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Vanda
(NASDAQ:VNDA)
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Rating:45Neutral
Price Target:
$5.00
▼(-8.09% Downside)
Action:Reiterated
Date:08/06/26
VNDA’s score is held down primarily by weak financial performance (large losses, sharp TTM revenue drop, and ongoing cash burn) and bearish technicals (below key moving averages with negative MACD). These are partially offset by a low-debt balance sheet and a mixed-to-constructive earnings call backdrop featuring reiterated 2026 revenue guidance and multiple upcoming commercial/regulatory catalysts, though near-term execution and cash-burn risks remain elevated.
Positive Factors
Low leverage balance sheet
Vanda's minimal debt and low leverage provide durable financial flexibility, reducing refinancing and solvency risk. This structural strength supports funding of launches and late‑stage trials from existing resources or modest capital markets access, lengthening runway versus highly levered peers.
Negative Factors
Rising cash burn and shrinking cash balance
Rapid cash depletion and higher projected 2026 burn create a persistent financing overhang. If launches, trial readouts or near‑term revenues underperform, the company may need to raise capital or cut spending, increasing dilution risk and constraining long‑term R&D and commercial investments essential to growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage balance sheet
Vanda's minimal debt and low leverage provide durable financial flexibility, reducing refinancing and solvency risk. This structural strength supports funding of launches and late‑stage trials from existing resources or modest capital markets access, lengthening runway versus highly levered peers.
Read all positive factors
Vanda (VNDA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$322.27M
Dividend YieldN/A
Average Volume (3M)881.91K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth6.02%
EPS Growth-305.54%
CountryUS
Employees533
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.63
Shares Outstanding60,462,690
10 Day Avg. Volume910,563
30 Day Avg. Volume881,909
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.59
Price to Sales (P/S)2.41
P/FCF Ratio-4.71
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$14.33Price Target Upside163.48% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-2.76
Revenue Forecast (FY)$253.47M
Vanda Business Overview & Revenue Model
Company Description
Vanda Pharmaceuticals Inc. is a biopharmaceutical company dedicated to developing and commercializing therapeutic solutions that address critical unmet medical needs. The company currently offers two approved treatments: HETLIOZ, prescribed for no...
How the Company Makes Money
Vanda primarily makes money by selling its branded prescription drugs. Revenue is generated from product sales to wholesale distributors and other customers (e.g., specialty pharmacies), with net product revenue reflecting customary industry deduc...
Vanda Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: multiple commercial and regulatory positives (strong Fanapt momentum, BYSANTI approval, NEREUS launch, imsidolimab BLA under review, several near-term phase 3 readouts, and reiterated 2026 revenue guidance implying growth) balanced against significant near-term financial pressures (larger net losses, sharply lower HETLIOZ sales due to generics, constrained NEREUS revenue recognition, increased operating expenses and reduced cash vs year-end 2025). Management expects operating expense moderation later in 2026 and into 2027 and believes existing resources plus anticipated revenues will fund operations through at least end of 2027, but execution risk on launches, trial readouts and revenue realization remain key uncertainties.Positive Updates
Fanapt strong commercial momentum
Fanapt TRx (total prescriptions) increased 31% in Q2 2026 vs Q2 2025 and 11% sequentially vs Q1 2026; NBRx (new-to-brand prescriptions) increased 32% YoY in Q2 2026. Fanapt net product sales were $65.5M for the first half of 2026, a 24% increase vs H1 2025; Q2 Fanapt sales were $36.0M (up 23% YoY and up 22% sequentially). Since the bipolar I commercial expansion (vs Q2 2024), Fanapt TRx is up 62% and NBRx up 300%.
Negative Updates
Large net losses and increased operating expenses
Vanda recorded a net loss of $111.1M for H1 2026 vs a net loss of $56.7M in H1 2025. Q2 2026 net loss was $62.5M vs $27.2M in Q2 2025. Operating expenses were $216.3M for H1 2026 vs $182.8M in H1 2025 (increase of $34.1M), and Q2 2026 operating expenses were $114.3M vs $91.1M in Q2 2025 (increase of $23.2M).
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Q2-2026 Updates
Positive
Negative
Fanapt strong commercial momentum
Fanapt TRx (total prescriptions) increased 31% in Q2 2026 vs Q2 2025 and 11% sequentially vs Q1 2026; NBRx (new-to-brand prescriptions) increased 32% YoY in Q2 2026. Fanapt net product sales were $65.5M for the first half of 2026, a 24% increase vs H1 2025; Q2 Fanapt sales were $36.0M (up 23% YoY and up 22% sequentially). Since the bipolar I commercial expansion (vs Q2 2024), Fanapt TRx is up 62% and NBRx up 300%.
Read all positive updates
Company Guidance
Vanda reiterated full‑year 2026 revenue guidance of $240–$290M (midpoint $265M, ~23% vs FY2025), with Fanapt + BYSANTI net product sales pegged at $150–$170M (midpoint implying ~36% combined growth vs 2025 Fanapt revenue), other net product sales $80–$90M, and NEREUS sales $10–$30M; BYSANTI is expected to launch in H2 2026, the Imsidolimab BLA has a PDUFA date of December 12, 2026, the company reported $170M cash as of June 30, 2026, said 2026 cash burn will likely exceed 2025 (no formal 2026 cash guidance) but expects current resources to fund operations through at least the end of 2027, and anticipates operating expenses to begin moderating late 2026 and more substantially in 2027.Vanda Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 215.72M | 216.10M | 198.77M | 192.64M | 254.38M | 268.68M |
| Gross Profit | 200.23M | 203.06M | 187.46M | 177.84M | 230.10M | 243.05M |
| EBITDA | -166.62M | -126.73M | -14.79M | 9.35M | 14.03M | 45.20M |
| Net Income | -274.85M | -220.47M | -18.90M | 2.51M | 6.28M | 33.15M |
Balance Sheet | ||||||
| Total Assets | 412.47M | 488.95M | 656.20M | 648.44M | 634.25M | 593.79M |
| Cash, Cash Equivalents and Short-Term Investments | 170.03M | 263.85M | 374.64M | 388.26M | 466.86M | 432.81M |
| Total Debt | 22.83M | 12.62M | 12.36M | 9.40M | 11.14M | 12.37M |
| Total Liabilities | 192.28M | 161.76M | 117.66M | 103.53M | 107.05M | 88.86M |
| Stockholders Equity | 220.19M | 327.19M | 538.55M | 544.91M | 527.20M | 504.93M |
Cash Flow | ||||||
| Free Cash Flow | -193.44M | -110.44M | -16.25M | 12.42M | 31.30M | 63.66M |
| Operating Cash Flow | -192.55M | -109.44M | -15.76M | 12.80M | 31.98M | 64.21M |
| Investing Cash Flow | 140.51M | 94.86M | -17.43M | -12.06M | 49.92M | -76.70M |
| Financing Cash Flow | -3.56M | -2.91M | -155.00K | 0.00 | 734.00K | 3.55M |
Vanda Technical Analysis
Neutral
5.44
Price Trends
5.59
Negative
6.12
Negative
6.54
Negative
Market Momentum
-0.04
Negative
52.41
Neutral
65.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VNDA, the sentiment is Neutral. The current price of 5.44 is above the 20-day moving average (MA) of 5.21, below the 50-day MA of 5.59, and below the 200-day MA of 6.54, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 52.41 is Neutral, neither overbought nor oversold. The STOCH value of 65.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VNDA.
Vanda Risk Analysis
Vanda disclosed 61 risk factors in its most recent earnings report. Vanda reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vanda Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.40B | 10.12 | -109.40% | ― | ― | ― | |
46 Neutral | $46.21M | -1.59 | -74.79% | ― | -100.00% | 44.94% | |
46 Neutral | $256.81M | -2.09 | -531.04% | ― | -82.91% | 6.27% | |
45 Neutral | $322.27M | -1.15 | -84.95% | ― | 6.02% | -305.54% | |
45 Neutral | $91.70M | -3.93 | -53.14% | ― | ― | 54.84% | |
43 Neutral | $460.74M | -4.01 | -196.63% | ― | 20.83% | 73.89% |
* Healthcare Sector Average
VNDA
Vanda
5.35
0.73
15.80%
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ALDX
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EDIT
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3.18
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MREO
Mereo Biopharma Group Plc
0.28
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ALEC
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2.46
0.06
2.50%
Vanda Corporate Events
Executive/Board ChangesShareholder Meetings
Vanda Shareholders Approve Directors, Auditor and Compensation Plans
Positive
Jun 5, 2026
At its annual meeting of stockholders held on June 4, 2026, Vanda Pharmaceuticals Inc. shareholders voted on four key governance and compensation proposals, including the election of three Class II directors to serve until the 2029 annual meeting....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.