WASHINGTON (AP) _ Vanda Pharmaceuticals Inc. (VNDA) on Wednesday reported second-quarter net income of $4.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Washington-based company said it had net income of 9 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 14 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The biopharmaceutical company posted revenue of $47.4 million in the period, which matched Street forecasts.
Vanda shares have increased 36 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.65, an increase of 33 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VNDA at https://www.zacks.com/ap/VNDA