WASHINGTON (AP) _ Vanda Pharmaceuticals Inc. (VNDA) on Wednesday reported third-quarter net income of $7.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Washington-based company said it had profit of 13 cents. Earnings, adjusted for non-recurring costs, came to 20 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The biopharmaceutical company posted revenue of $49.1 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $49 million.
Vanda shares have climbed 35 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $20.45, a rise of 37 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