VNDA · Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals delivered mixed Q1 2026 results with total net product sales of $51.7 million, up 3% from $50.0 million in Q1 2025, driven by strong 26% growth in Fanapt to $29.6 million amid 32% higher total prescriptions and 76% surge in new-to-brand prescriptions, offsetting a 24% decline in HETLIOZ to $15.9 million and modest 10% gain in PONVORY to $6.2 million. The net loss expanded to $48.6 million or $0.82 per diluted share from $29.5 million or $0.50 per share, reflecting elevated operating expenses of $101.9 million versus $91.1 million prior year, primarily from $68.4 million in selling, general and administrative costs (up from $50.1 million) tied to new product launches and $28.4 million in R&D. Cash position stood at $202.3 million as of March 31, 2026, down $61.5 million sequentially due to operations and a $10 million milestone payment to Eli Lilly upon NEREUS approval. CEO Mihael H. Polymeropoulos highlighted 'strong commercial execution' with Fanapt momentum, the groundbreaking NEREUS launch via innovative direct-to-consumer platform nereus.us—the first new therapy in over 40 years for motion-induced vomiting—and BYSANTI's FDA approval for bipolar I and schizophrenia on February 20, 2026. Management raised full-year 2026 total revenue guidance to $240-290 million from prior $230-260 million, incorporating $10-30 million from NEREUS while holding Fanapt at $150-170 million and others at $80-90 million, signaling confidence in pipeline contributions including ongoing Phase III trials for BYSANTI in MDD (Q1 2027 data), NEREUS in GLP-1 induced vomiting (2026), VQW-765 in social anxiety (end-2026), and imsidolimab BLA acceptance for GPP with PDUFA December 12, 2026.