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Dec 31, 2025
Vanda Q4 2025 Earnings Report
Vanda reported fourth quarter 2025 results with higher product sales and a net loss driven by a one-time non-cash tax charge.
Key Takeaways
Vanda generated $57.2 million in total revenues in Q4 2025, up 8% year-over-year, driven by 25% growth in Fanapt sales. The company reported a net loss of $141.2 million, primarily due to a $113.7 million one-time non-cash tax charge.
Total Q4 2025 revenues increased 8% year-over-year to $57.2 million.
Fanapt net product sales grew 25% to $33.2 million in the quarter.
Net loss was $141.2 million, impacted by a $113.7 million non-cash tax charge.
Cash, cash equivalents and marketable securities totaled $263.8 million at quarter-end.
Revenue by Segment
Forward Guidance
For full year 2026, Vanda expects total revenues from currently commercialized products between $230 million and $260 million.
Positive Outlook
- Full year 2026 total revenue guidance of $230 to $260 million.
- Fanapt net product sales expected between $150 and $170 million.
- Other net product sales expected between $80 and $90 million.
- NEREUS commercial launch planned.
- Potential approvals of Bysanti and imsidolimab could contribute to growth.
Challenges Ahead
- 2026 guidance limited to currently commercialized products only.
- Regulatory decisions pending for Bysanti.
- Imsidolimab approval remains uncertain.
- HETLIOZ jet lag sNDA not approved in current form.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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