olivLaw · US equity research
Vanda Pharmaceuticals Inc. VNDA
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Vanda Pharmaceuticals is a Washington, D.C. biopharmaceutical company developing and selling treatments for psychiatric conditions, sleep disorders and multiple sclerosis. The company's relevance now rests on Fanapt growth and the launch of BYSANTI, while HETLIOZ sales decline under generic competition and full-year 2026 total revenue guidance is 240-290 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vanda Pharmaceuticals Inc. (VNDA) stock was 3.88 USD (+3.47% on the day), with market capitalisation 234.6 m USD, beta 0.65, 52-week range 3.75–9.56 USD. Latest reported quarter (Q3 2026): revenue of 69.8 m USD (+24.1% YoY), net income of -22.6 m USD, diluted EPS -0.37 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.6
- weak (30–45)
- Bollinger (20, 2)
- 3.64 – 4.56
- in the lower half of the band · %B 0.26 · band width 22.5%
- SMA 50 / 200
- 4.70 / 6.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.3% | −1.1% | −14.2 pp | — |
| 3 months | −23.8% | −0.5% | −23.3 pp | — |
| 6 months | −47.8% | +4.4% | −52.2 pp | — |
| Year to date | −56.0% | +12.3% | −68.3 pp | — |
| 1 year | −10.8% | +13.5% | −24.3 pp | +19.3% |
| 3 years | −14.2% | +76.4% | −90.6 pp | +13.0% |
| 5 years | −78.3% | +63.7% | −142.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.2 m | 50.0 m | 52.6 m | 56.3 m | 57.2 m | 51.7 m | 50.5 m | 69.8 m |
| Cost of revenue | 2.6 m | 3.5 m | 2.7 m | 3.0 m | 3.8 m | 3.2 m | 3.6 m | 4.2 m |
| Research & development | 19.8 m | 35.7 m | 22.0 m | 22.6 m | 29.0 m | 28.4 m | 37.0 m | 27.6 m |
| SG&A | 39.3 m | 50.1 m | 64.6 m | 60.3 m | 63.0 m | 68.4 m | 71.8 m | 59.6 m |
| Operating income | -10.3 m | -41.0 m | -38.5 m | -31.3 m | -40.4 m | -50.2 m | -63.8 m | -23.5 m |
| Pre-tax income | -6.5 m | -37.4 m | -34.9 m | -28.4 m | -38.0 m | -48.4 m | -62.4 m | -22.4 m |
| Income tax | -1.6 m | -7.9 m | -7.7 m | -5.8 m | 103.2 m | 143.0 k | 129.0 k | 174.0 k |
| Net income | -4.9 m | -29.5 m | -27.2 m | -22.6 m | -141.2 m | -48.6 m | -62.5 m | -22.6 m |
| Diluted EPS | -0.08 ≈ | -0.50 | -0.46 | -0.38 | -2.39 ≈ | -0.82 | -1.04 | -0.37 |
| Operating cash flow | -1.8 m | -33.1 m | -15.3 m ≈ | -31.6 m ≈ | -29.4 m | -50.2 m | -31.1 m ≈ | -28.4 m ≈ |
| Capex | 214.0 k | 436.0 k | 299.0 k ≈ | 161.0 k ≈ | 102.0 k | 221.0 k | 190.0 k ≈ | 311.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 193.1 m | 227.2 m | 248.2 m | 268.7 m | 254.4 m | 192.6 m | 198.8 m | 216.1 m |
| Revenue YoY | +17.0% | +17.6% | +9.2% | +8.3% | −5.3% | −24.3% | +3.2% | +8.7% |
| Net income | 25.2 m | 115.6 m | 23.3 m | 33.2 m | 6.3 m | 2.5 m | -18.9 m | -220.5 m |
| Net income YoY | unavailable | +358.4% | −79.8% | +42.1% | −81.1% | −60.0% | −853.3% | unavailable |
| Diluted EPS | 0.48 | 2.11 | 0.42 | 0.58 | 0.11 | 0.04 | -0.33 | -3.74 |
| Diluted EPS YoY | unavailable | +339.6% | −80.1% | +38.1% | −81.0% | −63.6% | −925.0% | unavailable |
| net % | 13.1% | 50.9% | 9.4% | 12.3% | 2.5% | 1.3% | -9.5% | -102.0% |
| Free cash flow | 29.6 m | 44.9 m | 50.0 m | 63.7 m | 31.3 m | 12.4 m | -16.2 m | -110.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 84.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 327.2 m USD
- Total assets
- 488.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.39x
- ROE
- -50.9%
- ROA
- -38.5%
- FCF margin
- -51.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 248.2 m | 268.7 m | 254.4 m | 192.6 m | 198.8 m | 216.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 23.4 m | 25.6 m | 24.3 m | 14.8 m | 11.3 m | 13.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 224.8 m ≈ | 243.1 m ≈ | 230.1 m ≈ | 177.8 m ≈ | 187.5 m ≈ | 203.1 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Research & development | 55.6 m | 75.4 m | 85.8 m | 76.8 m | 74.4 m | 109.3 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 140.5 m | 124.0 m | 136.5 m | 112.9 m | 146.4 m | 238.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 27.2 m | 42.2 m | 6.3 m | -14.0 m | -40.7 m | -151.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 31.7 m | 42.4 m | 11.3 m | 6.3 m | -22.9 m | -138.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 8.3 m | 9.2 m | 5.0 m | 3.8 m | -4.0 m | 81.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 23.3 m | 33.2 m | 6.3 m | 2.5 m | -18.9 m | -220.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 0.42 | 0.58 | 0.11 | 0.04 | -0.33 | -3.74 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 55.2 m | 56.9 m | 57.0 m | 57.6 m | 58.1 m | 58.9 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 61.0 m | 52.1 m | 135.0 m | 135.8 m | 102.3 m | 84.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 30.0 m | 32.5 m | 33.5 m | 34.2 m | 47.1 m | 54.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 1.3 m | 1.0 m | 1.2 m | 1.4 m | 1.7 m | 1.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 409.1 m | 478.3 m | 519.3 m | 432.9 m | 438.9 m | 347.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 4.1 m | 3.1 m | 2.6 m | 2.0 m | 2.1 m | 2.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 21.6 m | 20.1 m | 18.6 m | 121.4 m | 114.1 m | 117.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 533.5 m | 593.8 m | 634.2 m | 648.4 m | 656.2 m | 488.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 31.5 m | 34.4 m | 45.6 m | 38.5 m | 39.1 m | 68.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 65.9 m | 74.4 m | 91.4 m | 87.7 m | 100.0 m | 145.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 80.2 m | 88.9 m | 107.0 m | 103.5 m | 117.7 m | 161.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 453.3 m † | 504.9 m † | 527.2 m † | 544.9 m † | 538.5 m † | 327.2 m † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 51.8 m | 64.2 m | 32.0 m | 12.8 m | -15.8 m | -109.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 1.8 m | 552.0 k | 679.0 k | 383.0 k | 490.0 k | 998.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 50.0 m ≈ | 63.7 m ≈ | 31.3 m ≈ | 12.4 m ≈ | -16.2 m ≈ | -110.4 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -41.5 m | -76.7 m | 49.9 m | -12.1 m | -17.4 m | 94.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 5.6 m | 3.6 m | 734.0 k | 0 | -155.0 k | -2.9 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 234.6 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -119.9% | 24 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.3% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -59.7% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial62/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VANDA PHARMACEUTICALS INC. (VNDA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 216.1 m USD in 2025; YoY growth 8.7%; net margin -119.9%; ROE -82.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -119.9%
- Revenue CAGR 3Y: -5.3%
- FCF yield: -59.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
| ALTAltimmune, Inc. | 412.4 m | — | -28.9% | -223,804.9% | +105.0% | −60% / −33% |
1- and 3-year price returns: for VNDA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Vanda Pharmaceuticals is a Washington, D.C. biopharmaceutical company developing and selling treatments for psychiatric conditions, sleep disorders and multiple sclerosis. The company's relevance now rests on Fanapt growth and the launch of BYSANTI, while HETLIOZ sales decline under generic competition and full-year 2026 total revenue guidance is 240-290 million USD 123.
SWOT
Strengths
- Fanapt shows sustained growth in prescriptions and sales, and the company has invested in its brand and commercial infrastructure 23.
- The portfolio includes several approved products and late-stage candidates, offering diversification beyond a single product 12.
- The company has expertise in pharmacogenetics and pharmacogenomics, used in product development and positioning 1.
Weaknesses
- Revenue is concentrated in a few products, and the decline of HETLIOZ shows dependence on a small number of revenue sources 13.
- The pre-tax loss grew in 2026, reflecting heavy spending on launches and clinical studies 3.
- The company has no Canadian operations and no prior history of commercialising products there, which limits direct expansion 1.
Opportunities
Risks
- Generic competition for HETLIOZhigh
U.S. generic launches have already affected sales, and further entrants could continue to reduce revenue and margins.
- Dependence on a few productshigh
Most revenue comes from Fanapt and a few other products, so a problem in their sales could weigh heavily on financial results.
- Operating losses and funding needsmedium
Losses grew in 2026 and the company relies on cash and future revenue; if spending does not fall as planned, funding could become a concern.
- Clinical study outcomesmedium
Several Phase III studies are expected in 2026 and 2027; unfavourable results could delay or stop development programmes.
- Pricing and reimbursement policylow
Changes to U.S. pricing and reimbursement rules could affect product sales, particularly if they are unfavourable.
Investment thesis
What would need to be true (bull case)
- If Fanapt growth and the BYSANTI launch are sustained, the company could reduce its reliance on HETLIOZ and other products under generic pressure.
- The 2026 revenue guidance and the funding runway through the end of 2027 offer clear reference points if execution matches plan 3.
- A broader portfolio with several candidates under review or in advanced studies could generate new revenue streams after 2026 2.
What would break the thesis
- Falling HETLIOZ sales and generic competition could keep pressing revenue if no faster offsets emerge.
- Rising losses and launch spending could prolong a period of high costs before cost reductions take effect.
- An FDA rejection or delay, together with uncertain study results, could postpone revenue expected from new products.
What to watch
- BYSANTI launch and its contribution to Fanapt salessecond half 2026
- FDA decision on QuimilzaTM for GPPDecember 2026
- Trend in operating expenses and cash position2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Vanda was incorporated in 2002, began operations in 2003 and is headquartered in Washington, D.C. 1. Its strategy combines maximising sales of existing products, strategic partnerships, clinical development and portfolio expansion through acquisitions 1. The pipeline includes late-stage candidates and QuimilzaTM for generalized pustular psoriasis, with a PDUFA target date of December 12, 2026 2.
Revenue depends heavily on Fanapt, which grew in 2026, while HETLIOZ is under pressure from approved generic versions in the U.S. 3. The company notes that commercial expansion and research carry significant spending and that results can vary substantially from quarter to quarter 12.
Market context
Trends
- Fanapt growth and BYSANTI launchtailwind
Rising Fanapt prescriptions and the BYSANTI approval could widen the revenue base if the second-half 2026 launch proceeds as planned 23.
- Generic competition for HETLIOZheadwind
Generic launches in the U.S. have reduced HETLIOZ sales and could keep weighing on revenue if further entrants arrive 13.
- Lower operating costs after launchesmixed
The company expects operating expenses to decline from the end of 2026 if Phase III programmes and launch preparations conclude as anticipated 3.
- Regulatory decisions and ongoing studiesmixed
The calendar includes a December 2026 PDUFA date for QuimilzaTM, a formal FDA hearing on HETLIOZ for jet lag, and Phase III readouts in 2026 and early 2027, the outcomes of which could shape portfolio value 2.
Competitive position
Fanapt competes with other atypical antipsychotics commonly prescribed for schizophrenia and bipolar disorder, while HETLIOZ faces approved generic versions in the U.S. 13. Sleep treatment competition includes frequently prescribed hypnotics, and PONVORY faces several approved multiple sclerosis drugs 1.
Generic companies that launched HETLIOZ versions in the U.S., including Teva, Apotex and MSN, have changed market dynamics, and additional entrants could reduce prices or volumes 1.
- Apotex
Generic company that launched a version of HETLIOZ in the U.S. and is party to the patent litigation.
- MSN Pharmaceuticals
Generic company that launched a version of HETLIOZ in the U.S. after a licence agreement with Vanda.
- Makers of atypical antipsychotics
Drug class frequently used for schizophrenia and bipolar disorder, in direct competition with Fanapt.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Vanda gk altında kalan işçi hayatını kaybettiSurge — GDELT DOC · 21 Oct 2026 · RO
- France’s Lack of Fiscal Anchor a Concern for Markets, Says Vanda’s NordvigBloomberg Markets · 20 Oct 2026 · EN
The latest news item in our archive is from 21 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Current report22 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vanda Pharmaceuticals Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vanda Pharmaceuticals Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Vanda Pharmaceuticals Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.