Vanda Pharma

Q2 FY2026 EarningsQ2 FY2026 results missed consensus on the top and bottom lines, with revenue of $50.5M vs. $61.9M expected and a GAAP EPS loss of -$1.04 vs. -$0.59 expected. A significant $7M timing-related delay in HETLIOZ® revenue recognition contributed to the revenue miss, while R&D and SG&A expenses surged due to multi-product launch preparations. Despite the quarterly miss, Vanda reiterated its FY2026 revenue guidance of $240M-$290M and expects operating expenses to moderate in 2027.