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Vanda Pharmaceuticals Inc.

VNDA

Healthcare Biotechnology

Vanda Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $216.1 million, up 8.72% from fiscal 2024.

Revenue
+24.1%
EPS
+1.82%
Free cash flow
+9.57%
Total debt
−16.5%

Quarter to September 2026, against a year earlier

3.82 0.23 +6.41%
Market cap
$231.0M
P/E
n/m
Fwd P/E
n/m
Dividend yield
—
F-score
2/9
ROIC
−180.2%
Net debt / EBITDA
1.8×
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net sold
$2.8M
Trades
6 sells · 1 buy
Ownership
5.38%

Capital & Financial Ratios $m

Size
Market Cap 231
Revenue ttm 229
Net income ttm (275)
Free cash flow ttm (150)
Net debt Q (138)
Valuation
P/E n/m
Forward P/E n/m
Price / sales 1.0
Forward P/S Powerpack
Price / FCF n/m
Price / book 1.2
Financial health
Current ratio Q 1.5 (at or above 1.5: strong)
Debt / equity Q 0.0 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +24.1% (above 0%: growing)
Operating income growth Q +24.8% (above 0%: growing)
EPS, this year +32.5% (at or above 15%: strong)
EPS, next year A +70.8% (at or above 15%: strong)
Revenue, next year A +12.0% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +47.9% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 1.3×; over the ten years it ranged from −1.3× in 2023 to 5.8× in 2019.
P/S against its own 10 years 0.66%
10-year low 10-year high
P/B against its own 10 years 32.33%
10-year low 10-year high
EV/Sales against its own 10 years 2.24%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 388 375 264 140
Receivables 34 47 55 60
Inventory 1 2 2 2
Other — — — —
433 439 347 238
2023 2024 2025 Q'26
Payables 38 39 68 61
ST’ Debt — — — —
Other 49 61 77 94
88 100 145 155

Compound Annual Growth %

10y 5y 3y
Sales 6.99% (2.73%) (5.29%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 9.42% (6.31%) (14.70%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.72 Actual −0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −2.18 −0.46 Beat by 1.72
Q1 FY26 −0.53 −0.82 Miss by 0.29
Q2 FY26 −0.51 −1.04 Miss by 0.53
Q3 FY26 −0.72 −0.37 Beat by 0.35
Q4 FY26 −0.32 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.82) (1.04) (0.37) — —
’25 (0.50) (0.46) (0.38) (2.39) (3.74)
’24 (0.07) (0.08) (0.09) (0.08) (0.33)
’23 0.06 0.03 0.00 (0.04) 0.04
’22 (0.11) 0.05 0.06 0.12 0.11
’21 0.15 0.17 0.14 0.12 0.58
’20 0.01 0.16 0.11 0.15 0.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 52 51 70 — —
’25 50 53 56 57 216
’24 47 50 48 53 199
’23 62 46 39 45 193
’22 60 64 65 64 254
’21 63 68 70 68 269
’20 58 62 60 68 248
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (50) (31) (28) — —
’25 (33) (15) (32) (29) (109)
’24 8 (7) (15) (2) (16)
’23 32 (13) (2) (4) 13
’22 4 6 13 9 32
’21 9 19 9 27 64
’20 (1) 24 9 19 52
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (60) (31) (29) — —
’25 (34) (16) (32) (30) (110)
’24 5 (9) (15) (2) (20)
’23 32 (13) (2) (105) (88)
’22 4 5 13 9 31
’21 9 19 9 26 64
’20 (1) 24 9 18 50
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 146 165 193 227 248 269 254 193 199 216 229 +4.5% 242 316 363 +18.9%
Gross margin, % 83.08 89.19 89.38 89.22 90.59 90.46 90.45 92.32 94.31 93.96 93.59 +10.9 pt
EBT (18) (15) 25 29 32 42 11 6 (23) (139) (171) +25.5%
EBT margin, % (12.26) (9.35) 13.12 12.78 12.76 15.77 4.44 3.29 (11.53) (64.16) (74.67) (51.9) pt
Net income (18) (16) 25 116 23 33 6 3 (19) (220) (275) +32.1%
Per share, $
Per share, $ Revenue 3.36 3.69 3.79 4.28 4.56 4.84 4.51 3.36 3.42 3.67 3.79 +1.0%
Earnings (0.41) (0.35) 0.50 2.17 0.43 0.60 0.11 0.04 (0.33) (3.74) (4.62) +27.8%
Cash flow (0.19) (0.04) 0.59 0.86 0.95 1.16 0.57 0.22 (0.27) (1.86) (2.30) +29.1%
Capex (0.03) (0.04) (0.50) (0.02) (0.03) (0.01) (0.01) (1.76) (0.08) (0.02) (0.18) (7.0%)
Free cash flow (0.22) (0.08) 0.09 0.85 0.92 1.15 0.55 (1.54) (0.35) (1.87) (2.48) +26.9%
Book value 3.02 2.94 5.41 7.73 8.33 9.09 9.34 9.50 9.26 5.55 3.31 +7.0%
Shares, m 43 45 51 53 54 56 56 57 58 59 60 +3.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 52.26 7.56 30.56 26.15 61.83 86.26 0.00 0.00 0.00 26.5
P/S 4.64 4.23 6.89 3.84 2.88 3.24 1.65 1.35 1.40 2.41 1.01 3.3
P/B 5.16 5.31 4.83 2.12 1.58 1.73 0.79 0.48 0.52 1.59 1.16 2.4
EV/Sales 3.67 3.36 5.55 2.52 1.45 1.67 (0.15) (0.63) (0.47) 1.20 0.40 1.8
EV/FCF (29.44) (152.03) 232.28 28.72 14.37 11.61 (6.20) 1.07 2.04 (2.35) (0.62) 10.0
Cash, $m
Cash, $m Operating cash flow (8) (2) 30 46 52 64 32 13 (16) (109) (139) +33.5%
Capex (1) (2) (25) (1) (2) (1) (1) (101) (5) (1) (11) (3.7%)
Free cash flow (10) (4) 5 45 50 64 31 (88) (20) (110) (150) +31.3%
Balance, $m
Balance, $m Working capital 124 99 246 295 343 404 428 345 339 202 83 +5.6%
Net debt (141) (143) (257) (300) (356) (423) (458) (388) (371) (260) (138) +7.0%
Shareholders’ equity 131 131 275 411 453 505 527 545 539 327 200 +10.7%
Returns, %
Returns, % ROA (8.51) (7.49) 9.38 28.33 4.59 5.88 1.02 0.39 (2.90) (38.51) (55.89) (30.0) pt
ROIC 0.00 0.00 75.22 12.81 17.55 32.07 5.72 (5.57) (15.21) (140.15) (180.19) (140.1) pt
ROE (13.63) (11.85) 12.39 33.67 5.40 6.92 1.22 0.47 (3.49) (50.93) (82.55) (37.3) pt
People
People Employees 142 273 273 270 292 278 290 203 203 533 — +15.8%
Revenue/emp, $m 1.03 0.60 0.71 0.84 0.85 0.97 0.88 0.95 0.98 0.41 — (9.8%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Vanda Pharmaceuticals Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CABA Cabaletta Bio, Inc. $280.4M — (loss-making) — — n/m −35.72% (below 0%: shrinking) 0.00% 0.00% Compare
ABEO Abeona Therapeutics Inc. $238.5M — (loss-making) — (loss-making) +225.14% (above 0%: growing) n/m +17.11% (above 0%: growing) 63.30% (119.97%) Compare
IMRX Immuneering Corporation $238.3M — (loss-making) — (loss-making) −99.74% (below 0%: shrinking) n/m −40.19% (below 0%: shrinking) 0.00% 0.00% Compare
VNDA Vanda Pharmaceuticals Inc. $231.0M — (loss-making) — (loss-making) +24.10% (above 0%: growing) n/m +9.57% (above 0%: growing) 94.05% (33.69%)
ACIU AC Immune $227.0M — (loss-making) — (loss-making) +152.31% (above 0%: growing) n/m +4.66% (above 0%: growing) 100.00% (302.13%) Compare
FATE Fate Therapeutics, Inc. $223.1M — (loss-making) — (loss-making) +9.18% (above 0%: growing) n/m +8.96% (above 0%: growing) 100.00% (1,495.39%) Compare
GLSI Greenwich LifeSciences, Inc. $222.7M — (loss-making) — — n/m +13.14% (above 0%: growing) 0.00% 0.00% Compare
KRRO Korro Bio, Inc. $202.5M — (loss-making) — (loss-making) −86.28% (below 0%: shrinking) n/m +12.07% (above 0%: growing) 100.00% 0.00% Compare
SLGL Sol-Gel Technologies Ltd. $199.8M — (loss-making) — (loss-making) −96.58% (below 0%: shrinking) n/m −8.76% (below 0%: shrinking) 100.00% (704.23%) Compare
Median of peers $225.0M — — −38.55% — +6.81% 81.65% (59.98%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.85m 7.63m 67.00
2024 3.90m 4.34m 36.00
2023 3.72m 1.78m 32.00
2022 4.27m 859.61k 56.00
2021 6.19m 5.60m 119.00

Ownership

Directors and executive officers, together 10.70%
BlackRock, Inc. 7.80%
Renaissance Technologies LLC 6.10%
BlackRock Portfolio Management 5.40%
Mihael H. Polymeropoulos, M.D. 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Vanda Pharmaceuticals Inc. (VNDA) Latest News

1 Nov

Impact 3 · · GuruFocus.com

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby transcript

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

27 Oct

Impact 4 · · PR Newswire

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · PR Newswire

15 Oct

Impact 4 · · clinicaltrialsarena.com

14 Oct

Impact 4 · · Investing.com
Impact 4 · · PR Newswire

2 Oct

Impact 3 · · PR Newswire

30 Sep

Impact 3 · · Stocktwits

29 Sep

Impact 4 · · PR Newswire

24 Aug

Impact 3 ·

12 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 3 · · Moby transcript
Impact 3 ·

16 Jul

Impact 4 ·

7 Jul

Impact 4 · · Stocktwits
Impact 3 ·

27 May

Impact 3 · · PR Newswire

17 May

Impact 4 · · Simply Wall St.

7 May

Impact 3 · · MarketBeat

6 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
stockrow.com/VNDA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com