The EPS miss may drive short-term selling pressure, but the raised guidance and new product approvals (BYSANTI, NEREUS) provide upside catalysts. Monitor NEREUS and BYSANTI revenue trajectories in Q2 2026 for sustainable growth. Cash burn remains a concern.
Price Chart
Executive Summary
Vanda Pharmaceuticals reported Q1 2026 revenue of $51.7M (+3% YoY), in line with modest growth, but EPS of -$0.82 missed the Street consensus of -$0.53 by 55% as net loss widened to $48.6M. Positives include 26% Fanapt growth, FDA approval of BYSANTI, NEREUS launch, and raised FY2026 revenue guidance to $240-290M (from $230-260M). The mixed results balance a significant EPS miss against strong pipeline and commercial catalysts.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $51.7M, up 3% YoY from $50.0M
- Fanapt net product sales $29.6M, up 26% YoY
- GAAP diluted EPS -$0.82 vs consensus -$0.53 (miss of 54.7%)
- Net loss $48.6M vs $29.5M in Q1 2025
- Cash and equivalents $202.3M, down $61.5M including $10M milestone to Eli Lilly
- FY2026 revenue guidance raised to $240-290M (from $230-260M), including $10-30M from NEREUS
- BYSANTI (milsaperidone) received FDA approval on Feb 20, 2026
- NEREUS (tradipitant) launched via direct-to-consumer platform
Financial Impact
EPS miss of 54.7% vs consensus; revenue slightly above prior year but below undisclosed estimate; cash burn $61.5M in quarter
Risk Factors
- Cash burn rate accelerated ($61.5M in Q1); runway limited despite $202.3M balance
- HETLIOZ sales declining 24% YoY, eroding base revenue
- Execution risk for NEREUS and BYSANTI commercial launches
- Heavy reliance on Fanapt for growth; pipeline products still early stage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031241 |
| Document: vnda-20260506.htm | 0001628280-26-031241 |
| Document: 0001628280-26-031241-index-headers.html | 0001628280-26-031241 |
| Document: 0001628280-26-031241-index.html | 0001628280-26-031241 |
| Document: 0001628280-26-031241.txt | 0001628280-26-031241 |
| 8-K Data (Synthetic) | 0001628280-26-031241 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | Press Release | $5.18 $5.44 | ▼ −5.02% | ▼ −1.05% | $4.57 (+11.78%) |
May 6, 2026 21w ago | 8-K | $6.39 $6.09 | ▼ −4.69% | ▼ −7.83% | $4.57 (−28.48%) |
US Market Status
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