Filing Flows › Vanda Pharmaceuticals (VNDA) › Q3 2025
Vanda Pharmaceuticals (VNDA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Vanda Pharmaceuticals (VNDA) reported revenue of $56.3M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before. Operating margin was -55.6%, net loss $22.6M (40.1% of revenue).
Vanda Pharmaceuticals, Q3 2025: revenue $56.3M (+18% year over year), operating margin -55.6%, net loss $22.6M, operating cash flow −$31.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $56.3M | +7% | +18% |
| Operating profit | −$31.3M | — | — |
| Net earnings | −$22.6M | — | — |
| Operating cash flow | −$31.6M | — | — |
What changed
Revenue was $56.3M in Q3 2025, up 18% year over year and up 7% from the previous quarter. Fanapt® was the largest line at 56% of revenue. Fanapt® added $7.3M year over year (up 31%), 85% of the total change.
Operating costs exceeded revenue by $31.3M, an operating margin of -55.6%. Total costs grew 49% against revenue growth of 18%. The fastest-growing cost line was SG&A (+60%). The quarter ended with a net loss of $22.6M, narrower than the previous quarter's $27.2M loss.
Operating cash flow was −$31.6M. Non-cash charges added back $2.1M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $13.2M. Capital expenditures of $161K exceeded it, leaving free cash flow of −$31.8M.
Questions
What was Vanda Pharmaceuticals' revenue in the third quarter 2025?
Vanda Pharmaceuticals (VNDA) reported revenue of $56.3M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before.
Was Vanda Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $31.3M (-55.6% of revenue) and net loss $22.6M.