VNDA - NASDAQ

Good afternoon. My name is David and I’ll be your conference operator today. At this time, I’d like to welcome everyone to the Q1 2023 Vanda Pharmaceuticals Inc. Earnings Conference Call. Today’s conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. [Operator Instructions] I’d now like to turn the call over to Vanda Pharmaceutical’s Chief Financial Officer, Kevin Moran. You may begin your conference.

Thank you, David. Good afternoon, and thank you for joining us to discuss Vanda Pharmaceuticals first quarter 2023 performance. Our first quarter 2023 results were released this afternoon and are available on the SEC's EDGAR system and on our website, www.vandapharma.com. In addition, we are providing live and archived versions of this conference call on our website. Joining me on today's call is Dr. Mihael Polymeropoulos, our President, Chief Executive Officer and Chairman of the Board; and Tim Williams, our General Counsel. Following my introductory remarks, Mihael will update you on our ongoing activities. I will then comment on our financial results before opening the lines for your questions. Before we proceed, I would like to remind everyone that various statements that we make on this call will be forward-looking statements within the meaning of federal securities laws. Our forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. These risks are described in the cautionary note regarding forward-looking statements, Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recent annual report on Form 10-K as updated by our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and other filings with the SEC, which are available on the SEC's EDGAR system and on our website. We encourage all investors to read these reports and our other filings. The information we provide on this call is provided only as of today, and we undertake no obligation to update or revise publicly any forward-looking statements we may make on this call on account of new information, future events or otherwise, except as required by law. With that said, I would now like to turn the call over to our CEO, Dr. Mihael Polymeropoulos.

Thank you very much, Kevin, and good afternoon, everyone. Thank you for joining us to discuss Vanda's first quarter 2023 results. I will first discuss key highlights from our clinical programs, and then, I will ask our General Counsel, Mr. Tim Williams, to provide a brief update on litigation matters before turning the call over to Kevin to discuss our commercial progress and financial results. The first quarter has been both busy and challenging, the at-risk launch of generic tasimelteon had a significant impact on the performance of HETLIO

Thank you, Mihael. I'll provide a brief recap of our ongoing litigation efforts, all of which are currently matters of public record starting with our actions regarding HETLIO

Thank you very much Tim. I will ask now Kevin to discuss our commercial progress and financial results. Kevin?

Thank you, Mihael. I'll begin by summarizing our first quarter 2023 financial results. Total revenues for the first quarter of 2023 were $62.5 million, a 4% increase compared to $60.2 million for the first quarter of 2022. HETLIO

Thank you very much, Kevin. At this point, we'll be happy to answer any questions you may have.

Thank you very much and thank you all for joining.