Vanda Pharmaceuticals (VNDA) investor relations material

Company overview and product portfolio

• Five approved products in the U.S., including Fanapt, Hetlioz, Ponvory, Nereus, and BYSANTI.

• Two new product approvals in the last three months: Nereus for motion sickness and BYSANTI for bipolar disorder and schizophrenia.

• Strong, debt-free balance sheet with over $260 million in cash at year-end.

• Late-stage pipeline with multiple Phase III programs and imminent regulatory catalysts.

• Strategic focus on revenue growth, diversification, and advancing the pipeline.

Commercial and pipeline updates

• Fanapt revenue grew from under $100 million in 2024 to $117 million in 2025, with 2026 guidance of $150–$170 million.

• BYSANTI approval extends psychiatry portfolio runway, with patents into the mid-2040s and a Medicaid pricing reset expected to improve gross-to-net margins.

• BYSANTI launch planned for Q3, leveraging existing 300-person psychiatry sales force.

• BYSANTI expected to surpass Fanapt in demand, especially with potential MDD label expansion; psychiatry portfolio targets $750 million revenue by 2030.

• Fanapt LAI and BYSANTI LAI formulations are in development, with BYSANTI potentially offering longer dosing intervals.

Financial guidance and investment strategy

• 2026 revenue guidance for Fanapt, Ponvory, and Hetlioz is $230–$260 million; Ponvory and Hetlioz combined guidance is $80–$90 million.

• Hetlioz revenue has declined due to generics, from $170 million peak to just over $70 million last year.

• Company ended 2025 with $263 million in cash and expects higher cash burn in 2026 due to multiple product launches and late-stage pipeline investments.