# Vanda Pharmaceuticals Inc.: overview

VNDA · Nasdaq · CIK 1347178 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/vnda.md) · [Financials](/companies/vnda/financials.md) · [Filings](/companies/vnda/filings.md) · [Insiders](/companies/vnda/insiders.md)

Latest reported revenue: [$69.8m](/filings/0001347178-26-000002.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001347178-26-000002).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [53.2 d](/filings/0001628280-26-007460.md) | [50.0](/filings/0001628280-26-031667.md) | [52.6](/filings/0001628280-26-053855.md) | [56.3](/filings/0001347178-26-000002.md) | [57.2 d](/filings/0001628280-26-007460.md) | [51.7](/filings/0001628280-26-031667.md) | [50.5](/filings/0001628280-26-053855.md) | [69.8](/filings/0001347178-26-000002.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [(19.3%) d](/filings/0001628280-26-007460.md) | [(82.0%)](/filings/0001628280-26-031667.md) | [(73.2%)](/filings/0001628280-26-053855.md) | [(55.6%)](/filings/0001347178-26-000002.md) | [(70.5%) d](/filings/0001628280-26-007460.md) | [(97.1%)](/filings/0001628280-26-031667.md) | [(126.3%)](/filings/0001628280-26-053855.md) | [(33.7%)](/filings/0001347178-26-000002.md) |
| Net margin | % | [(9.2%) d](/filings/0001628280-26-007460.md) | [(58.9%)](/filings/0001347178-26-000002.md) | [(51.7%)](/filings/0001347178-26-000002.md) | [(40.1%)](/filings/0001347178-26-000002.md) | [(246.8%) d](/filings/0001628280-26-007460.md) | [(93.9%)](/filings/0001347178-26-000002.md) | [(123.7%)](/filings/0001347178-26-000002.md) | [(32.3%)](/filings/0001347178-26-000002.md) |
| Diluted EPS | $ per share | not reported | [(0.50)](/filings/0001628280-26-031667.md) | [(0.46)](/filings/0001628280-26-053855.md) | [(0.38)](/filings/0001347178-26-000002.md) | not reported | [(0.82)](/filings/0001628280-26-031667.md) | [(1.04)](/filings/0001628280-26-053855.md) | [(0.37)](/filings/0001347178-26-000002.md) |
| Free cash flow | $m | [(2.0) d](/filings/0001628280-26-007460.md) | [(33.6)](/filings/0001628280-26-031667.md) | [(15.6) d](/filings/0001628280-26-053855.md) | [(31.8) d](/filings/0001347178-26-000002.md) | [(29.5) d](/filings/0001628280-26-007460.md) | [(50.4)](/filings/0001628280-26-031667.md) | [(31.3) d](/filings/0001628280-26-053855.md) | [(28.7) d](/filings/0001347178-26-000002.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [269](/filings/0001628280-24-003785.md) | [254](/filings/0001628280-25-005761.md) | [193](/filings/0001628280-26-007460.md) | [199](/filings/0001628280-26-007460.md) | [216](/filings/0001628280-26-007460.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [15.7%](/filings/0001628280-24-003785.md) | [2.5%](/filings/0001628280-25-005761.md) | [(7.2%)](/filings/0001628280-26-007460.md) | [(20.5%)](/filings/0001628280-26-007460.md) | [(70.0%)](/filings/0001628280-26-007460.md) |
| Net margin | % | [12.3%](/filings/0001628280-24-003785.md) | [2.5%](/filings/0001628280-25-005761.md) | [1.3%](/filings/0001628280-26-007460.md) | [(9.5%)](/filings/0001628280-26-007460.md) | [(102.0%)](/filings/0001628280-26-007460.md) |
| Diluted EPS | $ per share | [0.58](/filings/0001628280-24-003785.md) | [0.11](/filings/0001628280-25-005761.md) | [0.04](/filings/0001628280-26-007460.md) | [(0.33)](/filings/0001628280-26-007460.md) | [(3.74)](/filings/0001628280-26-007460.md) |
| Free cash flow | $m | [63.7](/filings/0001628280-24-003785.md) | [31.3](/filings/0001628280-25-005761.md) | [12.4](/filings/0001628280-26-007460.md) | [(16.2)](/filings/0001628280-26-007460.md) | [(110)](/filings/0001628280-26-007460.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/vnda/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $46.8m | 7,653,737 |  | Added +377,749 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $21.5m | 3,516,405 |  | Added +500,843 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $21.4m | 3,497,695 |  | Added +1,894,119 |
| [RENAISSANCE TECHNOLOGIES LLC](/funds/1037389.md) | 2026-06-30 | $21.1m | 3,441,361 |  | Reduced −318,198 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $15.4m | 2,524,040 |  | Added +42,549 |
| [AIGH Capital Management LLC](/funds/1835943.md) | 2026-06-30 | $12.5m | 2,044,169 |  | Reduced −705,831 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $10.6m | 1,727,349 |  | Reduced −44,244 |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $9.8m | 1,602,813 |  | Reduced −278,188 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $9.1m | 1,483,787 |  | Added +40,822 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $8.3m | 1,349,072 |  | Reduced −49,129 |

## Recent filings

[All 1,040 filings](/companies/vnda/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 08:00 ET | [10-Q](/filings/0001347178-26-000002.md) | Quarterly report, period 2026-09-30 | 0001347178-26-000002 |
| 2026-10-28 | 16:07 ET | [8-K](/filings/0001628280-26-067886.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-067886 |
| 2026-08-06 | 07:39 ET | [10-Q](/filings/0001628280-26-053855.md) | Quarterly report, period 2026-06-30 | 0001628280-26-053855 |
| 2026-08-05 | 16:04 ET | [8-K](/filings/0001628280-26-053308.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-053308 |
| 2026-06-05 | 16:38 ET | [8-K](/filings/0001628280-26-041298.md) | 5.07 Shareholder vote results | 0001628280-26-041298 |
| 2026-05-07 | 07:01 ET | [10-Q](/filings/0001628280-26-031667.md) | Quarterly report, period 2026-03-31 | 0001628280-26-031667 |
| 2026-05-06 | 16:06 ET | [8-K](/filings/0001628280-26-031241.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-031241 |
| 2026-04-23 | 16:48 ET | [DEF 14A](/filings/0001628280-26-026893.md) | Proxy statement, period 2026-06-04 | 0001628280-26-026893 |
| 2026-04-22 | 17:23 ET | [8-K](/filings/0001628280-26-026642.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001628280-26-026642 |
| 2026-04-02 | 16:30 ET | [8-K](/filings/0001628280-26-023222.md) | 5.02 Departure or appointment of officers or directors | 0001628280-26-023222 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-007460.md), filed Feb 12, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/c27207b3-cebf-4ac1-ad87-60c5fd6aa86d)

## About the filer

- CIK: 1347178
- Tickers: VNDA
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 08:08 ET. No prices; not investment advice.