Vanda Pharmaceuticals (VNDA) investor relations material

Executive summary

• Fanapt and NEREUS drove strong prescription growth, with Fanapt sales up 23% YoY and total prescriptions up 31% in Q2 2026; BYSANTI received FDA approval for bipolar I disorder and schizophrenia, with launch set for H2 2026.

• NEREUS launched commercially in May 2026, generating $1.0M in Q2 sales, though revenue was constrained by inventory and demand uncertainties.

• BYSANTI and NEREUS launches, along with multiple late-stage clinical trial readouts expected by year-end or early 2027, support pipeline expansion.

• Operating expenses increased due to higher R&D and SG&A, but are expected to moderate by late 2026 and more significantly in 2027 as launch and trial activities conclude.

• Cash and anticipated revenues are expected to fund operations through at least end of 2027, though additional capital may be sought for future growth.

Financial highlights

• Total revenues for Q2 2026 were $50.5M, down 4% YoY; Fanapt sales were $36.0M (+23% YoY), HETLIOZ $5.6M (–66% YoY), PONVORY $7.9M (+12% YoY), and NEREUS $1.0M (new launch).

• Net loss for Q2 2026 was $62.5M, compared to $27.2M in Q2 2025; net loss per share was $1.04 vs. $0.46 YoY.

• Operating expenses for Q2 2026 were $114.3M, up from $91.1M in Q2 2025, driven by higher R&D and SG&A.

• Cash, equivalents, and marketable securities were $170M as of June 30, 2026, down $93.8M from year-end 2025.

• Gross margin remained high, but was impacted by increased R&D and SG&A expenses related to product launches.

Outlook and guidance

• 2026 total revenue guidance reiterated at $240M–$290M, with Fanapt and BYSANTI combined sales expected at $150M–$170M and NEREUS at $10M–$30M.

• Operating expenses expected to decrease by end of 2026 and more substantially in 2027 as launch and trial activities wind down.

• Cash resources and anticipated revenues expected to fund operations through at least end of 2027, but additional capital may be sought for future growth.

• HETLIOZ sales may continue to decline due to ongoing generic competition.