Vanda Posts $0.37 Per-Share Loss as Product Revenue Rises 24% in Third Quarter
Key Facts
Vanda Pharmaceuticals reported a diluted loss of $0.37 per share in the third quarter of 2026, beating analysts’ estimates for a loss of $0.68 per share, according to StreetInsider’s coverage of the company’s results. In its statement, the company said net product revenue was $69.8 million, up 24% from the third quarter of 2025, when it was $56.3 million. Revenue also rose 38% from the second quarter of 2026, when sales were $50.5 million. The figures put sales growth at the forefront of the quarter’s results, as the company continued to post losses. The company’s stock, listed under ticker VNDA, closed at $3.99 on October 27, 2026, according to EL7 data.
Operating expenses were $93.3 million in the third quarter, up 7% from $87.5 million in the same period of 2025, but down 18% from $114.3 million in the second quarter of 2026. Chief Executive Officer Mihael Polymereopoulos attributed the decline from the previous quarter to the winding down of development activities and launch preparations. He said the company recorded “strong revenue growth in the third quarter, up 24% year over year, driven by continued Fanapt momentum and an early contribution from the commercial launch of Nereus, while operating expenses declined 18% compared with the second quarter.” The comparison shows that the decline in expenses was quarterly, while expenses remained above their level a year earlier. The pretax loss was $22.4 million, compared with $28.4 million in the third quarter of 2025.
Fanapt was the top-selling product, with net sales of $38.8 million, up 24% from $31.2 million in the third quarter of 2025 and 8% from $36.0 million in the second quarter of 2026. The company reported that total prescriptions rose 25%, while new brand prescriptions increased 18% compared with the third quarter of last year. Hetlioz sales were $21.7 million, up 21% year over year from $18.0 million. The Hetlioz figure included about $7.0 million in orders shipped on June 29 and received on July 1, with the revenue recorded in the third quarter. Ponvory sales were $7.7 million, up 10% year over year from $7.0 million, but down 2% from $7.9 million in the previous quarter.
Nereus, which Vanda commercially launched in the United States during the second quarter of 2026, had net sales of $1.6 million in the third quarter, compared with $1 million in the previous quarter, as the sales team began promoting it during the third quarter. For the first nine months of the year, net product sales were $172.1 million, up 8% from $158.9 million in the same period of 2025. But the net loss for the nine months was $133.6 million, compared with $79.3 million in the same period last year. The results show that sales growth did not prevent the accumulated loss from widening over the extended period. Cash, cash equivalents and marketable securities totaled $140.5 million on September 30, 2026, after declining by $29.5 million during the quarter.
Vanda expects full-year 2026 revenue to exceed $240 million, according to its updated financial guidance. The company is preparing for the commercial launch of Bysanti in the fourth quarter of 2026, after it received U.S. Food and Drug Administration approval in the first quarter to treat bipolar I disorder and schizophrenia. The agency is still reviewing the application for Vanda’s generalized pustular psoriasis treatment, candidate name not given, with a target decision date of December 12, 2026. The company is also awaiting results from the Phase 3 study of Bysanti as an adjunctive treatment for major depressive disorder in the first half of 2027. Enrollment in the study reached 55% of its target of 500 patients, according to the company’s statement.