Vanda Pharmaceuticals Inc. — Form 8-K
Filed August 5, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 48/100
What the filing says
Vanda reported Q2 2026 net product sales of $50.5M (down 4% YoY), with Fanapt sales at $36.0M (+23% YoY, 31% prescription growth). BYSANTI (milsaperidone) received FDA approval in Q1 2026 for bipolar I disorder and schizophrenia with H2 2026 launch expected; Quimilza (imsidolimab) BLA for GPP has FDA PDUFA date December 12, 2026. Cash position of $170.0M (down $93.8M from year-end 2025) with guidance to fund operations through at least end of 2027. Full-year 2026 total revenue guidance: $240–$290M.
Why this rating
Strong pipeline progress and Fanapt growth offset by steep cash burn ($93.8M H1 2026), modest revenue base (~$102M annualized), and near-term dilution from new launches. Material relative to $269M market cap but not trajectory-changing absent successful BYSANTI/Quimilza approvals.
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