EarningsQ2 2026 Earnings Report
DE:VM4 Q2 2026 EPS Results
Actual EPS-€0.93
Consensus EPS-€0.52
Beat/MissMissed by -€0.41
One Year Ago EPS-€0.41
DE:VM4 Q2 2026 Revenue Results
Actual Revenue€44.99M
Expected Revenue€55.14M
Beat/MissMissed by -€10.15M
YoY Revenue Growth-3.92%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
DE:VM4 Upcoming Earnings
Vanda's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:VM4 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
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.Company Guidance
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%.
BYSANTI approval and protected exclusivity
BYSANTI received FDA approval for bipolar I disorder and schizophrenia in Q1 2026 and is expected to launch in H2 2026. BYSANTI has data exclusivity through Feb 20, 2031 and patent protection with the latest patent expiring May 31, 2044.
NEREUS commercial launch and multi-channel rollout
NEREUS launched in the U.S. in May 2026 with a direct-to-consumer portal (nereus.us) and wholesaler distribution. Wholesalers initially stocked $15.2M in Q2 2026; constrained revenue of $12.6M was recorded due to return/patient-demand uncertainty and $1M of NEREUS net product sales were recognized in H1 2026. Personal promotion using the salesforce is expected to begin later in 2026.
Imsidolimab regulatory progress and strong clinical publication
The BLA for imsidolimab in generalized pustular psoriasis is under FDA review with a PDUFA target action date of Dec 12, 2026. The pivotal clinical study was published in the New England Journal of Medicine (Apr 28, 2026). Orphan designations/positive orphan opinion were granted in Japan and recommended by EMA committee.
Pipeline readouts and development milestones expected soon
Multiple late-stage readouts expected in 2026 or early 2027 including: NEREUS phase 3 for GLP-1–induced vomiting (results expected 2026), VQW-765 phase 3 in social anxiety disorder (2026), HETLIOZ phase 3 for DSPD (2026), and BYSANTI adjunctive MDD phase 3 (H1 2027). Additionally, VCA-894A received rare pediatric disease designation.
Reiterated 2026 revenue guidance implying meaningful growth
Company reiterated full-year 2026 product revenue guidance of $240M–$290M (midpoint $265M), implying ~23% growth vs full-year 2025. Fanapt + BYSANTI guidance of $150M–$170M (midpoint implies ~36% combined growth vs 2025 Fanapt). NEREUS guidance range of $10M–$30M for 2026.
Expectation of moderating operating expenses and cash runway
Management expects operating expenses to begin moderating later in 2026 and more substantially in 2027 as phase 3 work and launch preparations conclude. Cash, cash equivalents and marketable securities were $170M as of June 30, 2026, and management expects resources to fund operations through at least the end of 2027 assuming anticipated revenues.
DE:VM4 Earnings History
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