Vanda Pharmaceuticals Inc.
- Open
- 6.09
- Day high
- 6.15
- Day low
- 5.95
- Prev close
- 6.12
- Volume
- 264K
- Mkt cap
- $361M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 1.7
- Yield
- —
- Per share
- —
Vanda Pharmaceuticals Inc. (VNDA) is a Healthcare company listed on NASDAQ. The stock is up 31% over the past year.
Vanda Pharmaceuticals Inc. (VNDA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VNDA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.53 | $-0.82 | -54.7% | $52M | -5.9% |
| Feb 11, 2026 | $-2.18 | $-2.39 | -9.6% | $57M | -7.4% |
| Oct 29, 2025 | $-0.31 | $-0.38 | -22.6% | $56M | -5.1% |
| Jul 31, 2025 | $-0.34 | $-0.46 | -35.3% | $53M | -10.5% |
| May 7, 2025 | $-0.55 | $-0.50 | +9.1% | $50M | +10.9% |
| Feb 13, 2025 | $-0.14 | $-0.08 | +42.9% | $53M | +1.8% |
| Jul 31, 2024 | $-0.21 | $-0.08 | +61.9% | $50M | -0.5% |
| Feb 7, 2024 | $-0.09 | $-0.04 | +55.6% | $45M | +22.4% |
| Nov 8, 2023 | $0.00 | $0.00 | +100.0% | $39M | -12.8% |
| Jul 27, 2023 | $-0.13 | $0.03 | +123.1% | $46M | -8.8% |
| May 3, 2023 | — | $0.06 | — | $62M | — |
| Feb 8, 2023 | $0.08 | $0.12 | +50.0% | $64M | -4.6% |
VNDA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Mitchell Stephen Raydirector | Grant | 41,600 | — |
| Jun 8, 2026 | Duncan Charles Cliffdirector | Grant | 41,600 | — |
| Jun 8, 2026 | DUGAN RICHARD Wdirector | Grant | 41,600 | — |
| Jun 8, 2026 | McGuire Daniel Patrickofficer: SVP, GC and Secretary | Grant | 80,000 | — |
| Jun 8, 2026 | Chrousos Phaedradirector | Grant | 41,600 | — |
| Jun 8, 2026 | Ward Anne Sempowskidirector | Grant | 41,600 | — |
| Jun 8, 2026 | Honore Tagedirector | Grant | 41,600 | — |
| Apr 24, 2026 | Duncan Charles Cliffdirector | Grant | 57,101 | — |
| Mar 4, 2026 | Williams Timothyofficer: SVP & General Counsel | Sell | 42,434 | $8.27 |
| Mar 4, 2026 | Polymeropoulos Mihael Hristosdirector, officer, other: President and CEO | Sell | 156,235 | $8.17 |
| Mar 4, 2026 | Moran Kevin Patrickofficer: SVP, CFO & Treasurer | Sell | 42,442 | $8.27 |
| Mar 4, 2026 | Birznieks Guntherofficer: SVP, Business Development | Sell | 42,431 | $8.27 |
| Mar 4, 2026 | Wijkstrom Joakimofficer: SVP, Chief Marketing Officer | Sell | 30,800 | $8.27 |
| Feb 24, 2026 | Honore Tagedirector | Sell | 30,000 | $8.03 |
| Feb 19, 2026 | Wijkstrom Joakimofficer: SVP, Chief Marketing Officer | Grant | 125,000 | — |
Source: VNDA SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full VNDA insider & 13F page →Vanda Pharmaceuticals Inc. company profile
Overview
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is a biopharmaceutical company founded in 2002 and headquartered in Washington, D.C. The company went public in April 2006 and focuses on developing and commercializing therapies to address high unmet medical needs, particularly in the areas of sleep disorders, psychiatric conditions, and other central nervous system disorders. Vanda has successfully brought several products to market and maintains a robust pipeline of investigational therapies across multiple therapeutic areas.
Business
Vanda Pharmaceuticals operates in the biopharmaceutical industry, which involves the research, development, and commercialization of drugs derived from biological sources or targeting biological processes. The company's business spans three primary therapeutic areas with distinct product portfolios. The company's sleep disorders franchise centers around HETLIOZ (tasimelteon), a melatonin receptor agonist approved for treating Non-24-Hour Sleep-Wake Disorder, a rare circadian rhythm disorder that primarily affects blind individuals. Non-24 occurs when people cannot synchronize their internal body clock to the 24-hour day-night cycle, leading to periods of insomnia and excessive sleepiness that shift daily. HETLIOZ helps reset the circadian rhythm by targeting melatonin receptors in the brain. This segment has historically generated approximately 40-50% of total revenues. The psychiatry portfolio includes Fanapt (iloperidone), an atypical antipsychotic medication originally approved for schizophrenia treatment. In 2024, Vanda expanded Fanapt's indication to include bipolar I disorder, significantly broadening its addressable market. Antipsychotic medications work by modulating dopamine and serotonin receptors in the brain to help manage symptoms like hallucinations, delusions, and mood episodes. This segment represents approximately 45-50% of revenues and is positioned as the company's primary growth driver. The autoimmune and specialty medicine segment features PONVORY (ponesimod), a sphingosine 1-phosphate (S1P) receptor modulator acquired from Actelion Pharmaceuticals in late 2023. PONVORY is approved for treating relapsing forms of multiple sclerosis, an autoimmune disease where the immune system attacks the protective covering of nerve fibers. S1P receptor modulators work by preventing certain immune cells from leaving lymph nodes, thereby reducing inflammation in the central nervous system. This newest segment currently contributes approximately 5-10% of revenues but represents significant expansion potential into autoimmune disorders.
Revenue model
Vanda generates revenue primarily through direct product sales of prescription pharmaceuticals to wholesalers, distributors, and specialty pharmacies in the United States, with limited international presence in Europe and Israel. The company operates under a traditional pharmaceutical business model where it develops drugs through clinical trials, obtains regulatory approval, and then commercializes them through its own sales force. The company's revenue streams face several margin-influencing factors. Positive margin drivers include the expansion of Fanapt into bipolar disorder, which significantly increases the addressable patient population from approximately 2.4 million schizophrenia patients to over 7 million bipolar disorder patients. The company's direct-to-consumer advertising campaigns and expanded sales force from 150 to 300 representatives should drive prescription growth. Patent protection provides pricing power, particularly for HETLIOZ where generic competition remains limited despite ongoing litigation. Margin pressures come from several sources. Generic competition poses the most significant threat, particularly for HETLIOZ where patent challenges are ongoing and could result in generic entry. Payer reimbursement restrictions, especially from Medicare and Medicaid programs, can limit patient access and require costly prior authorization processes. The company's substantial investment in expanding its commercial infrastructure, including tripling its sales force and launching direct-to-consumer campaigns, increases operating expenses. Additionally, the competitive landscape in psychiatry is intensifying with new entrants like KarXT (xanomeline-trospium) potentially disrupting the antipsychotic market. Research and development costs remain substantial as Vanda advances multiple pipeline programs, including long-acting injectable formulations, new indications for existing products, and novel compounds like tradipitant for motion sickness and gastroparesis. The company must also navigate complex regulatory pathways, as evidenced by ongoing FDA review delays and complete response letters that can impact product launch timelines and associated revenue recognition.
Competitive moat
Vanda Pharmaceuticals operates with a moderate moat primarily derived from regulatory barriers and specialized commercial expertise, though this protection faces meaningful challenges. The company's strongest defensive position lies in HETLIOZ's treatment of Non-24-Hour Sleep-Wake Disorder, where it serves a highly specialized patient population of primarily blind individuals. This rare disease market creates natural barriers to entry due to the small patient population, specialized prescriber base, and complex diagnostic requirements that make it economically challenging for competitors to develop competing therapies. The company's regulatory approvals provide temporary competitive advantages, particularly Fanapt's recent expansion into bipolar disorder, which differentiates it from generic iloperidone products that remain limited to schizophrenia treatment. However, this advantage is time-limited as competitors can pursue similar supplemental approvals. Vanda's commercial infrastructure and relationships with specialized prescribers in psychiatry and sleep medicine create some switching costs, but these are not insurmountable. Significant competitive threats emerge from multiple directions. Generic competition represents the most immediate risk, with ongoing patent litigation for HETLIOZ potentially opening the door to lower-cost alternatives. In psychiatry, new mechanism-of-action drugs like KarXT could offer superior efficacy or tolerability profiles that displace existing treatments. The multiple sclerosis market for PONVORY is highly competitive with established players like Novartis, Biogen, and others offering well-established alternatives with strong clinical evidence and market presence. The company's moat is further weakened by its dependence on a small number of products and limited geographic diversification. Unlike larger pharmaceutical companies with broad portfolios and global reach, Vanda's concentrated revenue base makes it vulnerable to single-product risks. The company's R&D capabilities, while demonstrated through successful drug development, are not unique enough to create sustainable competitive advantages in an industry where larger players possess significantly greater resources and broader pipelines.
Risks & safety
Vanda demonstrates a solid financial safety profile with strong liquidity but faces ongoing profitability challenges from expansion investments. **Cash and Solvency Position:** • Cash and marketable securities of $340.9 million as of Q1 2025 provides substantial runway • Current ratio of 3.93 indicates strong short-term liquidity • Minimal debt with debt-to-equity ratio of 0.014, eliminating solvency risk • Quarterly cash burn of approximately $33 million in Q1 2025, suggesting roughly 2.5 years of runway at current burn rate **Valuation Metrics:** • Price-to-book ratio of 0.53 suggests trading below tangible book value • Graham Net-Net ratio of 4.35 indicates stock trades well below net current asset value • Negative earnings multiples due to current losses, though company achieved profitability in recent years • Enterprise value reflects the cash-rich balance sheet position **Other Considerations:** • Revenue guidance of $210-250 million for 2025 suggests growth trajectory • Operating leverage potential as expanded sales force and marketing investments mature • Patent litigation outcomes could significantly impact future cash flows • Multiple pipeline assets provide diversification and potential value catalysts
Recent development
Over the past few years, Vanda has executed a significant strategic transformation focused on commercial expansion and pipeline diversification. The most notable development was securing FDA approval for Fanapt in bipolar I disorder in 2024, which expanded the addressable market from 2.4 million schizophrenia patients to over 7 million bipolar patients. This approval triggered a major commercial buildout, with the company expanding its psychiatry sales force from 150 to 300 representatives and launching direct-to-consumer advertising campaigns. The company made a strategic acquisition in late 2023, purchasing U.S. and Canadian rights to PONVORY from Actelion Pharmaceuticals for $100 million. This move diversified Vanda into the multiple sclerosis market and provided a platform for expansion into other autoimmune disorders. The company has since submitted investigational new drug applications for PONVORY in psoriasis and ulcerative colitis, demonstrating its strategy of leveraging existing assets across multiple indications. Pipeline advancement has been another key focus, with multiple regulatory submissions progressing through FDA review. The company submitted new drug applications for tradipitant in motion sickness and gastroparesis, and is preparing to file for milsaperidone (branded as Bysanti) in schizophrenia and bipolar I disorder. Additionally, Vanda initiated a Phase 3 program for a long-acting injectable formulation of Fanapt, which could provide competitive advantages in the antipsychotic market where long-acting formulations command premium pricing and improve patient compliance. The company has also pursued international expansion, submitting market authorization applications to the European Medicines Agency for both Fanapt and HETLIOZ. Most recently, Vanda entered a licensing agreement for imsidolimab, an IL-36 receptor inhibitor for treating generalized pustular psoriasis, further diversifying its pipeline into dermatology and inflammatory conditions.
VNDA company profile · for informational purposes only — not investment advice.
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