Vanda Pharmaceuticals (VNDA)
NASDAQ:VNDA
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Vanda
(NASDAQ:VNDA)
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Rating:47Neutral
Price Target:
$6.00
▼(-17.47% Downside)
Action:Reiterated
Date:06/06/26
The score is held back primarily by weak financial performance driven by large losses and sustained negative operating/free cash flow. Technical indicators also point to soft momentum. These are partially offset by a more constructive earnings-call setup, including raised 2026 revenue guidance and multiple upcoming regulatory/pipeline catalysts.
Positive Factors
Commercial Momentum — Fanapt
Sustained, multi-quarter prescription gains and a near-doubled sales force point to durable commercial traction for Fanapt. Strong TRx/NBRx trends and expanded field coverage create a growing, repeatable revenue base that can support scale economies and offset legacy product erosion.
Negative Factors
Persistent Cash Burn
Sustained negative operating and free cash flow indicates the company is consuming cash to fund operations and launches. Continued burn increases reliance on cash reserves or external financing, tightening runway and raising execution risk for multi-year clinical and commercial investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Momentum — Fanapt
Sustained, multi-quarter prescription gains and a near-doubled sales force point to durable commercial traction for Fanapt. Strong TRx/NBRx trends and expanded field coverage create a growing, repeatable revenue base that can support scale economies and offset legacy product erosion.
Read all positive factors
Vanda (VNDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$348.79M
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth8.16%
EPS Growth-434.76%
CountryUS
Employees368
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.05
Shares Outstanding60,135,563
10 Day Avg. Volume1,015,068
30 Day Avg. Volume1,059,560
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.59
Price to Sales (P/S)2.41
P/FCF Ratio-4.71
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit1.58
Enterprise Value/Ebitda-2.33
Forecast
1Y Price Target
$19.50Price Target Upside168.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-2.3
Revenue Forecast (FY)$262.72M
Vanda Business Overview & Revenue Model
Company Description
Vanda Pharmaceuticals Inc. is a biopharmaceutical company dedicated to developing and commercializing therapeutic solutions that address critical unmet medical needs. The company currently offers two approved treatments: HETLIOZ, prescribed for no...
How the Company Makes Money
Vanda makes money primarily through net product sales of its marketed prescription drugs. Its key revenue streams are: (1) U.S. and international sales of HETLIOZ, which generates revenue when wholesalers and specialty distributors purchase produc...
Vanda Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive commercial and pipeline momentum story: Fanapt demonstrated strong prescription growth and the company launched Nirius via a novel direct‑to‑consumer model while securing FDA approval for Dysanti and advancing imsidolimab toward potential year‑end regulatory action. Management raised 2026 revenue guidance and outlined multiple upcoming Phase 3 readouts that could be value drivers. Offsetting these positives are a materially larger Q1 net loss, increased operating expenses, a significant cash decline and ongoing Hetlioz erosion from generics, plus some development and recruitment risks for certain programs. Overall, commercial and regulatory catalysts appear to outweigh near‑term financial pressures.Positive Updates
Total Revenue Growth and Raised Guidance
Q1 2026 total net product sales were $51.7M, up 3% year-over-year (Q1 2025: $50.0M). Vanda raised full-year 2026 revenue guidance to $240M–$290M (midpoint $265M), implying ~23% revenue growth vs full-year 2025.
Negative Updates
Widening Net Loss and Higher Operating Expenses
Q1 2026 net loss was $48.6M vs net loss $29.5M in Q1 2025. Operating expenses increased to $101.9M in Q1 2026 from $91.1M in Q1 2025 (+$10.8M), driven by higher SG&A (commercial spend, launch preparation) and higher legal costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth and Raised Guidance
Q1 2026 total net product sales were $51.7M, up 3% year-over-year (Q1 2025: $50.0M). Vanda raised full-year 2026 revenue guidance to $240M–$290M (midpoint $265M), implying ~23% revenue growth vs full-year 2025.
Read all positive updates
Company Guidance
Vanda raised full‑year 2026 total revenue guidance to $240–$290 million (vs. prior $230–$260M), explicitly including $10–$30 million from newly launched Nirius; the $265M midpoint implies roughly 23% revenue growth versus full‑year 2025. Fanapt guidance was reiterated at $150–$170 million (midpoint implies ~36% Fanapt growth vs. 2025), other net product sales were guided to $80–$90 million, and the company said these ranges assume consistent gross‑to‑net dynamics year‑over‑year. For Fanapt, the bottom end of the range assumes high single‑digit to low‑double‑digit sequential quarterly TRx growth for the remainder of 2026, while the top end assumes mid‑teens to high‑teens sequential TRx growth; Vanda did not provide 2026 cash guidance and cautioned 2026 cash burn will likely exceed 2025.Vanda Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.78M | 216.10M | 198.77M | 192.64M | 254.38M | 268.68M |
| Gross Profit | 201.36M | 203.06M | 187.46M | 177.84M | 230.10M | 243.05M |
| EBITDA | -136.24M | -126.73M | -14.79M | 9.35M | 14.03M | 45.20M |
| Net Income | -239.55M | -220.47M | -18.90M | 2.51M | 6.28M | 33.15M |
Balance Sheet | ||||||
| Total Assets | 433.52M | 488.95M | 656.20M | 648.44M | 634.25M | 593.79M |
| Cash, Cash Equivalents and Short-Term Investments | 202.31M | 263.85M | 374.64M | 388.26M | 466.86M | 432.81M |
| Total Debt | 13.07M | 12.62M | 12.36M | 9.40M | 11.14M | 12.37M |
| Total Liabilities | 152.76M | 161.76M | 117.66M | 103.53M | 107.05M | 88.86M |
| Stockholders Equity | 280.76M | 327.19M | 538.55M | 544.91M | 527.20M | 504.93M |
Cash Flow | ||||||
| Free Cash Flow | -127.30M | -110.44M | -16.25M | 12.42M | 31.30M | 63.66M |
| Operating Cash Flow | -126.51M | -109.44M | -15.76M | 12.80M | 31.98M | 64.21M |
| Investing Cash Flow | 71.19M | 94.86M | -17.43M | -12.06M | 49.92M | -76.70M |
| Financing Cash Flow | -2.36M | -2.91M | -155.00K | 0.00 | 734.00K | 3.55M |
Vanda Technical Analysis
Negative
7.27
Price Trends
6.54
Negative
7.09
Negative
6.39
Negative
Market Momentum
-0.20
Positive
39.67
Neutral
31.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VNDA, the sentiment is Negative. The current price of 7.27 is above the 20-day moving average (MA) of 6.12, above the 50-day MA of 6.54, and above the 200-day MA of 6.39, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 39.67 is Neutral, neither overbought nor oversold. The STOCH value of 31.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VNDA.
Vanda Risk Analysis
Vanda disclosed 60 risk factors in its most recent earnings report. Vanda reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vanda Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | $744.02M | 8.58 | -54.39% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $348.79M | ― | -61.41% | ― | 8.16% | -434.76% | |
46 Neutral | $49.39M | -1.39 | -81.25% | ― | ― | 28.17% | |
44 Neutral | $118.23M | -4.32 | -57.34% | ― | ― | 53.00% | |
44 Neutral | $412.81M | -2.42 | -677.38% | ― | 7.97% | 59.82% | |
44 Neutral | $194.29M | -1.54 | -295.17% | ― | -79.15% | 5.68% |
* Healthcare Sector Average
VNDA
Vanda
5.80
1.33
29.75%
OMER
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10.28
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222.26%
ALDX
Aldeyra Therapeutics
1.96
-1.13
-36.47%
EDIT
Editas Medicine
2.69
0.59
28.10%
MREO
Mereo Biopharma Group Plc
0.31
-2.43
-88.72%
ALEC
Alector
1.75
0.38
27.27%
Vanda Corporate Events
Executive/Board ChangesShareholder Meetings
Vanda Shareholders Approve Directors, Auditor and Compensation Plans
Positive
Jun 5, 2026
At its annual meeting of stockholders held on June 4, 2026, Vanda Pharmaceuticals Inc. shareholders voted on four key governance and compensation proposals, including the election of three Class II directors to serve until the 2029 annual meeting....
Business Operations and StrategyExecutive/Board Changes
Vanda Pharmaceuticals Adds Independent Director to Strengthen Board
Positive
Apr 22, 2026
On April 22, 2026, Vanda Pharmaceuticals Inc. expanded its Board of Directors from six to seven members and appointed Charles C. Duncan, Ph.D., as an independent Class II director, with his initial term running until the 2026 annual shareholders&#...
Executive/Board Changes
Vanda Announces Resignation of Senior Legal Executive
Neutral
Apr 2, 2026
On March 29, 2026, Vanda Pharmaceuticals Inc. announced that Timothy Williams resigned from his role as Senior Vice President, General Counsel and Secretary. His resignation, effective April 10, 2026, marks a change in the company’s executiv...
Business Operations and StrategyProduct-Related Announcements
Vanda Advances NEREUS Launch With Direct-to-Consumer Strategy
Positive
Mar 11, 2026
On March 10, 2026, Vanda Pharmaceuticals CEO Mihael Polymeropoulos appeared on Fox Business to discuss the company’s pricing and commercial strategy for NEREUSTM, its newly U.S. FDA-approved treatment for preventing vomiting caused by motion...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.