One down, one to go for Vanda’s year-end data blitz

Vanda Pharmaceuticals’ December of catalysts is halfway to being a complete success, with a phase II gastroparesis trial of tradipitant having yielded positive results. The NK1 antagonist showed a 1.2-point improvement in the nausea score using the gastroparesis cardinal symptoms index and a 28.8% improvement in nausea-free days at four weeks, a statistically significant difference to placebo. Stifel analyst Derek Archila wrote that physicians would consider an improvement in nausea score of at least one-point and a 20% improvement in nausea-free days to be clinical beneficial. These data will likely draw the attention of big pharma, although gastrointestinal players like Allergan and Takeda already have their own assets. Next up for Vanda is readout of a trial of its sleep aid Hetlioz in patients with Smith-Magenis syndrome, which is also expected by the end of 2018.

Vanda's outlook
  WW sales ($m)
Product 2018e 2020e 2022e 2024e
Hetlioz 116 197 291 373
Fanapt 78 89 96 104
Tradipitant - - 6 27
Source: EvaluatePharma.

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