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Vanda Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of therapies to address high unmet medical needs worldwide. The company's commercial portfolio includes Fanapt for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia; HETLIOZ to treat non-24-hour sleep-wake disorders and nighttime sleep disturbances; PONVORY to treat relapsing forms of multiple sclerosis; and NEREUSTM for preventing vomiting induced by motion. It also develops Fanapt (iloperidone), a long acting injectable (LAI) formulation for the treatment of schizophrenia and hypertension; BysantiTM (milsaperidone), for the acute treatment of manic or mixed episodes associated with bipolar I disorder, and for the treatment of schizophrenia and major depressive disorder; HETLIOZ (tasimelteon) to treat jet lag disorder, insomnia, pediatric insomnia, delayed sleep phase disorder, and pediatric Non-24; PONVORY (ponesimod) to treat psoriasis and ulcerative colitis; and NEREUSTM (tradipitant) for prevention of vomiting induced by GLP-1 receptor agonists, as well as treatment of gastroparesis and atopic dermatitis. In addition, the company's products include Imsidolimab, an IL-36R antagonist to treat generalized pustular psoriasis; VTR-297, for the treatment of hematologic malignancies and onychomycosis, and several oncology indications; and VQW-765, small molecule alpha-7 nicotinic acetylcholine receptor partial agonist for the treatment of social/performance anxiety and psychiatric disorders. Further, it develops cystic fibrosis transmembrane conductance regulator activators and inhibitors; and antisense oligonucleotide molecules. The company was incorporated in 2002 and is headquartered in Washington, the District of Columbia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $216M | $-139M | $-220M | $-110M | -67.4% | 8.7% | - |
| 2024 | $199M | $-31M | $-19M | $-16M | -3.5% | 3.2% | -853.3% |
| 2023 | $193M | $-10M | $3M | $12M | 0.5% | -24.3% | -60.0% |
| 2022 | $254M | $9M | $6M | $31M | 1.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 254.38 | 192.64 | 198.77 | 216.10 |
| Cost Of Revenue | 24.28 | 14.80 | 11.31 | 13.04 |
| Gross Profit | 230.10 | 177.84 | 187.46 | 203.06 |
| Operating Expense | 223.77 | 191.80 | 228.12 | 354.23 |
| Operating Income | 6.33 | -13.95 | -40.66 | -151.17 |
| EBITDA | 9.06 | -9.62 | -30.86 | -139.25 |
| EBIT | 6.33 | -13.95 | -40.66 | -151.17 |
| Pretax Income | 11.30 | 6.34 | -22.92 | -138.65 |
| Tax Provision | 5.03 | 3.83 | -4.02 | 81.83 |
| Net Income | 6.28 | 2.51 | -18.90 | -220.47 |
| Net Income Common Stockholders | 6.28 | 2.51 | -18.90 | -220.47 |
| Total Expenses | 248.05 | 206.59 | 239.43 | 367.27 |
| Research And Development | 85.77 | 76.82 | 74.43 | 109.27 |
| Selling General And Administration | 136.49 | 112.88 | 146.41 | 237.95 |
| Normalized EBITDA | 9.06 | -9.62 | -30.86 | -139.25 |
| Normalized Income | 6.28 | 2.51 | -18.90 | -220.47 |
| Basic EPS | 0.11 | 0.04 | -0.33 | -3.74 |
| Diluted EPS | 0.11 | 0.04 | -0.33 | -3.74 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.18 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | 6.28 | 2.51 | -18.90 | -220.47 |
| Reconciled Depreciation | 2.73 | 4.33 | 9.80 | 11.92 |
| Reconciled Cost Of Revenue | 23.07 | 12.55 | 8.79 | 8.13 |
| Net Income From Continuing And Discontinued Operation | 6.28 | 2.51 | -18.90 | -220.47 |
| Total Operating Income As Reported | 6.33 | -13.95 | -40.66 | -151.17 |
| Diluted Average Shares | 56.98 | 57.56 | 58.15 | 58.93 |
| Basic Average Shares | 56.46 | 57.38 | 58.15 | 58.93 |
| Diluted NI Availto Com Stockholders | 6.28 | 2.51 | -18.90 | -220.47 |
| Net Income Including Noncontrolling Interests | 6.28 | 2.51 | -18.90 | -220.47 |
| Net Income Continuous Operations | 6.28 | 2.51 | -18.90 | -220.47 |
| Other Income Expense | 4.97 | 20.29 | 17.74 | 12.52 |
| Other Non Operating Income Expenses | 4.97 | 20.29 | 17.74 | 12.52 |
| Depreciation Amortization Depletion Income Statement | 1.52 | 2.09 | 7.27 | 7.01 |
| Depreciation And Amortization In Income Statement | 1.52 | 2.09 | 7.27 | 7.01 |
| Amortization | 1.52 | 2.09 | 7.27 | 7.01 |
| Amortization Of Intangibles Income Statement | 1.52 | 2.09 | 7.27 | 7.01 |
| Operating Revenue | 254.38 | 192.64 | 198.77 | 216.10 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vanda Pharmaceuticals Inc.this co. | VNDA | $424M | - | 1.27 | -67.4% | -1.16 |
| REGENXBIO Inc. | RGNX | $434M | - | 4.16 | -188.7% | -3.19 |
| Evolent Health, Inc. | EVH | $432M | - | 1.02 | -128.7% | 14.29 |
| Aura Biosciences, Inc. | AURA | $432M | - | 3.13 | -77.6% | -2.73 |
| Fulgent Genetics, Inc. | FLGT | $427M |
| - |
| 0.41 |
| -5.5% |
| -1.98 |
| Strata Critical Medical, Inc. | SRTA | $424M | - | 1.52 | 14.8% | -64.52 |
| Lexeo Therapeutics, Inc. | LXEO | $421M | - | 1.68 | -40.5% | -2.27 |
| Benitec Biopharma Inc. | BNTC | $416M | - | 2.22 | -39.0% | -4.75 |
| Neurogene Inc. | NGNE | $414M | - | 1.55 | -34.1% | -1.53 |
| Peer Median | - | - | 1.61 | -39.7% | -2.50 | |