Vanda Pharmaceuticals Inc VNDA

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 4.00 USD on Nov 1, 2026, −57.0% year to date

Quant rating

Quant rating D Rank 546 of 565 in Health Care

Growth B 132 of 565
Valuation D 476 of 565
Quality D 556 of 565
Revisions D 467 of 565
Momentum D 494 of 565

Wall Street consensus Buy (2.00)Average target 11.62 USD +190.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 229M
Enterprise value: 66M
52-week range: 3.75 – 9.93
3-year range: 3.38 – 9.93
Dividend yield: –
Beta (5 years): 0.74
Shares outstanding: 60.5M
Next earnings: Feb 12, 2027

About the company

Vanda Pharmaceuticals Inc. is a global biopharmaceutical company, which is focused on the development and commercialization of therapies to address unmet medical needs and improve the lives of patients. The Company's commercial portfolio consist 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, PONVORY for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease , and NEREUS for the prevention of vomiting induced by motion. In addition, it has a number of drugs and/or additional indications for current products in development, including Bysanti, Imsidolimab, VTR-297, VQW-765, and others. Bysanti is the active metabolite of Fanapt.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	216	199	193	254	269	–
Revenue growth	8.7%	3.2%	−24.3%	−5.3%	8.3%	−2.7%
EPS (basic, normalized)	−1.81	−0.33	0.04	0.11	0.58	–
EPS growth	–	–	−63.6%	−81.0%	–	–
Gross margin	94.0%	94.3%	92.3%	90.5%	90.5%	92.3%
Net margin	−102.0%	−9.5%	1.3%	2.5%	12.3%	−19.1%
ROE	−50.9%	−3.5%	0.5%	1.2%	6.9%	−9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	140
Current ratio	1.61x
Long-term debt (mil)	3.2
Net debt (mil)	−163
Total equity (mil)	200
Net debt / equity	−0.81x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	216	+8.7%	0.3x	–	–	–	−1.81	−448.5%	−2.2x
2026	242	+11.8%	0.3x	–	–	–	−2.64	−45.9%	−1.5x
2027	317	+31.3%	0.2x	–	–	–	−0.92	+65.2%	−4.3x
2028	363	+14.4%	0.2x	–	–	–	−0.95	−3.3%	−4.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	242	−2.9%	−7.9%	−6.1%	−2.64	+12.9%	−16.4%	−18.3%
2027	317	−6.0%	−11.0%	−10.5%	−0.92	+4.0%	−19.9%	−18.3%
2028	363	−7.5%	−14.7%	−19.1%	−0.95	−176.7%	−51.6%	−2,292.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	47.5	50.5	47.7	53.2	50.0	52.6	56.3	57.2	51.7	50.5
Sales mean (mil)	–	47.9	49.2	52.2	45.1	54.6	58.7	59.3	55.0	61.9
Surprise	–	+5.5%	−3.1%	+1.8%	+10.9%	−3.7%	−4.2%	−3.5%	−5.9%	−18.4%
EPS reported	−0.07	−0.08	−0.09	−0.08	−0.50	−0.46	−0.38	−0.46	−0.82	−1.04
EPS mean	–	−0.21	−0.16	−0.11	−0.60	−0.36	−0.45	−1.32	−0.69	−0.59
Surprise	–	+61.9%	+44.9%	+25.0%	+16.2%	−29.0%	+16.2%	+65.3%	−19.2%	−77.0%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VNDA Vanda Pharmaceuticals Inc	229M	–	−102.0%	1.04x	−1.5x	−4.3x	–	–
IBRX ImmunityBio, Inc.	8.8B	–	−310.2%	−8.34x	−8.6x	−41.4x	–	–
PTGX Protagonist Therapeutics, Inc.	9.4B	4.99x	−282.8%	11.13x	30.8x	−157.4x	28.4x	−103.6x
GRAL Grail Inc	6.4B	2.69x	−277.5%	2.52x	−13.9x	−13.9x	−16.5x	−17.5x
IDYA IDEAYA Biosciences, Inc.	3.1B	5.29x	−52.0%	2.57x	−6.9x	−7.4x	−4.9x	−4.8x
RCUS Arcus Biosciences, Inc.	2.6B	1.60x	−142.9%	4.98x	−5.1x	−5.7x	−4.5x	−4.3x
Mean		3.64x	−194.6%	2.32x	−0.9x	−38.4x	0.6x	−32.6x
Median		3.84x	−210.2%	2.54x	−6.0x	−10.7x	−4.7x	−11.2x

Technical analysis

1M−26.7%
3M−26.6%
1Y−32.1%
3Y−8.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Vanda Pharmaceuticals Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	216	199	193	254	269	248
Cost of revenue	13.0	11.3	14.8	24.3	25.6	23.4
Gross profit	203	187	178	230	243	225
Selling, general & administrative expenses	238	146	113	136	124	141
Research & development	109	74.4	76.8	85.8	55.6	48.7
Depreciation/amortization	7.0	7.3	2.1	1.5	1.5	1.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	19.8	6.9
Other operating expenses	0	0	0	0	0	0
Operating income	−151	−40.7	−14.0	6.3	42.2	27.2
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	12.5	17.7	20.3	5.0	0.2	4.4
Net income before taxes	−139	−22.9	6.3	11.3	42.4	31.7
Provision for taxes	81.8	−4.0	3.8	5.0	9.2	8.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−220	−18.9	2.5	6.3	33.2	23.3
Extraordinary items	–	–	–	–	–	–
Net income	−220	−18.9	2.5	6.3	33.2	23.3
EBIT, normalized	−151	−40.7	−14.0	6.3	62.0	34.1
EBITDA, normalized	−141	−32.3	−10.9	9.1	64.8	37.0
Basic EPS, normalized	−1.81	−0.33	0.04	0.11	0.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Vanda Pharmaceuticals Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	264	375	388	467	433	368
Receivables	54.6	47.1	34.2	33.5	32.5	30.0
Total inventory	1.9	1.7	1.4	1.2	1.0	1.3
Prepaid expenses	27.0	15.4	9.2	17.7	12.0	10.0
Other current assets	0	0	0	0	0	0.1
Total current assets	347	439	433	519	478	409
Property, plant & equipment	13.5	12.7	9.1	11.0	12.4	14.6
Goodwill	–	–	–	–	–	–
Intangibles	117	114	121	18.6	20.1	21.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	11.1	90.5	85.0	85.4	83.0	88.2
Total assets	489	656	648	634	594	533
Liabilities
Accounts payable	2.1	1.7	2.4	5.0	5.9	5.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	130	96.5	85.3	86.5	68.5	59.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.4	1.8	–	–	–	–
Other current liabilities	10.0	0	0	0	0	0.4
Total current liabilities	145	100.0	87.7	91.4	74.4	65.9
Long-term debt	4.1	3.1	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	12.5	14.5	15.8	15.6	14.4	14.3
Total liabilities	162	118	104	107	88.9	80.2
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	721	713	700	686	669	650
Retained earnings (accumulated deficit)	−395	−174	−155	−158	−164	−197
Treasury stock	–	–	–	–	–	–
Other equity	0.6	0.1	0	−1.2	−0.2	0.2
Total equity	327	539	545	527	505	453
Total liabilities & shareholders' equity	489	656	648	634	594	533

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Vanda Pharmaceuticals Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−220	−18.9	2.5	6.3	33.2	23.3
Depreciation, depletion & amortization	10.2	8.1	3.0	2.7	2.8	2.9
Deferred taxes	81.4	−6.5	−1.3	1.1	6.7	6.2
Non-cash items	11.1	8.1	9.3	15.8	18.7	15.1
Changes in working capital	8.3	−6.6	−0.7	6.1	2.7	4.3
Cash from operations	−109	−15.8	12.8	32.0	64.2	51.8
Investing activities
Capital expenditures	−1.0	−0.5	−0.4	−0.7	−0.6	−1.8
Other investing cash flows	95.9	−16.9	−11.7	50.6	−76.1	−39.7
Cash from investing	94.9	−17.4	−12.1	49.9	−76.7	−41.5
Financing activities
Financing cash flow items	−0.9	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2.0	−0.2	0	0.7	3.5	5.6
Cash from financing	−2.9	−0.2	0	0.7	3.5	5.6
Foreign exchange effects	0	−0.2	0	0.3	−0.1	0.1
Net change in cash	−17.5	−33.5	0.8	82.9	−9.0	16.0
Free cash flow	−110	−16.2	12.4	31.3	63.7	50.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.