Vanda Updates 2026 Revenue Outlook After Third-Quarter Sales

The Tip Desk · October 28, 2026 · 3 min read

Third-quarter net product sales reached $69.8 million, up 24% from a year earlier, as the company updated its full-year 2026 outlook to greater than $240 million.

Vanda Pharmaceuticals Inc. (VNDA) reported third-quarter net product sales of $69.8 million, a 24% increase from $56.3 million a year earlier, and said it is updating its 2026 financial guidance and expects to achieve total revenue for full year 2026 of greater than $240 million.

The biopharmaceutical company said the sequential rebound from $50.5 million in the second quarter reflected continued Fanapt momentum and early NEREUS sales after a U.S. launch in the prior quarter. President, CEO and Chairman Mihael H. Polymeropoulos said operating expenses fell 18% from the second quarter as certain Phase III and launch-preparation activities began concluding in the third quarter of 2026.

Fanapt net product sales were $38.8 million, up 24% from $31.2 million a year earlier. Total prescriptions were up 25% and new-to-brand prescriptions up 18% versus the year-ago quarter.

HETLIOZ net product sales were $21.7 million, a 21% increase from $18.0 million a year earlier. That figure includes about $7.0 million of revenue for orders shipped June 29, 2026 and received July 1, 2026, which the company recognized in the third quarter rather than the second.

PONVORY net product sales were $7.7 million. NEREUS net product sales were $1.6 million after the company began sales-force promotion in the third quarter; the product had been available through the nereus.us direct-to-consumer portal since the second-quarter launch.

Total operating expenses were $93.3 million. The company said those expenses had risen as it advanced Phase III programs and prepared commercial supplies for NEREUS, BYSANTI and Quimilza, and that they decreased as certain activities began concluding in the third quarter of 2026. It expects operating expenses to decrease further in future quarters as the remainder of those activities conclude.

Net loss was $22.6 million, or $0.37 a share, compared with a net loss of $22.6 million, or $0.38 a share, a year earlier. Loss before income taxes was $22.4 million. Cash, cash equivalents and marketable securities totaled $140.5 million as of September 30, 2026, down $29.5 million in the quarter.

In October 2026, Vanda announced positive Phase III results for NEREUS in the prevention of vomiting associated with GLP-1 receptor agonist therapy and said it intends to discuss the data with the FDA and to submit a supplemental New Drug Application. In September it reported positive topline Phase III results for HETLIOZ in delayed sleep-wake phase disorder and said it intends to discuss those data with the FDA and to seek approval; if approved, HETLIOZ would be the first FDA-approved medicine indicated for that condition.

The Biologics License Application for Quimilza in generalized pustular psoriasis remains under FDA review with a PDUFA target action date of December 12, 2026. BYSANTI, approved in the first quarter for bipolar I disorder and schizophrenia, is expected to launch in the fourth quarter. A Phase III study of BYSANTI as a once-daily adjunctive treatment for major depressive disorder is ongoing, with results expected in the first half of 2027; the trial has enrolled 55% of a 500-patient target across 54 sites in the U.S. and Europe.

Vanda also continues an FDA administrative hearing on HETLIOZ for jet lag disorder, scheduled for December 14–18, 2026, and legal challenges concerning HETLIOZ for insomnia and NEREUS for gastroparesis.