Vanda Pharmaceuticals Reports Q2 2025 Revenue of $52.6M, Net Loss of $27.2M

Vanda Pharmaceuticals Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $52.6 million, a 4% increase from $50.5 million in the same period last year. The company's net product sales were driven primarily by a 27% increase in sales of Fanapt®, which reached $29.3 million, compared to $23.2 million in the prior year. However, sales of HETLIOZ® and PONVORY® saw declines, with HETLIOZ® sales dropping 13% to $16.2 million and PONVORY® sales decreasing 18% to $7.1 million. The overall net loss for the quarter was $27.2 million, significantly higher than the $4.5 million loss reported in the same quarter of 2024.

In the first half of 2025, Vanda's total revenues increased by 5% to $102.6 million, compared to $97.9 million in the first half of 2024. The increase was largely attributed to the strong performance of Fanapt®, which saw a 21% rise in sales to $52.8 million. Conversely, HETLIOZ® and PONVORY® experienced declines in sales, with HETLIOZ® down 4% and PONVORY® down 18%. The company's net loss for the six months ended June 30, 2025, was $56.7 million, compared to a loss of $8.7 million in the same period last year.

Vanda's operational developments included a direct-to-consumer campaign that began in early 2025, aimed at increasing brand awareness for Fanapt® and PONVORY®. The company is also advancing its product pipeline, with the New Drug Application (NDA) for Bysanti™ under review by the FDA, and a target action date set for February 21, 2026. Additionally, the NDA for Tradipitant for motion sickness is under review, with a target action date of December 30, 2025.

The company reported a significant increase in research and development expenses, which rose by 32% to $22.0 million in the second quarter, primarily due to costs associated with its development programs for Fanapt®, Bysanti™, and HETLIOZ®. Selling, general, and administrative expenses also surged by 64% to $64.6 million, reflecting increased spending on commercial activities related to the launches of Fanapt® and PONVORY®. As of June 30, 2025, Vanda's cash and cash equivalents totaled $81.0 million, down from $102.3 million at the end of 2024, while marketable securities decreased to $244.6 million from $272.3 million.

Looking ahead, Vanda anticipates fluctuations in its financial performance due to various factors, including the ongoing commercialization of its products, the impact of the Medicare Part D benefit redesign, and the progress of its research and development efforts. The company believes its current cash reserves will be sufficient to support operations for at least the next 12 months, although it may seek additional capital to finance future activities.