VNDA

MKT CAP:$406M

Vanda Pharmaceuticals Inc.

Market Cap

$406M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$6.65-$1.60 (-19.39%)

Apr 24, 2026

Company Details

Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs. The company's marketed products include HETLIOZ for the treatment of non-24-hour sle...

CEO

Mihael H. Polymeropoulos

IPO Date

Apr 12, 2006

Website

www.vandapharma.com

Key Metrics TTM

Revenue

$216M

+8.7% YoY

Net Income

-$220M

EPS (Diluted)

-$3.73

Free Cash Flow

-$110M

Revenue / Share

$3.66

Gross Margin

93.2%

Operating Margin

-71.6%

Net Margin

-102.0%

FCF Margin

-51.1%

P/S

1.9x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 12, 2026

$216M+8.7%EPS -$3.74

Q4 2025

Feb 12, 2026

$57M+7.6%EPS -$2.39

Q3 2025

Oct 30, 2025

$56M+18.1%EPS -$0.38

Q2 2025

Jul 31, 2025

$53M+4.2%EPS -$0.46

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$60M	$55M	-$8M
Q2 22	$64M	$58M	$3M
Q3 22	$65M	$59M	$4M
Q4 22	$64M	$58M	$7M
Q1 23	$62M	$58M	$2M
Q2 23	$46M	$43M	-$3M
Q3 23	$39M	$36M	-$6M
Q4 23	$45M	$42M	-$7M
Q1 24	$47M	$42M	-$9M
Q2 24	$50M	$46M	-$10M
Q3 24	$48M	$45M	-$11M
Q4 24	$53M	$51M	-$10M
Q1 25	$50M	$47M	-$45M
Q2 25	$53M	$48M	-$39M
Q3 25	$56M	$53M	-$31M
Q4 25	$57M	$53M	-$40M

Valuation

Quarter	P/S	P/E
Q1 22	1.5x	22.5x
Q2 22	1.5x	36.9x
Q3 22	1.6x	62.5x
Q4 22	1.6x	64.7x
Q1 23	1.6x	25.4x
Q2 23	1.7x	27.2x
Q3 23	1.9x	34.5x
Q4 23	2.1x	161.8x
Q1 24	2.3x	—
Q2 24	2.2x	—
Q3 24	2.1x	—
Q4 24	2.0x	—
Q1 25	2.0x	—
Q2 25	2.0x	—
Q3 25	1.9x	—
Q4 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4M	$4M
Q2 22	$6M	$5M
Q3 22	$13M	$13M
Q4 22	$9M	$9M
Q1 23	$32M	$32M
Q2 23	-$13M	-$13M
Q3 23	-$2M	-$2M
Q4 23	-$4M	-$4M
Q1 24	$8M	$8M
Q2 24	-$7M	-$7M
Q3 24	-$15M	-$15M
Q4 24	-$2M	-$2M
Q1 25	-$33M	-$34M
Q2 25	-$15M	-$16M
Q3 25	-$32M	-$32M
Q4 25	-$29M	-$30M

Capital Expenditures

Quarter	CapEx
Q1 22	$75.0K
Q2 22	$193.0K
Q3 22	$148.0K
Q4 22	$263.0K
Q1 23	$51.0K
Q2 23	$55.0K
Q3 23	$24.0K
Q4 23	$253.0K
Q1 24	$7.0K
Q2 24	$108.0K
Q3 24	$161.0K
Q4 24	$214.0K
Q1 25	$436.0K
Q2 25	$299.0K
Q3 25	$161.0K
Q4 25	$102.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-4.0%	+29.7%
Q2 22	-5.2%	+9.7%
Q3 22	-6.8%	+3.6%
Q4 22	-5.2%	-2.6%
Q1 23	+3.8%	-10.9%
Q2 23	-28.5%	-19.7%
Q3 23	-40.6%	-27.0%
Q4 23	-29.8%	-9.5%
Q1 24	-24.1%	-6.3%
Q2 24	+9.6%	+23.9%
Q3 24	+22.8%	+30.9%
Q4 24	+17.5%	+21.2%
Q1 25	+5.4%	+66.8%
Q2 25	+4.2%	+50.3%
Q3 25	+18.1%	+49.3%
Q4 25	+7.6%	+53.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	7.9%
Q2 22	$4M	5.9%
Q3 22	$4M	6.0%
Q4 22	$4M	5.9%
Q1 23	$4M	7.0%
Q2 23	$3M	7.1%
Q3 23	$3M	8.2%
Q4 23	$3M	7.2%
Q1 24	$4M	7.6%
Q2 24	$3M	5.9%
Q3 24	$3M	6.3%
Q4 24	$3M	5.4%
Q1 25	$3M	5.9%
Q2 25	$2M	4.0%
Q3 25	$2M	3.8%
Q4 25	$2M	4.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$21M	—	—	$41M
Q2 22	$21M	—	—	$33M
Q3 22	$25M	—	—	$30M
Q4 22	$18M	$30M	$3M	—
Q1 23	$19M	—	—	$36M
Q2 23	$17M	—	—	$28M
Q3 23	$17M	—	—	$25M
Q4 23	$24M	$23M	$500.0K	—
Q1 24	$21M	—	—	$30M
Q2 24	$17M	—	—	$39M
Q3 24	$17M	—	—	$38M
Q4 24	$20M	$37M	$2M	—
Q1 25	$36M	—	—	$50M
Q2 25	$22M	—	—	$65M
Q3 25	$23M	—	—	$60M
Q4 25	$29M	—	—	$63M

Revenue Segments

Quarter	Fanapt	Hetlioz
Q1 22	$23M	$37M
Q2 22	$23M	$41M
Q3 22	$24M	$41M
Q4 22	$24M	$40M
Q1 23	$23M	$40M
Q2 23	$24M	$22M
Q3 23	$21M	$18M
Q4 23	$23M	$21M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$67M	$368M	$435M
Q2 22	$58M	$383M	$441M
Q3 22	$49M	$405M	$455M
Q4 22	$135M	$332M	$467M
Q1 23	$354M	$147M	$501M
Q2 23	$150M	$339M	$489M
Q3 23	$183M	$307M	$490M
Q4 23	$136M	$252M	$388M
Q1 24	$125M	$269M	$394M
Q2 24	$103M	$285M	$388M
Q3 24	$100M	$276M	$376M
Q4 24	$102M	$272M	$375M
Q1 25	$112M	$229M	$341M
Q2 25	$81M	$245M	$326M
Q3 25	$70M	$224M	$294M
Q4 25	$85M	$179M	$264M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	56M	-2.0%	-0.7%
Q2 22	57M	+1.3%	-0.1%
Q3 22	57M	+0.3%	-0.1%
Q4 22	57M	+0.4%	-0.1%
Q1 23	57M	+0.4%	+2.3%
Q2 23	58M	+0.2%	+1.3%
Q3 23	58M	+0.1%	+1.1%
Q4 23	58M	-0.1%	+0.6%
Q1 24	58M	+0.4%	+0.6%
Q2 24	58M	+0.8%	+1.2%
Q3 24	58M	+0.1%	+1.2%
Q4 24	58M	+0.1%	+1.3%
Q1 25	59M	+0.4%	+1.3%
Q2 25	59M	+0.8%	+1.3%
Q3 25	59M	-0.2%	+1.0%
Q4 25	59M	+0.4%	+1.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$216.5K	278
Q2 22	$231.6K	278
Q3 22	$235.0K	278
Q4 22	$222.4K	290
Q1 23	$215.5K	290
Q2 23	$158.8K	290
Q3 23	$133.8K	290
Q4 23	$223.0K	203
Q1 24	$233.8K	203
Q2 24	$248.6K	203
Q3 24	$234.7K	203
Q4 24	$144.5K	368
Q1 25	$136.0K	368
Q2 25	$142.9K	368
Q3 25	$152.9K	368
Q4 25	$155.5K	368

Revenue / Employee