Vanda Pharmaceuticals Inc
VNDAHealthcare|Biotechnology|USA
$6.24
-0.14 (-2.19%)
DCF (FCF)
$3.02
Tangible Book
$2.76
Earnings Power
$1.56
Financials
Financial Snapshot
Market Cap
$375.2M
Enterprise Value
$189.2M
Revenue (TTM)
$217.8M
Net Income (TTM)
$-239.5M
Cash & Equivalents
—
Net Cash/Share
$0.82
Free Cash Flow (TTM)
$-137.3M
Operating CF (TTM)
$-126.5M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$31.6M
Monthly Burn
$10.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $141.3M | $143.4M | $257.4M | $312.1M | $367.7M | $432.8M | $466.9M | $388.3M | $374.6M | $263.8M | $202.3M | |
| Operating Cash Flow | $-8.1M | $-2.0M | $30.0M | $45.9M | $51.8M | $64.2M | $32.0M | $12.8M | $-15.8M | $-109.4M | $-126.5M | |
| Free Cash Flow | $-9.5M | $-3.6M | $4.6M | $44.9M | $50.0M | $63.7M | $31.3M | $12.4M | $-16.2M | $-110.4M | $-137.3M | |
| Capital Expenditure | $-1.4M | $-1.7M | $-25.4M | $-1.0M | $-1.8M | $-552.0K | $-679.0K | $-383.0K | $-490.0K | $-998.0K | $-10.8M | |
| Financing Cash Flow | $7.8M | $5.3M | $107.1M | $6.3M | $5.6M | $3.5M | $734.0K | $0.00 | $-155.0K | $-2.9M | $-2.4M |
R&D Spending
R&D (TTM)
$102.0M
R&D Intensity
46.8%
R&D Growth YoY
-6.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $146.0M | $165.1M | $193.1M | $227.2M | $248.2M | $268.7M | $254.4M | $192.6M | $198.8M | $216.1M | $217.8M | |
| R&D Expense | $29.2M | $38.5M | $43.6M | $48.6M | $55.6M | $75.4M | $85.8M | $76.8M | $74.4M | $109.3M | $102.0M | |
| R&D % of Revenue | 20.0% | 23.4% | 22.6% | 21.4% | 22.4% | 28.0% | 33.7% | 39.9% | 37.4% | 50.6% | 46.8% | |
| SG&A | $99.8M | $123.8M | $105.8M | $129.7M | $140.5M | $124.0M | $136.5M | $112.9M | $146.4M | $238.0M | $256.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $146.0M | $165.1M | $193.1M | $227.2M | $248.2M | $268.7M | $254.4M | $192.6M | $198.8M | $216.1M | $217.8M | |
| Cost of Goods Sold | $24.7M | $17.8M | $20.5M | $24.5M | $23.4M | $25.6M | $24.3M | $14.8M | $11.3M | $13.0M | $12.7M | |
| Gross Profit | $121.3M | $147.2M | $172.6M | $202.7M | $224.8M | $243.1M | $230.1M | $177.8M | $187.5M | $203.1M | $205.1M | |
| R&D | $29.2M | $38.5M | $43.6M | $48.6M | $55.6M | $75.4M | $85.8M | $76.8M | $74.4M | $109.3M | $102.0M | |
| SG&A | $99.8M | $123.8M | $105.8M | $129.7M | $140.5M | $124.0M | $136.5M | $112.9M | $146.4M | $238.0M | $256.2M | |
| Operating Income | $-18.6M | $-16.9M | $21.7M | $22.8M | $27.2M | $42.2M | $6.3M | $-14.0M | $-40.7M | $-151.2M | $-160.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-17.9M | $-15.4M | $25.3M | $29.0M | $31.7M | $42.4M | $11.3M | $6.3M | $-22.9M | $-138.6M | $-149.7M | |
| Net Income | $-18.0M | $-15.6M | $25.2M | $115.6M | $23.3M | $33.2M | $6.3M | $2.5M | $-18.9M | $-220.5M | $-239.5M | |
| EPS (Diluted) | -0.41 | -0.35 | 0.48 | 2.11 | 0.42 | 0.58 | 0.11 | 0.04 | -0.33 | -3.74 | -4.05 | |
| EBITDA | $-6.7M | $-13.9M | $24.7M | $25.7M | $30.1M | $45.0M | $9.1M | $-9.6M | $-30.9M | $-139.3M | $-147.2M | |
| Shares Out. (M) | 43.45 | 44.73 | 53.05 | 54.85 | 55.19 | 56.92 | 56.98 | 57.56 | 58.15 | 58.93 | 59.46 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.4M | $33.6M | $61.0M | $45.1M | $61.0M | $52.1M | $135.0M | $135.8M | $102.3M | $84.9M | $54.0M | |
| Marketable Securities | $100.9M | $109.8M | $196.4M | $267.1M | $306.7M | $380.7M | $331.8M | $252.4M | $272.3M | $179.0M | $148.3M | |
| Total Current Assets | $174.2M | $169.9M | $299.1M | $354.1M | $409.1M | $478.3M | $519.3M | $432.9M | $438.9M | $347.3M | $293.2M | |
| Total Assets | $210.4M | $205.4M | $332.1M | $483.7M | $533.5M | $593.8M | $634.2M | $648.4M | $656.2M | $488.9M | $433.5M | |
| Total Current Liabilities | $50.3M | $70.4M | $53.0M | $59.5M | $65.9M | $74.4M | $91.4M | $87.7M | $100.0M | $145.2M | $135.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $79.0M | $74.0M | $56.7M | $72.8M | $80.2M | $88.9M | $107.0M | $103.5M | $117.7M | $161.8M | $152.8M | |
| Stockholders' Equity | $131.3M | $131.4M | $275.4M | $410.9M | $453.3M | $504.9M | $527.2M | $544.9M | $538.5M | $327.2M | $280.8M | |
| Retained Earnings | $-345.9M | $-361.4M | $-336.2M | $-220.7M | $-197.3M | $-164.2M | $-157.9M | $-155.4M | $-174.3M | $-394.8M | $-443.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-8.1M | $-2.0M | $30.0M | $45.9M | $51.8M | $64.2M | $32.0M | $12.8M | $-15.8M | $-109.4M | $-126.5M | |
| Capital Expenditure | $-1.4M | $-1.7M | $-25.4M | $-1.0M | $-1.8M | $-552.0K | $-679.0K | $-383.0K | $-490.0K | $-998.0K | $-10.8M | |
| Free Cash Flow | $-9.5M | $-3.6M | $4.6M | $44.9M | $50.0M | $63.7M | $31.3M | $12.4M | $-16.2M | $-110.4M | $-137.3M | |
| Investing Cash Flow | $-10.0M | $-10.2M | $-109.7M | $-68.3M | $-41.5M | $-76.7M | $49.9M | $-12.1M | $-17.4M | $94.9M | $71.2M | |
| Financing Cash Flow | $7.8M | $5.3M | $107.1M | $6.3M | $5.6M | $3.5M | $734.0K | $0.00 | $-155.0K | $-2.9M | $-2.4M | |
| Issuance of Stock | $0.00 | $0.00 | $100.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-155.0K | $-2.0M | $-2.4M | |
| Stock Based Comp. | $8.5M | $10.5M | $11.7M | $13.5M | $13.4M | $15.4M | $16.3M | $14.0M | $12.4M | $9.5M | $9.1M | |
| Net Change in Cash | $-10.4M | $-6.9M | $27.4M | $-16.1M | $16.0M | $-9.0M | $82.9M | $792.0K | $-33.5M | $-17.5M | $-57.8M |
Dilution Tracker
Shares Outstanding
59M
5-Year Share Growth
+4.5%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 43.45 | 44.73 | 53.05 | 54.85 | 55.19 | 56.92 | 56.98 | 57.56 | 58.15 | 58.93 | 59.46 | |
| YoY Change % | — | 3.0% | 18.6% | 3.4% | 0.6% | 3.1% | 0.1% | 1.0% | 1.0% | 1.3% | 0.9% | |
| Stock Issuance | $0.00 | $0.00 | $100.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $8.5M | $10.5M | $11.7M | $13.5M | $13.4M | $15.4M | $16.3M | $14.0M | $12.4M | $9.5M | $9.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 83.1% | 89.2% | 89.4% | 89.2% | 90.6% | 90.5% | 90.5% | 92.3% | 94.3% | 94.0% | 94.2% | |
| Operating Margin % | -12.7% | -10.2% | 11.3% | 10.0% | 11.0% | 15.7% | 2.5% | -7.2% | -20.5% | -70.0% | -73.6% | |
| Net Margin % | -12.3% | -9.4% | 13.1% | 50.9% | 9.4% | 12.3% | 2.5% | 1.3% | -9.5% | -102.0% | -110.0% | |
| EBITDA Margin % | -4.6% | -8.4% | 12.8% | 11.3% | 12.1% | 16.8% | 3.6% | -5.0% | -15.5% | -64.4% | -67.6% | |
| FCF Margin % | -6.5% | -2.2% | 2.4% | 19.8% | 20.1% | 23.7% | 12.3% | 6.4% | -8.2% | -51.1% | -63.0% | |
| ROE % | -13.6% | -11.9% | 12.4% | 33.7% | 5.4% | 6.9% | 1.2% | 0.5% | -3.5% | -50.9% | -57.8% | |
| ROA % | -8.5% | -7.5% | 9.4% | 28.3% | 4.6% | 5.9% | 1.0% | 0.4% | -2.9% | -38.5% | -43.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 30.49 / 2295.00
Industry Med.27.41
P/S1.70
Historical0.93 / 2.66 / 8.53
Industry Med.9.51
P/B1.34
Historical0.36 / 1.50 / 6.81
Industry Med.2.93
EV/EBITDA-1.26
Historical-188.10 / 3.44 / 441.02
Industry Med.13.14
EV/Revenue0.85
Historical-1.34 / 1.37 / 7.55
Industry Med.8.71
P/FCF—
Historical5.89 / 15.27 / 388.13
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$3.02
Tangible Book
$2.76
Net Current Assets
$2.330
Median P/S Value
$10.47
Net-Net Working Capital
$1.55
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | 54.44 | 7.78 | 31.29 | 27.05 | 67.18 | 105.50 | At Loss | At Loss | At Loss | |
| PS Ratio | 4.75 | 4.12 | 7.18 | 3.96 | 2.92 | 3.32 | 1.66 | 1.26 | 1.40 | 2.41 | 1.70 | |
| PB Ratio | 5.34 | 5.20 | 4.98 | 2.14 | 1.59 | 1.74 | 0.80 | 0.45 | 0.52 | 1.59 | 1.34 | |
| EV/EBITDA | -83.62 | -38.77 | 45.11 | 22.61 | 12.18 | 10.15 | -3.98 | 14.15 | 2.69 | -1.94 | -1.26 | |
| EV/Revenue | 3.84 | 3.27 | 5.77 | 2.56 | 1.48 | 1.70 | -0.14 | -0.71 | -0.42 | 1.25 | 0.85 |
Analyst Estimates & Quality
Altman Z-Score
-0.16
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
-3.99
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $262.2M | $356.5M | $425.4M |
| Net Income | $-135.5M | $-55.0M | $-44.7M |
| EPS | -2.27 | -0.77 | -0.63 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Fanapt net product sales | $117.3M |
| HETLIOZ net product sales | $71.4M |
| PONVORY net product sales | $27.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $216.1M |