Vanda Pharmaceuticals Inc. reported full‑year 2025 net product sales of $117.3 million for its flagship antipsychotic Fanapt, while total revenue for the year reached $216.1 million. The company posted a net loss of $220.5 million, largely attributable to a one‑time valuation allowance against deferred tax assets.
In comparison, Vanda’s 2024 full‑year revenue was $198.8 million and the net loss was $18.9 million. Q4 2024 revenue was $53.2 million with a net loss of $4.9 million, and operating expenses in 2025 rose by $127.8 million versus 2024, reflecting increased SG&A and R&D spend tied to commercial launches.
Segment‑level data show Fanapt sales at $117.3 million, HETLIOZ sales at $71.4 million—a 7% decline year‑over‑year—and PONVORY sales at $27.4 million, down 2% YoY. The drop in HETLIOZ reflects generic competition, while Fanapt’s growth is driven by a 28% rise in total prescriptions and a 149% surge in new‑to‑brand prescriptions.
Dr. Mihael H. Polymeropoulos, Vanda’s President, CEO and Chairman, said, “2025 showed strong momentum at Vanda, led by Fanapt, with net product sales up 24% to $117.3 million, driven by a 28% rise in total prescriptions and 149% surge in new‑to‑brand prescriptions.” He added, “The FDA approval of NEREUS (tradipitant) is a landmark – the first new oral therapy for motion‑induced vomiting prevention in over 40 years.” He also noted, “We submitted the imsidolimab BLA in Q4 2025 for generalized pustular psoriasis, and with our current franchise we expect 2026 total revenues of $230 to $260 million from these marketed products alone.”
For 2026, Vanda guided total revenue of $230 million to $260 million, with Fanapt projected to generate $150 million to $170 million and other products $80 million to $90 million. The guidance is below market consensus, signaling a cautious outlook amid higher operating costs and a need to manage cash burn.
Investors reacted with mixed sentiment. Concerns over the lower 2026 guidance and the sizable net loss tempered enthusiasm, while the strong Fanapt growth, FDA approval of NEREUS, and the upcoming Bysanti PDUFA date provided tailwinds that mitigated some of the negative perception.
The net loss was driven by the one‑time tax charge and a sharp rise in operating expenses, which compressed margins. Despite this, Fanapt’s robust prescription growth offsets the decline in HETLIOZ sales caused by generic competition. The company’s pipeline progress—NEREUS launch, Bysanti PDUFA, and imsidolimab BLA—offers potential upside, but the current financial profile underscores the need for disciplined cost management and successful commercialization of new products.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.