Revenue has recovered to $69.8M in 2026Q3 with gross margins around 94%, yet operating margin remained negative at -33.7% after a -126.3% trough in 2026Q2, indicating that operating expense growth has not yet been matched by revenue scale.
Vanda Pharmaceuticals Inc. (VNDA) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 229.28M | 216.1M | 198.77M | 192.64M | 254.38M | 268.68M | 248.17M | 227.19M | 193.12M | 165.08M | 146.02M | 109.92M | 50.16M | 33.88M | 32.73M | 31.27M | 35.22M | 4.55M | 0 | 0 | 0 | 0 | 33.98K |
| Revenue Growth % | 8.11% | 8.72% | 3.18% | -24.27% | -5.32% | 8.27% | 9.23% | 17.64% | 16.98% | 13.06% | 32.83% | 119.16% | 48.05% | 3.52% | 4.66% | -11.22% | 674.45% | - | - | - | - | -100% | - |
| Cost of Goods Sold | 16.69M | 13.04M | 11.31M | 14.8M | 24.28M | 25.63M | 23.36M | 24.49M | 20.51M | 17.85M | 24.71M | 23.46M | 1.58M | 0 | 129K | 0 | 4.39M | 2.9M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 6.04% | 5.69% | 7.68% | 9.55% | 9.54% | 9.41% | 10.78% | 10.62% | 10.81% | 16.92% | 21.34% | 3.16% | - | 0.39% | - | 12.45% | 63.72% | - | - | - | - | - |
| Gross Profit | 212.59M | 203.06M | 187.46M | 177.84M | 230.1M | 243.05M | 224.8M | 202.7M | 172.61M | 147.24M | 121.31M | 86.46M | 48.57M | 33.88M | 32.6M | 31.27M | 30.83M | 1.65M | 0 | 0 | 0 | 0 | 33.98K |
| Gross Margin % | 92.72% | 93.96% | 94.31% | 92.32% | 90.45% | 90.46% | 90.59% | 89.22% | 89.38% | 89.19% | 83.08% | 78.66% | 96.84% | 100% | 99.61% | 100% | 87.55% | 36.28% | - | - | - | - | 100% |
| Gross Profit Growth % | - | 8.32% | 5.41% | -22.71% | -5.33% | 8.12% | 10.9% | 17.43% | 17.23% | 21.38% | 40.3% | 78% | 43.38% | 3.93% | 4.25% | 1.41% | 1768.59% | - | - | - | - | -100% | - |
| Operating Expenses | 390.49M | 354.23M | 228.12M | 191.8M | 223.77M | 200.89M | 197.56M | 179.89M | 150.87M | 164.14M | 139.88M | 126.65M | 106.13M | 54.28M | 60.82M | 41.98M | 22.48M | 37.6M | 52.85M | 80.04M | 65.71M | 24.29M | 9.56M |
| OpEx % of Revenue | - | 163.92% | 114.76% | 99.56% | 87.97% | 74.77% | 79.61% | 79.18% | 78.12% | 99.43% | 95.79% | 115.21% | 211.59% | 160.21% | 185.85% | 134.24% | 63.84% | 826.74% | - | - | - | - | 28141.19% |
| Selling, General & Admin | 262.75M | 237.95M | 146.41M | 112.88M | 136.49M | 124.05M | 140.51M | 129.74M | 105.75M | 123.84M | 99.79M | 84.53M | 84.64M | 24.59M | 13.88M | 11.49M | 10.15M | 23.72M | 28.91M | 32.8M | 13.64M | 7.4M | 2.12M |
| SG&A % of Revenue | - | 110.11% | 73.66% | 58.6% | 53.65% | 46.17% | 56.62% | 57.11% | 54.76% | 75.02% | 68.34% | 76.9% | 168.76% | 72.59% | 42.42% | 36.73% | 28.81% | 521.67% | - | - | - | - | 6237.18% |
| Research & Development | 122.02M | 109.27M | 74.43M | 76.82M | 85.77M | 75.36M | 55.58M | 48.65M | 43.59M | 38.55M | 29.16M | 29.14M | 19.23M | 28.19M | 45.45M | 29M | 12.34M | 13.87M | 23.94M | 47.23M | 52.07M | 16.89M | 7.44M |
| R&D % of Revenue | - | 50.56% | 37.45% | 39.88% | 33.72% | 28.05% | 22.39% | 21.41% | 22.57% | 23.35% | 19.97% | 26.51% | 38.34% | 83.21% | 138.86% | 92.73% | 35.03% | 305.07% | - | - | - | - | 21904.01% |
| Other Operating Expenses | 3M | 7.01M | 7.27M | 2.09M | 1.52M | 1.48M | 1.48M | 1.5M | 3.61M | 1.47M | 665K | 320K | 124K | 145K | 561K | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -177.91M | -151.17M | -40.66M | -13.95M | 6.33M | 42.16M | 27.24M | 22.81M | 21.74M | -16.9M | -18.57M | -40.19M | 20.06M | -20.4M | -28.23M | -10.71M | 8.35M | -35.95M | -52.85M | -80.04M | -65.71M | -24.29M | -9.53M |
| Operating Margin % | -77.59% | -69.95% | -20.46% | -7.24% | 2.49% | 15.69% | 10.98% | 10.04% | 11.26% | -10.24% | -12.72% | -36.56% | 40% | -60.21% | -86.24% | -34.24% | 23.71% | -790.46% | - | - | - | - | -28041.19% |
| Operating Income Growth % | - | -271.79% | -191.43% | -320.45% | -84.99% | 54.8% | 19.42% | 4.93% | 228.6% | 8.98% | 53.79% | -300.3% | 198.34% | 27.72% | -163.61% | -228.24% | 123.23% | 31.97% | 33.98% | -21.81% | -170.55% | -154.89% | - |
| EBITDA | -164.81M | -139.25M | -32.53M | -10.94M | 9.06M | 45.01M | 30.1M | 25.7M | 24.69M | -13.92M | -6.7M | -27.21M | 22.32M | -18.91M | -26.73M | -9.21M | 10.18M | -34.52M | -52.31M | -79.47M | -65.13M | -23.86M | -9.15M |
| EBITDA Margin % | -71.88% | -64.44% | -16.36% | -5.68% | 3.56% | 16.75% | 12.13% | 11.31% | 12.79% | -8.43% | -4.59% | -24.76% | 44.49% | -55.8% | -81.68% | -29.46% | 28.9% | -759.13% | - | - | - | - | -26932.57% |
| EBITDA Growth % | -41.36% | -328.1% | -197.28% | -220.75% | -79.86% | 49.51% | 17.12% | 4.08% | 277.41% | -107.65% | 75.37% | -221.94% | 218.04% | 29.27% | -190.17% | -190.49% | 129.49% | 34.01% | 34.17% | -22.01% | -172.95% | -160.75% | - |
| D&A (Non-Cash Add-back) | 13.1M | 11.92M | 8.13M | 3.01M | 2.73M | 2.84M | 2.86M | 2.89M | 2.96M | 2.98M | 11.87M | 12.97M | 2.25M | 1.5M | 1.5M | 1.5M | 1.83M | 1.42M | 530.8K | 571.59K | 575.37K | 423.83K | 376.71K |
| EBIT | -175.18M | -138.65M | -22.92M | 6.34M | 11.3M | 42.36M | 31.66M | 22.81M | 21.74M | -16.9M | -18.57M | -40.19M | -57.55M | -21.2M | -29.18M | -10.71M | 8.84M | -35.95M | -51.06M | -74.06M | -63.51M | -23.85M | -9.53M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 199K | 4.42M | 6.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 461K | 431K | 89K | 0 | 0 | 2.21B | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 199K | 4.42M | 6.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 461K | 431K | 89.1K | 1.78M | 5.91M | 2.2B | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97 | 0 | 0 | 4.83K | 0 | 0 |
| Other Income/Expense | 6.71M | 12.52M | 17.74M | 20.29M | 4.97M | 199K | 4.42M | 6.22M | 3.61M | 1.47M | 665K | 320K | 124K | 145K | 1.51M | 461K | 431K | 89.1K | 1.78M | 5.98M | 2.2M | 410K | 59.06K |
| Pretax Income | -171.2M | -138.65M | -22.92M | 6.34M | 11.3M | 42.36M | 31.66M | 29.03M | 25.35M | -15.43M | -17.91M | -39.87M | 20.19M | -20.25M | -27.66M | -10.25M | 9.27M | -35.86M | -51.06M | -74.06M | -63.51M | -23.88M | -9.47M |
| Pretax Margin % | -74.67% | -64.16% | -11.53% | 3.29% | 4.44% | 15.77% | 12.76% | 12.78% | 13.12% | -9.35% | -12.26% | -36.27% | 40.25% | -59.79% | -84.53% | -32.77% | 26.32% | -788.5% | - | - | - | - | -27867.38% |
| Income Tax | 103.63M | 81.83M | -4.02M | 3.83M | 5.03M | 9.21M | 8.32M | -86.53M | 138K | 136K | 104K | 0 | 0 | 0 | 0 | -444K | 2.08M | 0 | 0 | 9.88K | 549 | 7.65K | 4.95K |
| Effective Tax Rate % | -60.53% | -59.02% | 17.54% | 60.42% | 44.47% | 21.74% | 26.28% | -298.07% | 0.54% | -0.88% | -0.58% | 0% | 0% | 0% | 0% | 4.33% | 22.41% | 0% | 0% | -0.01% | -0% | -0.03% | -0.05% |
| Net Income | -274.83M | -220.47M | -18.9M | 2.51M | 6.28M | 33.15M | 23.34M | 115.55M | 25.21M | -15.57M | -18.01M | -39.87M | 20.19M | -20.25M | -27.66M | -9.8M | 7.19M | -35.86M | -51.06M | -74.07M | -63.51M | -23.88M | -9.47M |
| Net Margin % | -119.87% | -102.02% | -9.51% | 1.3% | 2.47% | 12.34% | 9.4% | 50.86% | 13.05% | -9.43% | -12.33% | -36.27% | 40.25% | -59.79% | -84.53% | -31.35% | 20.42% | -788.5% | - | - | - | - | -27881.95% |
| Net Income Growth % | -226.4% | -1066.53% | -853.29% | -60.02% | -81.07% | 42.06% | -79.8% | 358.4% | 261.93% | 13.56% | 54.82% | -297.49% | 199.66% | 26.78% | -182.23% | -236.29% | 120.06% | 29.78% | 31.06% | -16.62% | -165.91% | -152.1% | - |
| Net Income (Continuing) | -274.83M | -220.47M | -18.9M | 2.51M | 6.28M | 33.15M | 23.34M | 115.55M | 25.21M | -15.57M | -18.01M | -39.87M | 20.19M | -20.25M | -27.66M | -9.8M | 7.19M | -35.86M | -51.06M | -74.07M | -63.51M | -23.88M | -9.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.55 | -3.74 | -0.32 | 0.04 | 0.11 | 0.58 | 0.42 | 2.11 | 0.48 | -0.35 | -0.41 | -0.94 | 0.55 | -0.67 | -0.98 | -0.35 | 0.25 | -1.33 | -1.92 | -2.81 | -2.51 | -0.05 | -0.02 |
| EPS Growth % | -224.32% | -1068.75% | -833.94% | -60.36% | -81.03% | 38.1% | -80.09% | 339.58% | 237.14% | 14.63% | 56.38% | -270.91% | 182.09% | 31.63% | -180% | -240% | 118.8% | 30.73% | 31.67% | -11.95% | -4840.94% | -151.49% | - |
| EPS (Basic) | - | -3.74 | -0.32 | 0.04 | 0.11 | 0.60 | 0.43 | 2.17 | 0.50 | -0.35 | -0.41 | -0.94 | 0.58 | -0.67 | -0.98 | -0.35 | 0.26 | -1.33 | -1.92 | -2.81 | -2.51 | -0.05 | -0.02 |
| Diluted Shares Outstanding | 60.47M | 58.93M | 58.15M | 57.56M | 56.98M | 56.92M | 55.19M | 54.85M | 53.05M | 44.74M | 43.45M | 42.25M | 36.69M | 30.35M | 28.23M | 28.11M | 28.53M | 27.02M | 26.65M | 26.36M | 25.34M | 469.97M | 469.97M |
| Basic Shares Outstanding | 60.47M | 58.93M | 58.15M | 57.38M | 56.46M | 55.55M | 54.43M | 53.14M | 50.86M | 44.48M | 43.45M | 42.25M | 34.77M | 30.35M | 28.23M | 28.11M | 27.92M | 27.02M | 26.65M | 26.36M | 25.34M | 469.97M | 469.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VNDA stock.
For fiscal year 2025, Vanda Pharmaceuticals Inc. (VNDA) reported total revenue of $216.1M. This represents a 635877.0% increase compared to $0.0M in 2004.
Vanda Pharmaceuticals Inc. (VNDA) reported a net loss of $220.5M for the fiscal year ending 2025.
Vanda Pharmaceuticals Inc. (VNDA) reported an operating income of $-151.2M, resulting in an operating profit margin of -70.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vanda Pharmaceuticals Inc. (VNDA) generated $203.1M in gross profit for the year, representing a gross profit margin of 94.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and opex
Metrics are mathematically derived from official filings.
Revenue Recovering After Two-Year Plateau
Based on reported figures, VNDA's quarterly revenue rose 24.1% year over year to $69.8M in 2026Q3 after a stretch of single-digit growth, with the 2026Q2 print contracting 3.9% and signaling uneven demand momentum.
The 2026Q3 jump is the strongest growth rate in the ten-quarter window, but the preceding quarter's decline suggests the increase may reflect lumpy product or milestone timing rather than a durable step-up in run-rate. Quarterly revenue has stayed within a narrow $47M to $70M band, which points to a mature revenue base that has not yet demonstrated sustained acceleration. Analysts should confirm whether the recent gain repeats in subsequent quarters before extrapolating it.
High Gross Margins Mask Operating Deficit
As reported in financial statements, VNDA's gross margin held between 90% and 95% across all ten quarters, yet operating margin stayed negative in every period, reaching -126.3% in 2026Q2.
The gross margin profile is consistent with a high-margin, low-COGS product economy, which should in principle support profitability at scale. However, the persistent gap between gross profit and operating income indicates that the revenue base does not currently cover the combined R&D and SG&A load. The margin structure therefore appears more dependent on revenue growth than on cost reduction for any path to breakeven.
Operating Deleverage Despite Revenue Gains
According to recent SEC filings, VNDA's SG&A climbed from $37.6M in 2024Q3 to $71.8M in 2026Q2, outpacing revenue growth and widening operating losses into the tens of millions per quarter.
Operating expenses have expanded faster than gross profit, which is the opposite of positive operating leverage. The 2026Q3 narrowing of the operating loss to $23.5M from $63.8M appears driven more by SG&A moderation than by gross profit scaling, which may not be repeatable. Investors should monitor whether opex discipline holds as the revenue base evolves.
Net Loss Volatility Driven by Non-Operating Items
Based on EDBL-style reported figures, VNDA's 2025Q4 net loss of $141.2M far exceeded its $40.4M operating loss, suggesting material non-operating or tax-related charges that warrant further investigation.
A net loss more than three times the operating loss in a single quarter indicates items below the operating line are significant, though the filing data provided does not itemize their nature. Stock-based compensation remained modest at $2M to $5M per quarter, so it does not explain the magnitude of the swings. Investors should review the reconciliation between operating and net results before relying on any single-quarter EPS figure.
R&D Spending Volatile Against Flat Revenue
As reported in financial statements, VNDA's R&D expense swung between $16.7M and $37.0M per quarter, with the 2026Q2 peak of $37.0M representing roughly 73% of that quarter's revenue.
The wide R&D range suggests episodic program spending rather than a steady development cadence, which can complicate trend analysis. SG&A has carried the heavier and more persistent cost burden, rising structurally over the period. Combined opex exceeding revenue in most quarters indicates the cost base is not yet aligned with the current revenue scale.
Sustained Losses Challenge the Recovery Thesis
Based on reported figures, the bear case centers on VNDA posting operating losses in all ten quarters, with cumulative operating losses exceeding $300M, against a revenue base that has not yet shown durable acceleration.
A short-seller would likely argue that a 24% growth quarter following a contraction does not establish a trend, and that opex growth has consistently absorbed any revenue gains. Peer comparisons show VNDA's operating margin trailing profitable peers such as PTCT and HALO by wide margins, which may indicate a structural gap rather than a timing issue. Investors should weigh whether the high gross margin can translate into profit without a meaningful reduction in the cost base.