Filing Flows › Vanda Pharmaceuticals (VNDA) › Q4 2025
Vanda Pharmaceuticals (VNDA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Vanda Pharmaceuticals (VNDA) reported revenue of $57.2M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before. Operating margin was -70.5%, net loss $141M (246.8% of revenue).
Vanda Pharmaceuticals, Q4 2025: revenue $57.2M (+8% year over year), operating margin -70.5%, net loss $141M, operating cash flow −$29.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.2M | +2% | +8% |
| Operating profit | −$40.4M | — | — |
| Net earnings | −$141M | — | — |
| Operating cash flow | −$29.4M | — | — |
What changed
Revenue was $57.2M in Q4 2025, up 8% year over year and up 2% from the previous quarter. Fanapt® was the largest line at 58% of revenue.
Operating costs exceeded revenue by $40.4M, an operating margin of -70.5%. Total costs grew 54% against revenue growth of 8%. The fastest-growing cost line was SG&A (+60%). The quarter ended with a net loss of $141.2M, wider than the previous quarter's $22.6M loss.
Operating cash flow was −$29.4M. Non-cash charges added back $2.1M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $107.4M. Capital expenditures of $102K exceeded it, leaving free cash flow of −$29.5M.
Questions
What was Vanda Pharmaceuticals' revenue in the fourth quarter 2025?
Vanda Pharmaceuticals (VNDA) reported revenue of $57.2M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before.
Was Vanda Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $40.4M (-70.5% of revenue) and net loss $141M.