Vanda Pharmaceuticals Inc. reported a total revenue of $51.7 million for the first quarter of 2026, marking a 3% increase from $50.0 million in the same period of the previous year. The growth was primarily driven by a 26% increase in net product sales of Fanapt®, which reached $29.6 million, up from $23.5 million. However, sales of HETLIOZ® experienced a significant decline of 24%, falling to $15.9 million from $20.9 million, attributed to increased generic competition and elevated inventory levels at specialty pharmacies. PONVORY® also saw a modest increase in sales, rising 10% to $6.2 million.
Operating expenses for the quarter totaled $101.9 million, an increase of 12% compared to $91.1 million in the prior year. This rise was largely due to a 36% increase in selling, general, and administrative expenses, which reached $68.4 million, reflecting heightened commercialization efforts for Fanapt® and PONVORY®. Research and development expenses decreased by 20% to $28.4 million, primarily due to reduced spending on the imsidolimab program. The company reported a net loss of $48.6 million, compared to a loss of $29.5 million in the first quarter of 2025, resulting in a net loss per share of $0.82.
In terms of strategic developments, Vanda received FDA approval for BYSANTITM, which is now positioned for the treatment of bipolar I disorder and schizophrenia. The company is also preparing for the commercial launch of NEREUSTM, which became available on May 1, 2026, aimed at preventing vomiting induced by motion. The ongoing clinical studies for various products, including BYSANTITM and VQW-765, are expected to yield results in 2026 and early 2027.
As of March 31, 2026, Vanda's total cash, cash equivalents, and marketable securities amounted to $202.3 million, down from $263.8 million at the end of 2025. The decrease was primarily due to cash used in operating activities, which totaled $50.2 million for the quarter. The company anticipates that its current liquidity will be sufficient to support operations for at least the next 12 months, contingent on successful commercialization of its products and ongoing clinical development efforts. Vanda may seek additional capital through various financing arrangements to support its future activities.
About Vanda Pharmaceuticals Inc.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for high unmet medical needs. Its portfolio includes drugs for schizophrenia, bipolar disorder, sleep disorders, multiple sclerosis, and rare autoinflammatory diseases. The company leverages genetics and genomics in drug discovery, partners strategically, and advances products through clinical trials and regulatory approval to serve global markets.
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