VNDA earnings analysis
What we found in VNDA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Despite Competition
- Total revenues increased by 3% to $51.7 million from $50.0 million in Q1 2025.
- Fanapt Sales Surge
- Sales from Fanapt rose 26% to $29.6 million, contributing significantly to overall revenue.
- New Product Launch driving Guidance Up
- Vanda raised its full-year 2026 revenue guidance to $240-$290 million, reflecting NEREUS’s commercial launch.
- Cost Management Efforts
- Cost of goods sold decreased by 10% to $3.2 million, aiding gross margin stability.
- Other Income Increase
- Other income decreased to $1.8 million, compared to $3.7 million; however, remains a positive financial aspect.
- Cash Balance Maintained
- Total cash, cash equivalents, and marketable securities were $202.3 million, despite operational cash burn.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Net Loss
- Net loss widened to $48.6 million in Q1 2026, compared to a loss of $29.5 million in Q1 2025.
- HETLIOZ Sales Decline Due to Generics
- Sales of HETLIOZ fell 24% to $15.9 million amid increased generic competition.
- High R&D Expenses
- Research and development expenses decreased by $7.3 million to $28.4 million, but still high relative to revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.82
- Gross margin
- 94.24%
- Operating margin
- -97.14%
What they said about what is next.
2026 revenue guidance raised due to NEREUS launch.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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