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Vanda Pharmaceuticals (VNDA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Vanda Pharmaceuticals (VNDA) Q3 2026 earnings results →

Q3 2026 Revenue up 24% year over year to $69.8M · 32¢ of every $1 of revenue lost · operating margin -33.7%

Vanda Pharmaceuticals made $69.8M in Q3 2026 (+24% Y/Y): Fanapt® $38.8M, HETLIOZ® net product sales $21.7M, PONVORY® net product sales $7.7M. Operating margin -33.7%, net loss $22.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$69.8M

Year over year+24%

Operating margin-33.7%

Net earnings−$22.6M

Operating cash flow−$28.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $69.8M in Q3 2026, up 24% year over year and up 38% from the previous quarter. Fanapt® was the largest line at 56% of revenue. Fanapt® added $7.5M year over year (up 24%), 55% of the total change.

Operating costs exceeded revenue by $23.5M, an operating margin of -33.7%. Total costs grew 7% against revenue growth of 24%. The fastest-growing cost line was Cost of revenue (+41%). The quarter ended with a net loss of $22.6M, narrower than the previous quarter's $62.5M loss.

Operating cash flow was −$28.4M. Non-cash charges added back $2.2M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $10.4M. Capital expenditures of $311K exceeded it, leaving free cash flow of −$28.7M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 29, 2026	$69.8M	+24%	-33.7%	−$22.6M	−$28.4M
Q2 2026	10-Q	Aug 6, 2026	$50.5M	-4%	-126.3%	−$62.5M	−$31.1M
Q1 2026	10-Q	May 7, 2026	$51.7M	+3%	-97.1%	−$48.6M	−$50.2M
Q4 2025	10-K	Feb 12, 2026	$57.2M	+8%	-70.5%	−$141M	−$29.4M
Q3 2025	10-Q	Oct 30, 2025	$56.3M	+18%	-55.6%	−$22.6M	−$31.6M
Q2 2025	10-Q	Jul 31, 2025	$52.6M	+4%	-73.2%	−$27.2M	−$15.3M
Q1 2025	10-Q	May 8, 2025	$50.0M	+5%	-82.0%	−$29.5M	−$33.1M

Charts

Latest (Q3 2026): Y/Y +24%, Q/Q +38%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income −$22.6M, Operating cash flow −$28.4M.

+6.8% since FY2020: more shares outstanding (issuance, stock pay).

Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.