Vanda Pharmaceuticals (VNDA) Q3 2026 Earnings Call: Revenue Up 24%, Expenses Decline
Source Tradingkey
Key Takeaways
- Q3 2026 revenue rose 24% year over year and 38% sequentially to $69.8 million, driven by Fanapt growth and higher HETLIOZ revenue associated with shipment and customer purchasing timing.
- Fanapt sales increased 24% year over year to $38.8 million. Total prescriptions rose 25%, while new-to-brand prescriptions increased 18%.
- Operating expenses declined 18% sequentially to $93.3 million as several Phase III, manufacturing and launch-preparation activities began to conclude.
- Vanda Pharmaceuticals narrowed its quarterly net loss to $22.6 million from $62.5 million in Q2 2026, reflecting both higher revenue and a $21 million sequential reduction in operating expenses.
- Management updated full-year 2026 revenue guidance to more than $240 million. NEREUS revenue is expected to remain below $10 million for the year due to the early-stage launch trajectory.
- Near-term milestones include the Q4 2026 launch of BYSANTI and the December 12, 2026 PDUFA target date for Quimilza. If approved, management aims to launch Quimilza in the first half of 2027.
Key Financial Results
| Metric | Q3 2026 | Change | Commentary |
|---|---|---|---|
| Total revenue | $69.8 million | +24% YoY; +38% QoQ | Growth in Fanapt and timing-related strength in HETLIOZ |
| Fanapt sales | $38.8 million | +24% YoY; +8% QoQ | Higher prescription volume |
| HETLIOZ sales | $21.7 million | +21% YoY; +289% QoQ | Included about $7 million of orders shipped June 29 and delivered July 1 |
| PONVORY sales | $7.7 million | +10% YoY; -2% QoQ | Inventory remained within normal ranges |
| NEREUS sales | $1.6 million | +60% QoQ | Sales-force promotion began during Q3 |
| Net loss | $22.6 million | Flat YoY; improved from $62.5 million in Q2 | Revenue increased by $19.3 million sequentially while expenses fell by $21 million |
| Operating expenses | $93.3 million | +$5.8 million YoY; -$21 million QoQ | Lower R&D, commercial and legal spending versus Q2 |
| Cash, cash equivalents and marketable securities | $140.5 million | Down $29.5 million QoQ | Also down $123.4 million from December 31, 2025 |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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