Vanda Pharmaceuticals (VNDA) investor relations material

Commercial performance and product portfolio

• Three marketed products in 2025 generated over $200 million in revenue, with guidance for 2026 raised to $240–$290 million due to new launches.

• Fanapt, HETLIOZ, and PONVORY are core assets, with Fanapt showing strong prescription growth and expected to remain a key revenue driver.

• NEREUS, approved for motion sickness, is expected to contribute $10–$30 million in its launch year, with a direct-to-consumer pricing strategy.

• BYSANTI, launching later this year, will benefit from improved gross-to-net pricing and a switch strategy from Fanapt.

• HETLIOZ revenue remains durable post-LOE, with ongoing litigation and a liquid formulation targeting pediatric insomnia.

Pipeline and development updates

• BYSANTI phase III results in MDD expected Q1 2027, with potential label expansion and patent protection through 2044.

• Fanapt long-acting injectable in phase III for schizophrenia, with potential for a BYSANTI LAI in the future.

• NEREUS (tradipitant) phase III trial for GLP-1-induced nausea/vomiting underway, results expected by year-end.

• Gastroparesis program for tradipitant faces regulatory hurdles but has significant market potential.

• Imsidolimab for generalized pustular psoriasis has a PDUFA date of December 12, with launch targeted for early 2027.

Strategic outlook and financial guidance

• Focus on funding multiple commercial launches and late-stage R&D, with cash burn expected to exceed last year’s $110 million.

• No guidance provided for cash or OpEx, but emphasis on not underfunding key assets.

• Diversification across neuropsychiatry, sleep disorders, autoimmune, and gastroenterology supports long-term growth.

• Recent expansion from three to five approved products, with a sixth possible in the near future.

• Management highlights strong commercial execution and multiple upcoming value inflection points.