Vanda Pharmaceuticals Falling On Disappointing Drug Sales (VNDA)

According to Adam Feuerstein at theStreet.com, Vanda Pharmaceuticals' (NASDAQ: VNDA) first year sales of a schizophrenia drug Fanapt developed by VNDA and sold by Novartis (NYSE: NVS) totaled just $31.4 million, well below analysts' expectations.

According to Feuerstein, that number is high because around $20 million includes inventory stocking. His article states that "If you assume about $1.5 million true user sales in the first quarter, Fanapt's 'real' sales for the year just ended were probably around $12-$13 million."

VNDA shares are currently plummeting, down 5% at $7.82.