Vanda Pharmaceuticals Inc. VNDA
Vanda Pharmaceuticals Inc. (we, our, the Company or Vanda) is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients.
We strive to advance novel approaches to bring important new medicines to market through responsible innovation. We are committed to the use of technologies that support sound science, including genetics and genomics, in drug discovery, clinical trials and the commercial positioning of our products.
Our commercial portfolio is currently comprised of four products: Fanapt® for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ® for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) and for the treatment of nighttime sleep disturbances in Smith-Magenis syndrome (SMS), PONVORY® for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease and NEREUSTM for the prevention of vomiting induced by motion (collectively, our commercial products). HETLIOZ® is the first product approved by the United States Food and Drug Administration (FDA) for patients with Non-24 and for patients with SMS. In addition, we have a number of drugs and/or additional indications for current products in development, including:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $216.1M | $198.8M | $192.6M | $254.4M | $268.7M | $248.2M | $227.2M | $193.1M | $165.1M | $146.0M |
| R&D | $109.3M | $74.4M | $76.8M | $85.8M | $75.4M | $55.6M | $48.6M | $43.6M | $38.5M | $29.2M |
| SG&A | $238.0M | $146.4M | $112.9M | $136.5M | $124.0M | $140.5M | $129.7M | $105.8M | $123.8M | $99.8M |
| Total operating expenses | $367.3M | $239.4M | $206.6M | $248.1M | $226.5M | $220.9M | $204.4M | $171.4M | $182.0M | $164.6M |
| Operating income | -$151.2M | -$40.7M | -$14.0M | $6.3M | $42.2M | $27.2M | $22.8M | $21.7M | -$16.9M | -$18.6M |
| Pre-tax income | -$138.6M | -$22.9M | $6.3M | $11.3M | $42.4M | $31.7M | $29.0M | $25.3M | -$15.4M | -$17.9M |
| Income tax | $81.8M | $4.0M | $3.8M | $5.0M | $9.2M | $8.3M | $86.5M | $138.0K | $136.0K | $104.0K |
| Net income | -$220.5M | -$18.9M | $2.5M | $6.3M | $33.2M | $23.3M | $115.6M | $25.2M | -$15.6M | -$18.0M |
| EPS, basic | -3.74 | -0.33 | 0.04 | 0.11 | 0.60 | 0.43 | 2.17 | 0.50 | -0.35 | -0.41 |
| EPS, diluted | -3.74 | -0.33 | 0.04 | 0.11 | 0.58 | 0.42 | 2.11 | 0.48 | -0.35 | -0.41 |
| Shares, diluted (wtd. avg.) | $58.9M | $58.1M | $57.6M | $57.0M | $56.9M | $55.2M | $54.8M | $53.0M | $44.7M | $43.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $84.9M | $102.3M | $136.3M | $135.5M | $52.6M | $61.6M | $45.6M | $61.7M | $34.3M | $41.3M |
| Short-term investments | — | — | — | — | $380.7M | $306.7M | $267.1M | $196.4M | $109.8M | $100.9M |
| Receivables | $54.6M | $47.1M | $34.2M | $33.5M | $32.5M | $30.0M | $26.4M | $28.8M | $17.6M | $20.3M |
| Inventory | $1.9M | $1.7M | $1.4M | $1.2M | $1.0M | $1.3M | $1.1M | $994.0K | $840.0K | $779.0K |
| Total current assets | $347.3M | $438.9M | $432.9M | $519.3M | $478.3M | $409.1M | $354.1M | $299.1M | $169.9M | $174.2M |
| Property, plant and equipment | $2.2M | $2.1M | $2.0M | $2.6M | $3.1M | $4.1M | $3.9M | $4.4M | $5.3M | $5.0M |
| Other intangibles | $117.1M | $114.1M | $121.4M | $18.6M | $20.1M | $21.6M | $23.0M | $24.5M | $26.1M | $27.8M |
| Total assets | $488.9M | $656.2M | $648.4M | $634.2M | $593.8M | $533.5M | $483.7M | $332.1M | $205.4M | $210.4M |
| Accounts payable | $68.3M | $39.1M | $38.5M | $45.6M | $34.4M | $31.5M | $27.6M | $21.6M | $20.3M | $16.2M |
| Total current liabilities | $145.2M | $100.0M | $87.7M | $91.4M | $74.4M | $65.9M | $59.5M | $53.0M | $70.4M | $50.3M |
| Total liabilities | $161.8M | $117.7M | $103.5M | $107.0M | $88.9M | $80.2M | $72.8M | $56.7M | $74.0M | $79.0M |
| Retained earnings | -$394.8M | -$174.3M | -$155.4M | -$157.9M | -$164.2M | -$197.3M | -$220.7M | -$336.2M | -$361.4M | -$345.9M |
| Total equity | $327.2M | $538.5M | $544.9M | $527.2M | $504.9M | $453.3M | $410.9M | $275.4M | $131.4M | $131.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$109.4M | -$15.8M | $12.8M | $32.0M | $64.2M | $51.8M | $45.9M | $30.0M | -$2.0M | -$8.1M |
| Depreciation and amortisation | $1.1M | $859.0K | $920.0K | $1.2M | $1.4M | $1.4M | $1.4M | $1.4M | $1.2M | $935.0K |
| Stock-based compensation | $9.5M | $12.4M | $14.0M | $16.3M | $15.4M | $13.4M | $13.5M | $11.7M | $10.5M | $8.5M |
| Capital expenditure | $998.0K | $490.0K | $383.0K | $679.0K | $552.0K | $1.8M | $1.0M | $368.0K | $1.7M | $1.4M |
| Investing cash flow | $94.9M | -$17.4M | -$12.1M | $49.9M | -$76.7M | -$41.5M | -$68.3M | -$109.7M | -$10.2M | -$10.0M |
| Financing cash flow | -$2.9M | -$155.0K | $0 | $734.0K | $3.5M | $5.6M | $6.3M | $107.1M | $5.3M | $7.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-026893.
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