Vanda Revenue Climbs 24% To $69.8 Million As Spending Drops 18%, But Cash Falls To $140.5 Million
Vanda posted a $22.6 million third-quarter net loss and now expects 2026 revenue above $240 million.
Vanda Pharmaceuticals, a drugmaker that sells Fanapt, HETLIOZ and PONVORY, said Wednesday that third-quarter revenue rose 24% to $69.8 million from a year earlier, while operating expenses fell 18% from the second quarter. The company is updating its 2026 guidance and now expects full-year revenue of more than $240 million.
A HETLIOZ shipment flatters the quarter
Revenue was up 38% from $50.5 million in the second quarter, but it includes about $7.0 million of HETLIOZ orders that shipped June 29 and arrived July 1, so they were booked in the third quarter. HETLIOZ sales were $21.7 million against $5.6 million in the second quarter.
Fanapt, the biggest product, brought in $38.8 million, up 24% from a year earlier and 8% from the second quarter. PONVORY sales were $7.7 million. NEREUS, launched commercially in the second quarter, sold $1.6 million, up from $1.0 million.
For the first nine months, revenue was $172.1 million, up 8% from a year earlier. HETLIOZ sales over that span fell 21% to $43.2 million.
Costs fall, losses and cash burn persist
Operating expenses were $93.3 million, down from $114.3 million in the second quarter but 7% above $87.5 million a year earlier. The company said several late-stage trials and launch preparations, including making commercial supplies, drove costs up in 2025 and 2026, and it expects spending to fall further as they wrap up.
The net loss was $22.6 million, or $0.37 per share, flat in dollars with a year earlier and far smaller than the $62.5 million loss in the second quarter. Over nine months the net loss reached $133.6 million, against $79.3 million a year earlier.
Cash and marketable securities totaled $140.5 million at September 30, down $29.5 million in the quarter and $123.4 million since December 31, 2025. Product revenue allowances on the balance sheet rose to $94.4 million from $76.9 million at the end of 2025.
Launches and FDA dates ahead
CEO Mihael Polymeropoulos said the company is focused on "further moderating costs" while it adds revenue from its portfolio and planned launches. BYSANTI, approved for bipolar I disorder and schizophrenia, is expected to launch in the fourth quarter.
The FDA's target decision date for the Quimilza application in generalized pustular psoriasis is December 12. A five-day FDA hearing on HETLIOZ for jet lag disorder is scheduled for December 14 to 18.
Vanda also reported positive late-stage results for NEREUS in preventing GLP-1-induced vomiting and for HETLIOZ in Delayed Sleep-Wake Phase Disorder, and plans to discuss both with the FDA and seek expanded approvals.
Quimilza's December 12 FDA decision date is the first of two regulatory events the company has set for that month.
Sources
- 8-K Filing — Vanda Pharmaceuticals Inc. (VNDA) — SEC EDGAR
- Exhibit vnda8-k10282026exhibit991.htm — Vanda Pharmaceuticals Inc. 8-K exhibit — SEC EDGAR
- Vanda Pharmaceuticals Targets Major GLP-1 Market Challenge with Positive Trial Outcomes - Vanda Pharmaceu — benzinga.com
- Vanda Pharmaceuticals Announces Positive Results from Study 3601 of NEREUS™ (tradipitant) for Prevention of GLP-1-Induced Vomiting – Company Announcement - FT.com — Financial Times
- Vanda eyes GLP-1 nausea indication with Nereus phase 3 win in hand | Fierce Pharma — fiercepharma.com
- Vanda Pharmaceuticals Reports Third Quarter 2026 Financial Results — prnewswire.com
