Vanda (VM4) Q3 2026 Earnings Report
CH:VM4 Q3 2026 EPS Results
- Actual EPS
- -CHF 0.31
- Consensus EPS
- -CHF 0.56
- Beat/Miss
- Beat by +CHF 0.26
- One Year Ago EPS
- -CHF 0.31
CH:VM4 Q3 2026 Revenue Results
- Actual Revenue
- CHF 57.58M
- Expected Revenue
- CHF 57.08M
- Beat/Miss
- Beat by +CHF 505.61K
- YoY Revenue Growth
- +24.10%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
CH:VM4 Upcoming Earnings
Vanda's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
CH:VM4 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by 24% third-quarter revenue growth, strong Fanapt prescription trends, positive NEREUS and HETLIOZ clinical results, the expected BYSANTI launch, the Quimilza regulatory milestone, and declining quarterly operating expenses. These positives were partly offset by a larger year-to-date net loss, a substantial cash balance decline, expected higher 2026 cash burn, continued generic pressure on HETLIOZ, constrained early NEREUS revenue, and ongoing regulatory proceedings.
Company Guidance
Vanda updated its full year 2026 total revenue guidance, expecting total revenues from Fanapt, BYSANTI, HETLIOZ, PONVORY, and NEREUS of greater than $240 million; NEREUS revenue is likely to be less than $10 million for the full year of 2026, while NEREUS total prescriptions and unique prescribers in Q3 2026 increased by over 100% versus Q2 2026. Vanda is not providing 2026 cash guidance at this time, but it is likely that Vanda's 2026 cash burn will be greater than the cash burn in 2025. Operating expenses decreased by 18% to $93.3 million from $114.3 million in Q2 of 2026 and are expected to decrease further in future quarterly periods. BYSANTI is expected to launch in the fourth quarter of 2026, Quimilza could be ready with commercial product a few months after December, with the goal of being on the market in the first half of 2027, and the BYSANTI MDD study is expected to complete in the first half of 2027.
- Third-Quarter Revenue GrowthTotal revenues were $69.8 million in the third quarter of 2026, increasing 24% compared to $56.3 million in the third quarter of 2025 and 38% compared to $50.5 million in the second quarter of 2026. The increases were primarily due to higher HETLIOZ revenue from the timing of specialty pharmacy purchases and customer shipments, along with Fanapt growth from the bipolar I commercial launch.
- Fanapt Continues Strong Commercial MomentumFanapt net product sales were $38.8 million in the third quarter of 2026, up 24% year-over-year and 8% sequentially, primarily due to increased volume. Total prescriptions increased 25% year-over-year and 6% sequentially, while new-to-brand prescriptions increased 18% year-over-year. Weekly Fanapt prescriptions reached an 11-year high of nearly 2,800 for the week ending September 25, 2026.
- Fanapt Expansion Since Bipolar ApprovalSince commercial expansion following approval for bipolar I disorder, Fanapt total prescriptions increased 72% and new-to-brand prescriptions increased 306% compared to the second quarter of 2024. The company said Fanapt was one of the fastest-growing branded atypical antipsychotics throughout 2025 and into the third quarter of 2026.
- Expanded Fanapt Commercial ReachVanda's Fanapt sales force expanded to approximately 300 representatives in the second half of 2025. Face-to-face calls in the first nine months of 2026 were 35% higher than in the first nine months of 2025, increasing reach and frequency with prescribers.
- BYSANTI Approval and Planned LaunchBYSANTI received FDA approval for bipolar I disorder and schizophrenia in the first quarter of 2026 and is expected to launch in the fourth quarter of 2026, potentially before the end of the quarter. BYSANTI has data exclusivity through February 20, 2031, and multiple patents, with the latest expiring May 31, 2044.
- BYSANTI Commercial Economics and Pipeline OpportunityManagement expects BYSANTI's gross-to-net economics to be more favorable than Fanapt's, with Fanapt's gross-to-net in the neighborhood of about 50% and BYSANTI expected to be in the mid-30s. The company expects to emphasize both products during the runway before Fanapt's loss of exclusivity toward the end of 2027, with initial measurable switching potentially beginning three to four months after BYSANTI's launch.
- NEREUS Commercial GrowthNEREUS net product sales were $1.6 million in the third quarter of 2026, up 60% from $1.0 million in the second quarter. NEREUS launched commercially in the U.S. in May 2026 through a direct-to-consumer web portal, and sales-force promotion began in the third quarter. Total prescriptions and unique prescribers increased by over 100% in the third quarter compared with the second quarter.
- NEREUS Early Market EngagementManagement reported that NEREUS is beginning to generate refills, although numbers remain small early in the launch. The company also said patient feedback through nereus.us has been enthusiastic, and early signs in both the direct-to-consumer and retail channels are encouraging. Early payer coverage is also being observed in the retail channel.
- Positive NEREUS GLP-1 Phase III ResultsVanda announced positive phase III results for NEREUS in the prevention of vomiting associated with GLP-1 receptor agonist therapy and plans to discuss the results with the FDA and submit a supplemental NDA. In patients with more than 10 vomiting episodes in the week following semaglutide injection, risk reduction was 80%; rates were 81% in phase III and 83% in phase II. The primary endpoint and a key secondary endpoint also succeeded.
- Potential NEREUS GLP-1 Use CaseManagement said the planned GLP-1 use of NEREUS would be short-term and preventive, beginning a few days before initiation, restarting, or dose escalation and continuing for several days afterward rather than being chronic. The company stated that most vomiting episodes occurred on days one and two after injection and that pharmacokinetic/pharmacodynamic modeling supported a significant relative risk reduction at lower semaglutide exposures.
- Positive HETLIOZ Phase III Results in DSWPDVanda announced positive top-line results from the pivotal phase III study of HETLIOZ in adults with delayed sleep-wake phase disorder. The company plans to discuss the data with the FDA and submit a supplemental NDA; if approved, HETLIOZ would be the first FDA-approved medicine indicated for this condition.
- Quimilza FDA Review and Launch PreparationThe Quimilza biologics license application for generalized pustular psoriasis is under FDA review with a PDUFA target action date of December 12, 2026. Vanda is manufacturing commercial supplies and stated that its goal is to be on the market in the first half of 2027 if approval is timely. Management described the clinical data as showing reduction of acute flares and prevention of additional flares.
- MDD Development ProgressThe phase III BYSANTI study as a once-daily adjunctive treatment for major depressive disorder is ongoing, with results expected in the first half of 2027. The study is enrolling at 54 sites in the U.S. and Europe and had enrolled 55% of its 500-patient target; management also stated that more than 50% of the study was enrolled and expected enrollment completion in the first half of 2027.
- Operating Expense ReductionThird-quarter operating expenses were $93.3 million, down 18% from $114.3 million in the second quarter of 2026. The $21 million sequential decrease was primarily driven by lower R&D expenses related to VQW-765, NEREUS, Fanapt, and other development programs, along with lower SG&A and legal expenses. Vanda expects operating expenses to decrease further as remaining phase III and launch-preparation activities conclude.
- Updated Revenue Objective and Broad Product PortfolioVanda updated its 2026 total revenue objective to greater than $240 million from Fanapt, BYSANTI, HETLIOZ, PONVORY, and NEREUS. Management stated that the company could have six approved products by the end of 2026, including Quimilza if approved.
- PONVORY Revenue GrowthPONVORY net product sales were $21.9 million in the first nine months of 2026, up 11% from $19.8 million in the same period of 2025. Third-quarter sales were $7.7 million, up 10% year-over-year, with specialty distributor and specialty pharmacy inventory levels in normal ranges.
CH:VM4 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | -0.31- | -1.97 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | -0.56-0.31 | -0.31 | 2.63% (+0.01) | |
| Aug 05, 2026 | 2026 (Q2) | -0.48-0.86 | -0.38 | -126.09% (-0.48) | |
| May 06, 2026 | 2026 (Q1) | -0.57-0.68 | -0.41 | -64.00% (-0.26) | |
| Feb 11, 2026 | 2025 (Q4) | -0.80-1.97 | -0.07 | -2887.50% (-1.91) | |
| Oct 29, 2025 | 2025 (Q3) | -0.36-0.31 | -0.07 | -322.22% (-0.24) | |
| Jul 31, 2025 | 2025 (Q2) | -0.29-0.38 | -0.07 | -475.00% (-0.31) | |
| May 07, 2025 | 2025 (Q1) | -0.47-0.41 | -0.06 | -614.29% (-0.35) | |
| Feb 13, 2025 | 2024 (Q4) | -0.09-0.07 | -0.03 | -100.00% (-0.03) | |
| Nov 06, 2024 | 2024 (Q3) | -0.13-0.07 | 0 | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed