Vanda Pharmaceuticals Inc. reported strong second quarter 2025 financial results, highlighted by significant growth in its lead psychiatric medication Fanapt and multiple drug applications progressing through FDA review. The company's total net product sales reached $52.6 million in Q2 2025, representing a 4% increase compared to the same period in 2024.
Fanapt Drives Revenue Growth
Fanapt, Vanda's treatment for bipolar I disorder, demonstrated robust commercial performance with net product sales of $29.3 million in Q2 2025, marking a 27% increase compared to $23.2 million in Q2 2024. The growth was accompanied by a 24% increase in total prescriptions, according to IQVIA prescription data.
"We have witnessed accelerated growth of Fanapt revenue coinciding with the expansion of our sales efforts alongside a broad direct to consumer brand awareness campaign and we expect this trend to continue in the coming quarters," said Mihael H. Polymeropoulos, M.D., Vanda's President, CEO and Chairman of the Board.
The company launched a direct-to-consumer campaign in the first quarter of 2025 that continued through Q2, aimed at elevating brand awareness for both Fanapt and PONVORY.
Mixed Performance Across Product Portfolio
While Fanapt showed strong growth, Vanda's other marketed products experienced declines. HETLIOZ net product sales were $16.2 million in Q2 2025, a 13% decrease compared to $18.7 million in Q2 2024. PONVORY net product sales dropped 18% to $7.1 million from $8.6 million in the prior year period.
For the first six months of 2025, total net product sales across all three drugs reached $102.6 million, a 5% increase compared to $97.9 million in the first half of 2024.
Regulatory Pipeline Advances
Vanda has multiple drug applications under FDA review with upcoming decision dates. The company's Bysanti (milsaperidone) New Drug Application for bipolar I disorder and schizophrenia has been accepted for filing, with a PDUFA target action date of February 21, 2026.
Tradipitant's NDA for motion sickness is also under FDA review with a PDUFA target action date of December 30, 2025. Additionally, Vanda expects to submit a Biologics License Application for imsidolimab in generalized pustular psoriasis to the FDA in 2025.
The company is also conducting a Phase III clinical study of Bysanti as a once-daily adjunctive treatment for major depressive disorder, with patient enrollment ongoing and results expected in 2026.
Financial Position and Outlook
Despite revenue growth, Vanda reported a net loss of $27.2 million in Q2 2025, significantly higher than the $4.5 million net loss in Q2 2024. Diluted net loss per share was $0.46 compared to $0.08 in the prior year period.
For the first six months of 2025, the company's net loss reached $56.7 million compared to $8.7 million in the first half of 2024, with diluted net loss per share of $0.96 versus $0.15 in the prior year period.
The company maintained a strong cash position with $325.6 million in cash, cash equivalents and marketable securities as of June 30, 2025, representing a decrease of $15.4 million compared to March 31, 2025, and $49.1 million compared to December 31, 2024.
Regulatory Advocacy Efforts
Vanda submitted a public response to a U.S. Department of Health and Human Services Request for Information on July 14, 2025. The company's response proposed that the FDA repeal regulations that delay drug approval processes and eliminate 1990s-era guidance mandating lethal animal testing.
"Significant regulatory and clinical milestones are expected in the coming months which have the potential to strengthen our commercial portfolio and advance our deep clinical pipeline," Polymeropoulos noted.
