> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# Vanda's Hetlios Sales Jumped 289% On Pharmacy Stocking, And The CFO Says They May Fall
- URL: https://www.bullished.co/vandas-hetlios-sales-jumped-289-on-pharmacy-stocking-and-the-cfo-says-they-may-fall-7d91d83c/
- Published: 2026-10-28T21:57:35.000Z
- Updated: 2026-10-28T21:57:35.000Z
- Description: Vanda guided to 2026 revenue above $240 million and said cash burn will likely top last year's, with cash at $140.5 million.
- Author: Matteo Parrino
- Tags: Earnings, VNDA, Industry: Healthcare

[Vanda Pharmaceuticals](https://www.bullished.co/tag/vnda/), which develops and sells prescription drugs, booked [$21.7 million](https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-third-quarter-2026-financial-results-302922677.html?ref=bullished.co) of Hetlios sales in the third quarter, up 289% from $5.6 million in the second quarter. Chief Financial Officer Kevin Moran said on the company's Wednesday earnings call that specialty pharmacies stocked inventory, and that future sales may be lower as they work it down.

## Stocking flattered Hetlios

Hetlios, Vanda's treatment for Non-24-Hour Sleep-Wake Disorder, was [up 21% from $18 million](https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-third-quarter-2026-financial-results-302922677.html?ref=bullished.co) a year earlier. Moran said sales may reflect lower unit volume as elevated pharmacy inventory shrinks, or may vary with when those customers buy again.

Separately, he said Hetlios sales "may decline in future periods, potentially significantly," because of continued generic competition in the U.S. For the first nine months, Hetlios sales were $43.2 million, down 21% from $55 million a year earlier.

Total third-quarter revenue was $69.8 million, up 24% from a year earlier and up 38% from $50.5 million in the second quarter. Fanapt sales were $38.8 million, up 24% from a year ago. Ponvory brought in $7.7 million and Nereus $1.6 million.

## Guidance and a shrinking cash pile

Vanda guided to 2026 revenue from Fanapt, Bysanti, Hetlios, Ponvory and Nereus of [more than $240 million](https://www.9news.com/article/syndication/associatedpress/vanda-q3-earnings-snapshot/616-1071f1d4-07a3-4a00-bcd8-d50466f1d709?ref=bullished.co). Moran said Nereus revenue will likely be under $10 million for the year. Revenue for the first nine months was $172.1 million.

Vanda is not giving cash guidance, but Moran said 2026 cash burn will likely exceed 2025's. [Cash and marketable securities were $140.5 million](https://seekingalpha.com/news/4659608-vanda-pharmaceuticals-gaap-eps-of-0%5F37-beats-by-0%5F31-revenue-of-69%5F82m-beats-by-0%5F7m?ref=bullished.co) at Sept. 30, down $29.5 million from June 30 and $123.4 million from the end of 2025.

[The third-quarter net loss was $22.6 million](https://www.9news.com/article/syndication/associatedpress/vanda-q3-earnings-snapshot/616-1071f1d4-07a3-4a00-bcd8-d50466f1d709?ref=bullished.co), against $62.5 million in the second quarter. Operating expenses fell 18% to $93.3 million from $114.3 million, and management expects them to fall further as phase three and launch-preparation work wraps up.

## Launches and decisions ahead

Chief Executive Mihael Polymeropoulos said Bysanti, approved for bipolar I disorder and schizophrenia, is expected to launch in the fourth quarter. The FDA's target decision date for Quimilza, for a skin condition called generalized pustular psoriasis, is December 12.

An administrative hearing on Vanda's jet lag disorder application is scheduled for December 14 to December 18\. On Bysanti's economics, Moran said Fanapt's gross-to-net discount is about 50%, against the mid-30s expected for Bysanti.

The Quimilza decision on December 12 is the next hard date, with the jet lag hearing starting two days later.

### Sources

- [Vanda Pharmaceuticals GAAP EPS of -$0.37 beats by $0.31, revenue of $69.82M beats by $0.7M (NASDAQ:VNDA) | Seeking Alpha](https://seekingalpha.com/news/4659608-vanda-pharmaceuticals-gaap-eps-of-0%5F37-beats-by-0%5F31-revenue-of-69%5F82m-beats-by-0%5F7m?ref=bullished.co) — seekingalpha.com
- [Vanda: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/vanda-q3-earnings-snapshot/616-1071f1d4-07a3-4a00-bcd8-d50466f1d709?ref=bullished.co) — Associated Press
- [Vanda Pharmaceuticals Targets Major GLP-1 Market Challenge with Positive Trial Outcomes - Vanda Pharmaceu](https://www.benzinga.com/markets/biotech/26/10/62632019/vanda-pharmaceuticals-targets-major-glp-1-market-challenge-with-positive-trial-outcomes?ref=bullished.co) — benzinga.com
- [Vanda Pharmaceuticals Announces Positive Results from Study 3601 of NEREUS™ (tradipitant) for Prevention of GLP-1-Induced Vomiting – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610270650PR%5FNEWS%5FUSPRX%5F%5F%5F%5FPH81664-1&ref=bullished.co) — Financial Times
- [Vanda Pharmaceuticals Reports Third Quarter 2026 Financial Results](https://www.prnewswire.com/news-releases/vanda-pharmaceuticals-reports-third-quarter-2026-financial-results-302922677.html?ref=bullished.co) — prnewswire.com

### More on Vanda Pharmaceuticals

- [Vanda Blames 'Migration To The Mean' As Nereus Vomiting Cut Falls To 27% From 50%](https://www.bullished.co/vanda-blames-migration-to-the-mean-as-nereus-vomiting-cut-falls-to-27-from-50-e1bb3e2a/)
- [Vanda Revenue Climbs 24% To $69.8 Million As Spending Drops 18%, But Cash Falls To $140.5 Million](https://www.bullished.co/vanda-revenue-climbs-24-to-69-8-million-as-spending-drops-18-but-cash-falls-to-140-5-22c6db75/)
- [BlackRock Unit Reports 5.9% Passive Stake In Vanda Pharmaceuticals](https://www.bullished.co/blackrock-unit-reports-5-9-passive-stake-in-vanda-pharmaceuticals-377863c1/)

[All Vanda Pharmaceuticals (VNDA) coverage →](https://www.bullished.co/tag/vnda/)