Vanda Pharmaceuticals (VNDA) Q2 2026 earnings summary

Executive summary

• Fanapt® prescriptions and sales grew strongly in Q2 2026, with a 23% year-over-year increase in sales and a 31% rise in total prescriptions; NEREUS™ launched with $1.0M in sales, and BYSANTI™ was approved for launch in H2 2026.

• Total revenues for Q2 2026 were $50.5M, down 4% year-over-year, mainly due to a 66% decline in HETLIOZ® sales from generic competition and inventory timing, partially offset by Fanapt® growth.

• Net loss for Q2 2026 was $62.5M, with operating expenses rising to $114.3M, driven by increased R&D and SG&A for launches and pipeline programs.

• Multiple late-stage clinical trial results are expected by year-end, supporting commercial expansion and pipeline value creation.

• Cash, cash equivalents, and marketable securities totaled $170M as of June 30, 2026, down from $263.8M at year-end 2025.

Financial highlights

• Fanapt® net sales for Q2 2026 were $36.0M, up 23% year-over-year and 22% sequentially; HETLIOZ® net sales were $5.6M, down 66% year-over-year, with $7.0M deferred to Q3.

• PONVORY® net sales for Q2 2026 were $7.9M, up 12% year-over-year and 27% sequentially.

• NEREUS™ net sales were $1.0M for Q2 2026, with $15.2M initial wholesaler stocking constrained by demand and return uncertainties.

• Net loss per share was $(1.04) in Q2 2026, compared to $(0.46) in Q2 2025.

• Operating cash outflow increased to $81.3M for the first half of 2026.

Outlook and guidance

• Full-year 2026 revenue guidance is $240M–$290M, with Fanapt® and BYSANTI™ combined sales expected at $150M–$170M and NEREUS™ at $10M–$30M.

• Operating expenses are expected to decrease by end of 2026 and more substantially in 2027.

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

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