Vanda Pharmaceuticals Reports Second Quarter 2026 Financial Results
WASHINGTON, Aug. 5, 2026 /PRNewswire/ -- Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced financial and operational results for the second quarter ended June 30, 2026.
"We are pleased with the continued strong growth of Fanapt and the enthusiastic early response to NEREUS as it becomes available to patients. With BYSANTI approved and on track for launch in the second half of 2026, a December 2026 PDUFA date for Quimilza and multiple late-stage clinical trial results expected before year-end, we believe Vanda is well positioned for meaningful commercial expansion and pipeline value creation," said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board. "As our Phase III programs, launch preparations, and commercial supply manufacturing near completion, we expect operating expenses to begin moderating later this year and more significantly in 2027. Our current resources, together with anticipated product revenues, provide a solid foundation to advance our objectives through at least the end of 2027."
Financial Highlights
Second Quarter of 2026
First Six Months of 2026
Key Commercial Highlights
Key Regulatory & Clinical Development Highlights
Upcoming Clinical Milestones
Other Updates
GAAP Financial Results
Net loss was $62.5 million (diluted loss per share of $1.04) in Q2 2026 compared with a net loss of $27.2 million (diluted loss per share of $0.46) in Q2 2025.
Net loss was $111.1 million (diluted loss per share of $1.86) in the first six months of 2026 compared with a net loss of $56.7 million (diluted loss per share of $0.96) in the first six months of 2025.
2026 Financial Guidance
Vanda is reiterating its 2026 total revenue guidance and expects to achieve the following financial objectives in 2026:
Full Year 2026
Financial Objectives
Full Year 2026
Guidance
Total revenues
$240 to $290 million
Fanapt ® and BYSANTI™ net product sales*
$150 to $170 million
NEREUS ™ net product sales
$10 to $30 million
Other net product sales
$80 to $90 million
*Now includes contribution from both Fanapt ® and BYSANTI™ based on expected BYSANTI™ launch timing.
Conference Call
Vanda has scheduled a conference call for today, Wednesday, August 5, 2026, at 4:30 PM ET. During the call, Vanda's management will discuss the second quarter 2026 financial results and other corporate activities. Investors can call 1-888-596-4144 (domestic) or 1-646-968-2525 (international) and use passcode number 1843107. A replay of the call will be available on Wednesday, August 5, 2026, beginning at 8:30 PM ET and will be accessible until Wednesday, August 12, 2026 at 11:59 PM ET. The replay call-in number is 1-800-770-2030 for domestic callers and 1-609-800-9909 for international callers. The passcode number is 1843107.
The conference call will be broadcast simultaneously on Vanda's website, www.vandapharma.com. Investors should click on the Investors tab and are advised to go to the website at least 15 minutes early to register, download, and install any necessary software or presentations. The call will also be archived on Vanda's website for a period of 30 days.
References
About Vanda Pharmaceuticals Inc.
Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on X @vandapharma.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Various statements in this press release, including, but not limited to, the guidance provided under "2026 Financial Guidance" above and statements regarding Vanda's expectations with respect to its ability to fund its operations through at least the end of 2027; the expected timing of the commercial launch of BYSANTI™ for the treatment of bipolar I disorder and schizophrenia; the anticipated timing of the completion of the FDA's review of the Quimilza™ BLA for the treatment of GPP; Vanda's clinical development plans and expected timelines for NEREUS™ in the prevention of vomiting induced by GLP-1 therapies, VQW-765 in the treatment of adults with social anxiety disorder, HETLIOZ ® in the treatment of DSPD, and BYSANTI™ for the treatment of MDD; Vanda's expectations with respect to its commercial expansion and ability to create value from its product pipeline; Vanda's expectations with respect to its operating expense run rate through 2027; the anticipated timing of the commencement of personal promotion of NEREUS™; Vanda's continued pursuit of FDA approval of HETLIOZ ® for the treatment of jet lag disorder and Vanda's expectations with respect to the HETLIOZ ® evidentiary hearing; and Vanda's expectations with respect to the strength of its business are "forward-looking statements" under the securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are based upon current expectations and assumptions that involve risks, changes in circumstances and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Vanda's forward-looking statements include, among others, Vanda's ability to continue to grow its business; Vanda's ability to reduce its operating expenses, conserve cash and generate enough revenue to fund its operations through at least the end of 2027; Vanda's ability to successfully execute the commercial launch of BYSANTI™ for the treatments of bipolar I disorder and schizophrenia in the second half of 2026; the FDA's ability to complete its review of, and reach a decision with respect to, the BLA for Quimilza™ by December 12, 2026; Vanda's ability to continue to advance its late-stage clinical development programs and to obtain regulatory approval for, and successfully commercialize, the late-stage products in development; Vanda's ability to complete the Phase III studies for NEREUS™ in the prevention of vomiting induced by GLP-1 therapies, VQW-765 in the treatment of adults with social anxiety disorder, and HETLIOZ ® in the treatment of DSPD and receive the respective study results by the end of 2026; Vanda's ability to complete the Phase III study for BYSANTI™ for the treatment of MDD and receive results in the first half of 2027; Vanda's ability to commence personal promotion of NEREUS™ for the prevention of vomiting induced by motion in 2026; and the outcome of the administrative hearing process for HETLIOZ ® for the treatment of jet lag disorder. Therefore, no assurance can be given that the results or developments anticipated by Vanda will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Vanda. Forward-looking statements in this press release should be evaluated together with the various risks and uncertainties that affect Vanda's business and market, particularly those identified 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 Vanda's most recent Annual Report on Form 10-K, as updated by Vanda's subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.
All written and verbal forward-looking statements attributable to Vanda or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Vanda cautions investors not to rely too heavily on the forward-looking statements Vanda makes or that are made on its behalf. The information in this press release is provided only as of the date of this press release, and Vanda undertakes no obligation, and specifically declines any obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
VANDA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share and per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30
2026
June 30
2025
June 30
2026
June 30
2025
Revenues:
Fanapt ® net product sales
$ 35,989
$ 29,294
$ 65,549
$ 52,839
HETLIOZ ® net product sales
5,576
16,192
21,523
37,064
PONVORY ® net product sales
7,935
7,104
14,146
12,728
NEREUS TM net product sales
1,029
—
1,029
—
Total revenues
50,529
52,590
102,247
102,631
Operating expenses:
Cost of goods sold excluding amortization
3,560
2,736
6,719
6,257
Research and development
36,953
21,990
65,388
57,702
Selling, general and administrative
71,838
64,616
140,199
114,700
Intangible asset amortization
1,987
1,751
3,974
3,503
Total operating expenses
114,338
91,093
216,280
182,162
Loss from operations
(63,809)
(38,503)
(114,033)
(79,531)
Other income, net
1,425
3,616
3,225
7,276
Loss before income taxes
(62,384)
(34,887)
(110,808)
(72,255)
Provision (benefit) for income taxes
129
(7,680)
272
(15,554)
Net loss
$ (62,513)
$ (27,207)
$ (111,080)
$ (56,701)
Net loss per share, basic
$ (1.04)
$ (0.46)
$ (1.86)
$ (0.96)
Net loss per share, diluted
$ (1.04)
$ (0.46)
$ (1.86)
$ (0.96)
Weighted average shares outstanding, basic
60,226,570
58,993,990
59,845,391
58,762,358
Weighted average shares outstanding, diluted
60,226,570
58,993,990
59,845,391
58,762,358
VANDA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30
2026
December 31
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 55,882
$ 84,851
Marketable securities
114,147
178,996
Accounts receivable, net
59,692
54,578
Inventory
1,678
1,852
Prepaid expenses and other current assets
33,085
26,985
Total current assets
264,484
347,262
Property and equipment, net
2,578
2,248
Operating lease right-of-use assets
14,598
3,923
Finance lease right-of-use assets
6,772
7,343
Intangible assets, net
113,115
117,089
Non-current inventory and other
10,920
11,083
Total assets
$ 412,467
$ 488,948
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 69,994
$ 68,297
Product revenue allowances
94,032
76,865
Total current liabilities
164,026
145,162
Operating lease non-current liabilities
15,027
2,991
Finance lease non-current liabilities
3,175
4,076
Other non-current liabilities
10,054
9,533
Total liabilities
192,282
161,762
Stockholders' equity:
Common stock
60
59
Additional paid-in capital
725,933
721,264
Accumulated other comprehensive income
38
629
Accumulated deficit
(505,846)
(394,766)
Total stockholders' equity
220,185
327,186
Total liabilities and stockholders' equity
$ 412,467
$ 488,948
Corporate Contact:
Kevin Moran
Senior Vice President, Chief Financial Officer and Treasurer
Vanda Pharmaceuticals Inc.
202-734-3400
[email protected]
Jim Golden / Jack Kelleher / Dan Moore
Collected Strategies
[email protected]
Follow us on X @vandapharma
SOURCE Vanda Pharmaceuticals Inc.