Vanda Pharmaceuticals (VNDA) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenues rose 3% year-over-year to $51.7M, driven by 26% Fanapt sales growth and the launch of NEREUS, while HETLIOZ sales declined due to generic competition.

• BYSANTI received FDA approval for bipolar I disorder and schizophrenia, with exclusivity through 2031 and patents to 2044.

• NEREUS launched as the first new prescription for motion-induced vomiting in over 40 years, using a direct-to-consumer platform.

• Net loss widened to $48.6M from $29.5M in Q1 2025, reflecting higher SG&A and a $10M milestone payment.

• Late-stage pipeline progressing, with multiple Phase III readouts expected in 2026–2027.

Financial highlights

• Q1 2026 net product sales were $51.7M, with Fanapt at $29.6M (+26% YoY), HETLIOZ at $15.9M (–24% YoY), and PONVORY at $6.2M (+10% YoY).

• Operating expenses rose to $101.9M, mainly due to higher SG&A and launch preparations.

• Cash, equivalents, and marketable securities were $202.3M as of March 31, 2026, down $61.5M from year-end 2025, including a $10M milestone payment.

• Cost of goods sold was $3.2M, representing 6% of revenue.

• Net cash used in operating activities was $50.2M for Q1 2026.

Outlook and guidance

• 2026 revenue guidance raised to $240M–$290M, with Fanapt expected at $150M–$170M and NEREUS at $10M–$30M.

• HETLIOZ expected to decline further; PONVORY to see modest growth.

• Management expects continued investment in commercial launches and late-stage clinical programs.

• Cash and equivalents projected sufficient for at least the next 12 months, but significant working capital needs anticipated.

• 2026 cash burn projected to exceed 2025 levels.