Vanda Pharmaceuticals (NASDAQ:VNDA) Issues Quarterly Earnings Results, Misses Estimates By $0.21 EPS

Vanda Pharmaceuticals (NASDAQ:VNDA) issued its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($2.39) earnings per share for the quarter, missing the consensus estimate of ($2.18) by ($0.21), FiscalAI reports. The business had revenue of $57.22 million during the quarter, compared to analyst estimates of $59.28 million. Vanda Pharmaceuticals had a negative return on equity of 21.88% and a negative net margin of 102.02%.

Here are the key takeaways from Vanda Pharmaceuticals’ conference call:

• Fanapt delivered strong commercial momentum — full-year net product sales rose 24% to $117.3M with TRX +28% and NBRX +149%, and management guided Fanapt $150M–$170M for 2026 (midpoint implying continued double‑digit growth drivers).
• The FDA approved Nereus (tradipitant) for motion‑induced vomiting (late 2025 approval) and Vanda expects commercial availability in late Q2/early Q3 2026, plus a planned Phase III program in H1 2026 to pursue label expansion for GLP‑1–induced vomiting.
• The Bysanti (iloperidone) NDA is under FDA review with a PDUFA date of Feb 21, 2026; approval and a Q3 commercial supply plan would broaden Vanda’s psychiatry franchise and reduce gross‑to‑net headwinds over time.
• Vanda recorded a one‑time, non‑cash valuation allowance of $113.7M against deferred tax assets, contributing to a FY2025 net loss of $220.5M, cash of $263.8M (down ~$111M YoY), and the company expects 2026 cash burn to be greater than 2025 (plus near‑term milestone payments of $10M and potential $5M).
• Late‑stage pipeline progress includes an imsidolimab BLA for GPP (submitted, exclusivity into the late 2030s), ongoing Phase III programs for Bysanti adjunct MDD and iloperidone LAI (enrollment slower in Europe), and a Phase III SAD study started for VQW‑765 — timelines and enrollment remain uncertain.

Vanda Pharmaceuticals Price Performance

Shares of NASDAQ:VNDA opened at $6.12 on Friday. The company has a 50-day simple moving average of $7.34 and a 200-day simple moving average of $5.67. Vanda Pharmaceuticals has a one year low of $3.81 and a one year high of $9.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.10 and a current ratio of 3.12. The stock has a market capitalization of $361.69 million, a price-to-earnings ratio of -1.64 and a beta of 0.62.

Hedge Funds Weigh In On Vanda Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. Jane Street Group LLC raised its stake in shares of Vanda Pharmaceuticals by 6.1% during the 2nd quarter. Jane Street Group LLC now owns 79,107 shares of the biopharmaceutical company’s stock worth $373,000 after buying an additional 4,533 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Vanda Pharmaceuticals by 456.6% during the third quarter. Russell Investments Group Ltd. now owns 6,495 shares of the biopharmaceutical company’s stock worth $32,000 after acquiring an additional 5,328 shares during the period. Hsbc Holdings PLC grew its holdings in Vanda Pharmaceuticals by 17.6% during the second quarter. Hsbc Holdings PLC now owns 66,554 shares of the biopharmaceutical company’s stock worth $319,000 after acquiring an additional 9,960 shares during the period. Quarry LP purchased a new position in Vanda Pharmaceuticals in the third quarter worth $53,000. Finally, Royal Bank of Canada lifted its holdings in Vanda Pharmaceuticals by 34.3% in the first quarter. Royal Bank of Canada now owns 55,713 shares of the biopharmaceutical company’s stock valued at $256,000 after acquiring an additional 14,232 shares during the period. 88.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VNDA shares. B. Riley Financial raised their price target on shares of Vanda Pharmaceuticals from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Vanda Pharmaceuticals in a report on Wednesday, December 17th. HC Wainwright lifted their price target on shares of Vanda Pharmaceuticals from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Vanda Pharmaceuticals in a research report on Wednesday, January 21st. Finally, Wall Street Zen upgraded Vanda Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Vanda Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $13.63.

Trending Headlines about Vanda Pharmaceuticals

Here are the key news stories impacting Vanda Pharmaceuticals this week:

• Positive Sentiment: Fanapt momentum: Full‑year 2025 Fanapt net sales rose 24% to $117.3M, driven by higher prescriptions — supports durable product revenue growth. Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results
• Positive Sentiment: NEREUS approval and Bysanti PDUFA: NEREUS (tradipitant) approved for prevention of motion‑induced vomiting; Bysanti (milsaperidone) NDA under FDA review with PDUFA target Feb 21, 2026 — a potential upside catalyst if approved. Vanda Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results
• Neutral Sentiment: Analyst coverage mixed but constructive: recent buy/overweight ratings and price targets remain above the current share price (median target ~$12.50), indicating upside in some broker forecasts. Vanda Pharmaceuticals (VNDA) Stock Falls on Q4 2025 Earnings
• Negative Sentiment: Earnings miss and widening net loss: Q4 revenue (~$56–57M) missed estimates and diluted EPS was -2.39, substantially below forecasts; the company reported a large net loss and gross loss for the quarter. Vanda Pharmaceuticals Inc (VNDA) Q4 2025 Earnings Call Highlights
• Negative Sentiment: Below‑consensus FY2026 revenue guidance: company guided to $230M–$260M vs. consensus ~$273M — guidance shortfall weighs on near‑term expectations. (Guidance noted in company release and market reports.)
• Negative Sentiment: Cash burn and balance sheet pressure: operating cash outflow increased, cash and equivalents fell to roughly $70M, and liabilities rose — increases focus on runway and financing risk. Vanda Pharmaceuticals (VNDA) Stock Falls on Q4 2025 Earnings
• Negative Sentiment: Investor litigation announced: Pomerantz LLP is investigating claims on behalf of Vanda investors — adds legal risk and near‑term uncertainty. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Vanda Pharmaceuticals Inc. – VNDA

About Vanda Pharmaceuticals

Vanda Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders and rare diseases. The company’s research and development efforts center on sleep-wake regulation, mood disorders, and movement disorders. Vanda’s mission is to address unmet medical needs by advancing novel molecules through clinical trials and regulatory review.

Vanda’s flagship commercial product is Hetlioz (tasimelteon), a melatonin receptor agonist approved by the U.S.