Filing Flows › Vanda Pharmaceuticals (VNDA) › Q1 2026
Vanda Pharmaceuticals (VNDA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Vanda Pharmaceuticals (VNDA) reported revenue of $51.7M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -10% from the quarter before. Operating margin was -97.1%, net loss $48.6M (93.9% of revenue).
Vanda Pharmaceuticals, Q1 2026: revenue $51.7M (+3% year over year), operating margin -97.1%, net loss $48.6M, operating cash flow −$50.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.7M | -10% | +3% |
| Operating profit | −$50.2M | — | — |
| Net earnings | −$48.6M | — | — |
| Operating cash flow | −$50.2M | — | — |
What changed
Revenue was $51.7M in Q1 2026, up 3% year over year and down 10% from the previous quarter. Fanapt® was the largest line at 57% of revenue. Fanapt® added $6.0M year over year (up 26%), 359% of the total change. HETLIOZ® net product sales declined 24%.
Operating costs exceeded revenue by $50.2M, an operating margin of -97.1%. Total costs grew 12% against revenue growth of 3%. The fastest-growing cost line was SG&A (+36%). The quarter ended with a net loss of $48.6M, narrower than the previous quarter's $141.2M loss.
Operating cash flow was −$50.2M. Non-cash charges added back $2.3M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items used $6.5M. Capital expenditures of $221K exceeded it, leaving free cash flow of −$50.4M.
Questions
What was Vanda Pharmaceuticals' revenue in the first quarter 2026?
Vanda Pharmaceuticals (VNDA) reported revenue of $51.7M for the first quarter 2026 (Q1 2026), +3% from a year earlier and -10% from the quarter before.
Was Vanda Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $50.2M (-97.1% of revenue) and net loss $48.6M.