10-K · February 12, 2026
Vanda reported 2025 total revenues of $216.1 million (up $17.3 million, or 9% YoY) driven primarily by Fanapt® sales, but ramped R&D and SG&A led to a large operating loss of $151.2 million and a GAAP net loss of $220.5…
Earnings analysis · 10-Q
VNDA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Vanda Pharmaceuticals reported Q1 2026 total revenues of $51.7 million, slightly up 3% from $50.0 million in Q1 2025, primarily driven by strong Fanapt sales which rose 26% to $29.6 million. However, the company faced a…
Read full summary
Vanda Pharmaceuticals reported Q1 2026 total revenues of $51.7 million, slightly up 3% from $50.0 million in Q1 2025, primarily driven by strong Fanapt sales which rose 26% to $29.6 million. However, the company faced a net loss of $48.6 million, translating to an EPS of -$0.82, missing consensus estimates. Despite ongoing challenges from competition and rising operational costs, Vanda has raised its full-year revenue guidance for 2026 due to the recent launch of its new drug, NEREUS.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.82
What stood out
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Revenue Growth Despite Competition
Total revenues increased by 3% to $51.7 million from $50.0 million in Q1 2025.
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Fanapt Sales Surge
Sales from Fanapt rose 26% to $29.6 million, contributing significantly to overall revenue.
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New Product Launch driving Guidance Up
Vanda raised its full-year 2026 revenue guidance to $240-$290 million, reflecting NEREUS’s commercial launch.
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Cost Management Efforts
Cost of goods sold decreased by 10% to $3.2 million, aiding gross margin stability.
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Other Income Increase
Other income decreased to $1.8 million, compared to $3.7 million; however, remains a positive financial aspect.
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Cash Balance Maintained
Total cash, cash equivalents, and marketable securities were $202.3 million, despite operational cash burn.
What to watch
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Increased Net Loss
Net loss widened to $48.6 million in Q1 2026, compared to a loss of $29.5 million in Q1 2025.
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HETLIOZ Sales Decline Due to Generics
Sales of HETLIOZ fell 24% to $15.9 million amid increased generic competition.
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High R&D Expenses
Research and development expenses decreased by $7.3 million to $28.4 million, but still high relative to revenue.
Management's outlook
2026 revenue guidance raised due to NEREUS launch.
Earlier filings 4
10-K · February 14, 2025
Vanda reported 2024 net product sales of $198.8 million (up from $192.6M in 2023) but incurred a GAAP net loss of $18.9 million (loss per share $0.33) as operating expenses rose to $239.4 million driven by…
10-Q · November 9, 2023
Vanda reported Q3 revenue of $38,815,000 (missing consensus of $44,500,000, -12.78%) while GAAP diluted EPS was $0.00 (versus estimate -$0.04). The 10-Q contains no numeric forward guidance and discloses continued…
10-Q · July 28, 2023
Vanda Pharmaceuticals reported a notable decline in revenue and earnings for Q2 2023, with revenue dropping to $46M, down 28.1% from $64M in Q2 2022. In contrast, EPS improved to $0.03 from a prior estimate of -$0.13,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.