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MARKETS / NASDAQ / VNDA
NASDAQ · PHARMACEUTICAL PREPARATIONS · MID CAP

Vanda Pharmaceuticals Inc. VNDA

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$216.1M
▲ 8.7% YoY
$-220.5M
$-110.4M
In brief

What this company does

Vanda Pharmaceuticals Inc.'s commercial portfolio is comprised of four products: Fanapt for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ for the treatment of Non-24-Hour Sleep-Wake Disorder and for nighttime sleep disturbances in Smith-Magenis syndrome, PONVORY for the treatment of relapsing forms of multiple sclerosis, and NEREUS for the prevention of vomiting induced by motion. The company's revenues are generated from product sales concentrated in a limited number of specialty pharmacies, specialty distributors and wholesalers, and four major customers each accounted for more than 10% of total revenues for 2025, together representing 76% of total revenues for the year ended December 31, 2025. The company had 533 full-time employees as of December 31, 2025, compared with 368 employees as of December 31, 2024. Vanda Pharmaceuticals Inc. was incorporated in Delaware in 2002 and maintains its principal executive offices in Washington, D.C.

Written from the business description in Vanda Pharmaceuticals Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth
USD 216.1M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 216.1 · Net income -220.5
100M200M-80M-160M200920112013201520172019202120232025
Compound annual growth
−5.3%
−2.7%
+7.0%
+12.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −2.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−102 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -70.0% · Net -102.0%
-200%-400%-600%200920112013201520172019202120232025
ROE
FY2025 · ROE -50.9%
10%20%30%-50%-100%-150%200920112013201520172019202120232025

Each USD of equity lost 51 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -110.4
25.0M50.0M-40.0M-80.0M200920112013201520172019202120232025

Total assetsUSD 488.9M
EquityUSD 327.2M
CashUSD 84.9M
Current ratio2.39×

Equity funds 67% of total assets.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.20.20.20.30.30.20.20.20.20.10.10.10.00.00.00.00.0
Operating income $B−0.2−0.0−0.00.00.00.00.00.0−0.0−0.0−0.00.0−0.0−0.0−0.00.0−0.0
EBITDA $B−0.2−0.0−0.00.00.00.00.00.0−0.0−0.0−0.00.0−0.0−0.0−0.00.0−0.0
Income tax $B0.1−0.00.00.00.00.0−0.10.00.00.00.00.00.0·−0.00.0·
Net income $B−0.2−0.00.00.00.00.00.10.0−0.0−0.0−0.00.0−0.0−0.0−0.00.0−0.0
Free cash flow $B−0.1−0.00.00.00.10.00.00.0−0.0−0.00.0−0.1−0.0−0.0−0.0··
EPS, diluted $−3.74−0.330.040.110.580.422.110.48−0.35−0.41−0.940.55−0.69−1.01−0.350.25−1.33
Dividend / sh $·················
Payout %·················
ROE %−50.9−3.50.51.26.95.433.712.4−11.9−13.6−27.119.7−77.9−131.9−27.523.7−155.7
Shares out B0.060.060.060.060.060.050.050.050.040.040.040.040.030.030.030.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 16 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2009

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