The revenue beat and EPS surprise, combined with declining operating expenses and positive pipeline catalysts (NEREUS GLP-1 Phase III, BYSANTI launch, Quimilza PDUFA), support a positive outlook. Monitor the Dec 12 PDUFA for Quimilza and the Dec 14-18 HETLIOZ jet lag hearing for further catalysts.
Price Chart
Executive Summary
Vanda Pharmaceuticals reported Q3 2026 total revenue of $69.8M, up 24% YoY and above the $69.1M consensus, driven by Fanapt growth and early NEREUS contribution. The net loss narrowed to $22.6M ($0.37 per share) from $22.6M ($0.38) a year ago, beating the $-0.68 EPS consensus. Full-year 2026 revenue guidance was updated to greater than $240M, up from the prior $240-$290M range.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue $69.8M, +24% YoY vs $56.3M in Q3 2025 and +38% vs Q2 2026
- GAAP net loss $22.6M ($0.37 per share) vs $22.6M ($0.38) in Q3 2025
- EPS of $-0.37 beat consensus estimate of $-0.68
- Revenue of $69.8M beat consensus estimate of $69.1M
- Fanapt net product sales $38.8M, +24% YoY
- NEREUS net product sales $1.6M, +60% QoQ from $1.0M in Q2 2026
- Operating expenses $93.3M, -18% from $114.3M in Q2 2026
- Cash, cash equivalents and marketable securities $140.5M as of Sep 30, 2026
- Full-year 2026 revenue guidance updated to greater than $240M
- Positive Phase III results for NEREUS in GLP-1-induced vomiting announced
- BYSANTI commercial launch expected in Q4 2026
- Quimilza BLA for GPP under FDA review with PDUFA date Dec 12, 2026
Financial Impact
Revenue beat consensus by $0.7M (1.0%); EPS beat consensus by $0.31 (45.6%); net loss improved sequentially from $62.5M in Q2 2026 to $22.6M in Q3 2026
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Fanapt | $38.8M | +24.1% |
| HETLIOZ | $21.7M | +20.6% |
| PONVORY | $7.7M | +10.1% |
| NEREUS | $1.6M | Not reported |
Risk Factors
- Cash burn continues: cash decreased $123.4M YTD through Sep 30, 2026
- HETLIOZ jet lag disorder hearing and insomnia/gastroparesis litigation outcomes uncertain
- Quimilza PDUFA decision on Dec 12, 2026 carries binary risk
- BYSANTI launch execution in Q4 2026 is unproven
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-067886 |
| Document: vnda-20261028.htm | 0001628280-26-067886 |
| Document: 0001628280-26-067886-index-headers.html | 0001628280-26-067886 |
| Document: 0001628280-26-067886-index.html | 0001628280-26-067886 |
| Document: 0001628280-26-067886.txt | 0001628280-26-067886 |
| 8-K Data (Synthetic) | 0001628280-26-067886 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $4.36 | awaiting T+20 | awaiting T+20 | $3.79 (−13.08%) |
Oct 27, 2026 3d ago | SC 13G | $4.00 | awaiting T+20 | awaiting T+20 | $3.79 (−5.25%) |
Oct 21, 2026 8d ago | Press Release | $4.05 | awaiting T+20 | awaiting T+20 | $3.79 (−6.42%) |
Oct 9, 2026 20d ago | SC 13G/A | $4.54 | awaiting T+20 | awaiting T+20 | $3.79 (−16.52%) |
Jul 29, 2026 13w ago | Press Release | $5.18 | awaiting T+20 | awaiting T+20 | $3.79 (−26.83%) |
May 6, 2026 25w ago | 8-K | $6.39 $6.09 | ▼ −4.69% | ▼ −7.83% | $3.79 (−40.69%) |
US Market Status
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