EarningsQ3 2026 Earnings Report
DE:VM4 Q3 2026 EPS Results
Actual EPS-€0.33
Consensus EPS-€0.61
Beat/MissBeat by +€0.28
One Year Ago EPS-€0.34
DE:VM4 Q3 2026 Revenue Results
Actual Revenue€62.30M
Expected Revenue€61.76M
Beat/MissBeat by +€547.04K
YoY Revenue Growth+24.10%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeAfter Close
Conference CallWednesday, October 28, 2026
DE:VM4 Upcoming Earnings
Vanda's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE: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
Third-Quarter Revenue Growth
Total 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 Momentum
Fanapt 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 Approval
Since 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 Reach
Vanda'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 Launch
BYSANTI 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 Opportunity
Management 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 Growth
NEREUS 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 Engagement
Management 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 Results
Vanda 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 Case
Management 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 DSWPD
Vanda 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 Preparation
The 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 Progress
The 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 Reduction
Third-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 Portfolio
Vanda 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 Growth
PONVORY 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.
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