Filing Flows › Vanda Pharmaceuticals (VNDA) › Q2 2025
Vanda Pharmaceuticals (VNDA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Vanda Pharmaceuticals (VNDA) reported revenue of $52.6M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +5% from the quarter before. Operating margin was -73.2%, net loss $27.2M (51.7% of revenue).
Vanda Pharmaceuticals, Q2 2025: revenue $52.6M (+4% year over year), operating margin -73.2%, net loss $27.2M, operating cash flow −$15.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $52.6M | +5% | +4% |
| Operating profit | −$38.5M | — | — |
| Net earnings | −$27.2M | — | — |
| Operating cash flow | −$15.3M | — | — |
What changed
Revenue was $52.6M in Q2 2025, up 4% year over year and up 5% from the previous quarter. Fanapt® was the largest line at 56% of revenue. Fanapt® added $6.1M year over year (up 27%), 290% of the total change. PONVORY® net product sales declined 18%.
Operating costs exceeded revenue by $38.5M, an operating margin of -73.2%. Total costs grew 50% against revenue growth of 4%. The fastest-growing cost line was SG&A (+64%). The quarter ended with a net loss of $27.2M, narrower than the previous quarter's $29.5M loss.
Operating cash flow was −$15.3M. Non-cash charges added back $2.0M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $7.8M. Capital expenditures of $299K exceeded it, leaving free cash flow of −$15.6M.
Questions
What was Vanda Pharmaceuticals' revenue in the second quarter 2025?
Vanda Pharmaceuticals (VNDA) reported revenue of $52.6M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +5% from the quarter before.
Was Vanda Pharmaceuticals profitable in the second quarter 2025?
Operating loss was $38.5M (-73.2% of revenue) and net loss $27.2M.