Vanda Pharma | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 50.53 M

Revenue: As of FY2026 Q2, the actual value is USD 50.53 M, missing the estimate of USD 61.93 M.

EPS: As of FY2026 Q2, the actual value is USD -1.04, missing the estimate of USD -0.5875.

EBIT: As of FY2026 Q2, the actual value is USD -62.38 M.

Total Net Product Sales

Total net product sales for Vanda Pharmaceuticals Inc. were $50.5 million in Q2 2026, representing a 4% decrease compared to $52.6 million in Q2 2025, excluding approximately $7.0 million of HETLIOZ® revenue to be recognized in Q3 2026. For the first six months of 2026, total net product sales were $102.2 million, compared to $102.6 million in the first six months of 2025, also excluding $7.0 million of HETLIOZ® revenue for Q3 2026.

Segment Net Product Sales

• Fanapt®: Net product sales were $36.0 million in Q2 2026, a 23% increase year-over-year. Sales for the first six months of 2026 were $65.5 million, up 24% year-over-year.
• HETLIOZ®: Net product sales were $5.6 million in Q2 2026, a 66% decrease year-over-year. For the first six months of 2026, sales were $21.5 million, down 42% year-over-year, with both periods excluding $7.0 million in revenue from orders shipped on June 29, 2026.
• PONVORY®: Net product sales reached $7.9 million in Q2 2026, an increase of 12% year-over-year. For the first six months of 2026, sales were $14.1 million, up 11% year-over-year.
• NEREUS™: Net product sales were $1.0 million in Q2 2026 and $1.0 million for the first six months of 2026, following its commercial launch in Q2 2026.

Operational Metrics

• Loss before income taxes: Vanda Pharmaceuticals Inc. reported a loss before income taxes of -$62.4 million in Q2 2026, compared to -$34.9 million in Q2 2025. For the first six months of 2026, the loss before income taxes was -$110.8 million, compared to -$72.3 million in the first six months of 2025.
• Net loss: The net loss for Q2 2026 was -$62.5 million (diluted loss per share of -$1.04), compared to a net loss of -$27.2 million (diluted loss per share of -$0.46) in Q2 2025. For the first six months of 2026, the net loss was -$111.1 million (diluted loss per share of -$1.86), compared to -$56.7 million (diluted loss per share of -$0.96) in the first six months of 2025.
• Operating expenses (Q2 2026 vs. Q2 2025):
  • Cost of goods sold excluding amortization: $3.560 million vs. $2.736 million.
  • Research and development: $36.953 million vs. $21.990 million.
  • Selling, general and administrative: $71.838 million vs. $64.616 million.
  • Intangible asset amortization: $1.987 million vs. $1.751 million.
  • Total operating expenses: $114.338 million vs. $91.093 million.
• Operating expenses (First Six Months 2026 vs. First Six Months 2025):
  • Cost of goods sold excluding amortization: $6.719 million vs. $6.257 million.
  • Research and development: $65.388 million vs. $57.702 million.
  • Selling, general and administrative: $140.199 million vs. $114.700 million.
  • Intangible asset amortization: $3.974 million vs. $3.503 million.
  • Total operating expenses: $216.280 million vs. $182.162 million.

Cash Position

Cash, cash equivalents, and marketable securities totaled $170.0 million as of June 30, 2026. This represents a decrease of $32.3 million in Q2 2026 and a decrease of $93.8 million compared to December 31, 2025.

Unique Operational Metrics

Fanapt® total prescriptions (TRx) were up 31% and new-to-brand prescriptions (NBRx) were up 32% in Q2 2026 compared to Q2 2025. Since the approval for bipolar disorder, Fanapt® TRx increased by 62% and NBRx by 300% compared to Q2 2024.

Outlook and Guidance

Vanda Pharmaceuticals Inc. reiterates its full-year 2026 total revenue guidance of $240 million to $290 million, with specific net product sales guidance for Fanapt® and BYSANTI™ ($150 million to $170 million), NEREUS™ ($10 million to $30 million), and other net product sales ($80 million to $90 million). The company expects its current cash position and projected revenues to fund operations through at least the end of 2027, with operating expenses anticipated to moderate later in 2026 and decrease more significantly in 2027. Key upcoming milestones include the commercial launch of BYSANTI™ in the second half of 2026, an FDA PDUFA target action date for Quimilza™ on December 12, 2026, and results for three Phase III clinical trials by the end of 2026.