.X together between million compares Fanapt this figures. referred Mihael. the million as Non-GAAP Vanda be third product million of and Fanapt to $XX XXXX; of million; products performance prior to in Vanda compensation Vanda quarter cash the million; sales HETLIOZ and amortization. goods $XX offering both exclude a that $XX million operating $XXX.X XXXX; of and $XXX between operating to of to of do $XX $XX and of and of between to prior non-GAAP compensation is believe as and full-year $X.X financial and following a XXXX, sales million guidance cash, XXXX, compared financial sold from million. expenses information. between million $XXX million between million, understanding of between products second prior net cost net with achieve Non-GAAP an XX, I’ll sales from million million. that, $X.X million million sales product and $XX will HETLIOZ cash net guidance million $X.X so, as and can quarter guidance expenses, of million XXXX prior an excluding third asset $XX to of $XX cash June loss enhance between $XX Vanda’s and our because the of of for million of between net sales of representing quarter non-GAAP for HETLIOZ non-GAAP income that intangible securities stock-based With marketable net million. million, of with our asset Fanapt of back between and XXXX to guidance to million; Vanda On during is prior income XX, prior non-GAAP million million. between non-GAAP $XXX and to the million of following update objectives the Fanapt increase and of third net million. financial million million, to of compared to financial XXXX considered and compares to sales when expected $XXX compared cash $XX September information XXXX, and $XX we compares were as of $XX $XXX excludes quarter million $XX equivalents million You product This this $X quarter to guidance expects recorded non-GAAP $XXX $XX between expense and between GAAP million basis turn $XXX.X $XXX compares million, fourth $XXX net $XXX XXXX. the Vanda providing HETLIOZ this both $XXX during compares an million. We and This non-GAAP a of of intangible the the call XXXX.

Mihael Polymeropoulos

answer much, Jim. any very Happy you Thank questions. to

Operator

with from Jason Butler And Thank Securities. JMP Instructions] our you. question first comes [Operator

Jason Butler

taking thanks Hi, my for questions.

couple. a Just

patient you the there sales dynamics for color drop you in off us any HETLIOZ, on you growth additional seeing were essentially First And destocking. flat in when but example? for quarter, saw rate, about adjust Are the you there? the the changes off give can

James Kelly

one. that take I’ll Mihael, Yes,

Mihael Polymeropoulos

question. good Yes, that’s actually a

James Kelly

The… Yes.

Mihael Polymeropoulos

Yes, question explain. not I’m all. for And the dynamics, at sorry, Jim that Jim. the I’ll persistency has will changed answer

James Kelly

certainly. Hey,

on two continue the some then to sequential was change mentioned, and One puzzle pieces resulted destocking pricing. I There We in our German was the I’d one growth the U.S. it, headwinds quarter-over-quarter. add in, the were that that the call in the second to front.

the German least, launch more is on magnitude on XXX,XXX we impact run discount our were significant while our was a its price, July for, quarter rate. price, only and of not revenue August total, XX% Now at and at a there September in a had to that then also or at which

Jason Butler

the great. about any the patients patients, approvals? any sighted you the terms or of blinded seen debate you reimbursement can then psychiatry Okay, in And there? talk pushback versus patients, dynamics for reimbursement Have just around the

Mihael Polymeropoulos

Yes.

did have in the So non-XX have out past non-XX with experience program. continuously we’ve that, payers before patients scripts what patients is we come block come into with psychiatry more psychiatry And blind. seen than that the that of

not course, but agree Of with we nonetheless it a is that do attitude, fact.

have we significant are new of comparable is the patient of volume weeks generally patients the few prescriptions of seen psychiatry come first that past. during since percent at the within as for field the treatment what August, to scripts in looking we Now,

organization of due out that now base Now highest HPI has to prescriptions Jason, this activity pace just add despite filling are taken non-XX the significantly is image potential and payers, that headwinds by the focus with growing to it and Vanda, we psychiatry of within any significant But are this checklist. however, of immediate patients, patients an on exact that with scripts the activity fulfillment can growth. we of for monitoring it of we has the

reasons have business change in future. be we program trajectory of in that near will to very the this the this checklist but are We early the optimistic activity, very

Jason Butler

you do on plans on terms or could for studies about in question in just Okay, have setting, new cited data psychiatric great, terms of in either have thanks. then you adoption? clinical HCI, commercial enhance patients of the And in thoughts thought the for a again me reimbursement last whether or any any Non-XX opportunity

Mihael Polymeropoulos

and that’s be data say identify We target most where initiate the this is that with would probably psychiatric of better will the additional support nature program adoption the treatment. added by understanding large and actually patients where to and these the base with comorbidity I preservatives. and focus physicians the Yes, of be gathering clear epidemiologic want use reforms would quite

Jason Butler

great. the Thanks questions. taking Okay, for

Operator

with comes question Piper Charles next Our from Jaffray. Duncan

Charles Duncan

do guys, for I the hear was It to pretty over call, felt are hi you questions. hard an but of you wondering have course taking think pretty that he bit, constrained was thanks Yes, like of a he its Mihaels it the the I’m six persistence mentioned you think HPI exceptional revenue quarter really little little about of a strained goals optics in months kind year-on-year, said if wondering we or that, far for he I’m the or the next year bit on or HETLIOZ provide next think Q-on-Q any course or or if thus more you months? sequential so color How as and year could near and future, can versus new over the the the so? change impact, the XX just and because patients look the

Mihael Polymeropoulos

project connection actually to willing is and the we answer Non-XX. have very exceptional psychiatrist is keep very data script better, So hope to the of three short identify hard Unfortunately because with this and because is would to full immediately it activity Mihael, have Jim this treat quick force, color. patients pass the and that is very one I is revenue James with seen significant Kelly. this in response from impacts on field, that sales significant a significant of you it characterization the and only lifetime to I’ll of The my it we more care is see fact personal to and hard I give little let months from month and only

James Kelly

less to that were units of X% the dispense part the mention you than as current quarter of Hey this certainly. the a dispense Charles, within – patients initiative. me heard HETLIOZ

to more prescriptions that witnessing in what than the patient beginning coming of exceptionally of HPI through half the However, we’re we’re August, growth. scripts mid the source an number of total acquisition new receiving initiative is drive therefore and in important became new

not ability new the actually going receive Our expectation force. more our to them that field specifics much in and going month through patients just rise, have rise them convert that’s with in will then treatment how to new full reimbursement and be get but believe month the to over of out months is and diagnosed, is that coming learned, the we find patients of I as number experience

the we’re incredibly excited why soon how that’s and about to also you but our so business. seeing what very this back And going drive it’s we’re exactly coming initiative, of on to trajectory

Charles Duncan

that a additional the and opportunities in percentage in advanced relative study you question lag started stimulated a the or what initiative. Okay I ask study perhaps relative two out there, consider lag yet kind jet would disorder I’m how through really then just year? that could lag also you what jet eight-hour the drove color If scripts new really they new growth anticipate mentioned different of disorder this ongoing helpful, out trial and perhaps studies of disorder stimulated of lag wondering that’s coming jet to deepen quick are pipeline on you on of disorder. to just and that – you yet jet the terms lag this new year, HETLIOZ jet those if read on

Mihael Polymeropoulos

question. Charles this for much Thank very you

a study, five-hours to has studies, tasimelteon sleep lab clinical from XXXX phase properties So, parameters. basically just two rewind XXXX we advanced regulatory have the improvement a and in learned Study in for significant second, relevant trial that simulated

to an we something the from effect The flight, phase understood suppress of additional they U.S. from to the are aesthetic into the they compounders flight we from significant flights screened in significant very light of flying effects probably conditions and event understand and to compounders sleep laboratory and cannot had happens leads where observational a disturb, that Europe the block made variable people in to that data disturbance sleep despite that actual Our This tasimelteon what is the time, in actual the actual of that travel most added when in a trials lag. during impairment jet significantly is so efforts supplement study, study, effort five-hour has to those is been phase that with these reason symptoms flight. eight-hour drug eight-hours travelers are study every smaller.

So Understanding drug complete the the studies study immediately an and drugs difference will patients randomized regulatory by would eight-hour type, with we to or the give then fuller and be we But supplement to of for decided variably, and very file between to placebo have XX the flight with analysis that disorder. effects flight the to agencies study portion. this to of suggest so actual a that signal that our we because would drug homeostatic if the can picture placebo, hard compounded through continued the the detect between unsatisfied and drive sleep be drug primary placebo interpreted. are

Charles Duncan

items? are any study forward you the request and to up looking data coming Last if and do or helpful question II if for the makes Phase of has roughly you on a Okay tradipitant, it with that before the additional that’s it’s request data gating have there other half results asked sense. that any you have meeting that experimental meeting? quarter first – not, you’re upcoming you Or and set of agency, before end

Mihael Polymeropoulos

when exact however, be process we than want we data, orally of not typically for we dermatitis. an meeting I thoughtful cannot do specify experimental giving and to the the we regulatory additional the development actually We in Yes, need refrain close right any now. of of as going from anything this exactly to those okay, be now requesting approach are very atopic calendars. is

our and to with soon as Phase it However, III commitment proceed the common is as get with program. understanding possible a a FDA

Charles Duncan

Okay, added thank color. the you for

Operator

next is Matthew Our Andrews from question Jefferies. with

Matthew Andrews

obviously, declined afternoon. you. to confidence, Jim, and Fanapt Poulos to they what us gives of going grow can sequentially able be some maybe thank scripts, you’re here? Good XXXX? reaching you Hey, it either that you give end sense year can growth early the seen of in a bottom your What in have evidence suggests get analyses perhaps this actually you to or by you

Mihael Polymeropoulos

Jim track, answer, not internally it. quickly this but yet. QX, come repeat right I’ll to Matthew, signs talk Jim are it. nothing we’re to I very let we confident Having growth whether Actually, on But some suggest forecasted right tell-tale Well, happen. not will There’s growth more give that that in let color. can the about may

James Kelly

Yes, Matt, look quarter-over-quarter we’re of over profile what our looking quarters. eight seeing at the you – is, is the see as this we growth And territories, following. back the

the more to decline Fanapt, to resources that put the as what on a which quarters, more is territories greater a continue we therefore, few level of national and not. on this is the Matthew on more we than appears now As really that stabilization than what at number territories is happening X% a more slowing a be granular see and beneath point. last shrink. look what approaching And grow decline seeing you’re And we of level,

saw we just quarter, this decline. Although sequential under X%

at, our look there. territories, for we as XX% So we see growth example, of

XX%, takes that on us puts to territories business. try us And it position However, for doing territories, a those turn example, bottom, tough in existing decline. the to to in addition things to to a drive growth when layer to in we the our the continue right

we so. it comment. unable would quarter. year echo happen when could do thought If We going that were We into had this Now in came this that prior the third a said, of Mihael’s happen? could timing to and predict fourth conviction the we I’m we to saying,

you think, to we while the take a and tangible turn here this to this can return So business, wait fully we continue to Fanapt come and growth. we to back I believe tactics are got and to grow we that see there see evidence corner when

Matthew Andrews

comments – Can or management that million is program, $XX did to million with least, – with the foregoing, Interesting you in where what with is on tied subq now are formulation. that many $XX you discuss reduction oral temporarily on for expense the the $XX of lifecycle side, what the spending million Fanapt you’re operating $XX at in to less – million? spending guidance

James Kelly

Yes.

The… good a question. So

Mihael Polymeropoulos

answer Jim, would you to those? like

James Kelly

was guidance. There was the of lifecycle the part management XXXX – no Fanapt not a

Matthew Andrews

Okay.

James Kelly

was And business, across yes, SG&A. parts both really therefore, other in – other – well underspend the R&D in and

Matthew Andrews

opinion Transitioning Itch the as of Anything a few Poland meeting with over and advisors to in relates what coming clinical to meetings out share? it feedback you was tradipitant, ago, the can key dataset weeks from the leaders?

Mihael Polymeropoulos

quantify Well, to this. yes, quantify. hard it’s to hard But it’s

be oral atopic pruritus, effects significant the potential an also could available there’s treat underlying but excitement treat significant However, of state dermatitis. of agent that a on the to the disorder

these have clinicians the increased significant with patients, small a compound and of get robustness not this the mechanism this in dermatitis would course, results there is But excited action the more atopic in study. of and results Of today say, I HETLIOZ numbers. rather more interest of more basically

Matthew Andrews

may be FDA? on items really those on And anything thoughts you us we – can actual to share endpoint target, what patient size population just which the length the around of thoughts time on the Phase be lastly, any and then on at you the with your program, this Thanks. finalized have or that be would the III details is primary study, there with

Mihael Polymeropoulos

patients also be Yes, discuss think, program answer and to endpoints we with considered. concluded Matthew, FDA, a discussions the So we in But Pruritus both a that improve want dermatitis I to whether do what would the after atopic Does disease? signature want effect questions. be in design these time drug underlying concluded the see. the do have and would the to drug items we’ll heavily to can that FDA more so both prospectively better concrete, was be us have with expect

Matthew Andrews

Okay. Thank Thank you. you.

to call questions the and Polymeropoulos. back over further time. President I’ll no Vanda’s CEO, turn Dr. have now this We at

Mihael Polymeropoulos

of very forward look we the you for the quarter call, talking much for you near and joining Thank in third Thank XXXX us future. to to you.

Operator

Thank you, gentlemen. today’s ladies for participating. conference. and Thank concludes This you

You may now disconnect.

Vanda Pharmaceuticals (VNDA) 7 Nov 172017 Q3 Earnings call transcript