Vanda Pharmaceuticals Inc

vandapharma.com

What Do They Do?

Sells Fanapt for schizophrenia and bipolar I disorder, plus medicines for sleep disorders, multiple sclerosis and motion sickness to patients.

How Do They Make Money?

Fanapt is Vanda's largest product by net sales; it sells medicines to specialty pharmacies, specialty distributors and wholesalers, with each sale counted when the product physically arrives at the customer.

revenue

Segment	Share	How money arrives
Fanapt® Sold outright	54% FY2022: 37%	Sold outright
Hetlioz Sold outright	33% FY2022: 63%	Sold outright
PONVORY® Sold outright	13% FY2022: 0.0%	Sold outright

Who Are Their Customers?

Specialty pharmacies, specialty distributors and wholesalers are direct customers. Contracted customers, mainly public health institutions and federal government entities, buy through those intermediaries.

Do Revenues Turn Into Profits?

No. It lost $220.5M in FY2025.

Operating income, FY2025

−70% of revenue

▲ +272% (Loss) vs FY2024 (−$40.7M, −20%)

Net income, FY2025

−102% of revenue

▲ +1067% (Loss) vs FY2024 (−$18.9M, −10%)

Free cash flow, FY2025

−51% of revenue

▲ +580% (Loss) vs FY2024 (−$16.2M, −8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $52.6M in Q2 FY2025
Net income: ▲ +130% (Loss); vs −$27.2M in Q2 FY2025

Fanapt® share of net product sales vs 55.7% in Q2 FY2025

Feb 23, 2026 FDA approves Bysanti for schizophrenia and bipolar I disorder The approval covers acute treatment of manic or mixed episodes associated with bipolar I disorder in adults and schizophrenia in adults.

Shrinking. Revenue fell 20% in 4 years, from $268.7M in FY2021 to $216.1M in FY2025, about 5% a year.

Expanded commercial portfolio The older report described HETLIOZ and Fanapt as commercial products; the latest also includes PONVORY for multiple sclerosis and NEREUS for motion-sickness vomiting.

Fanapt adds a use Fanapt's listed use expands from schizophrenia to include acute treatment of manic or mixed episodes associated with bipolar I disorder.

Revenue over time

Fanapt® Hetlioz PONVORY®

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Teva, Apotex, and MSN

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