NASDAQ : VNDA
Vanda Pharmaceuticals Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 3.815 USD (Oct 30, 2026, 2:06 PM EDT) · Market cap 230.69M
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Financial statements
Vanda Pharmaceuticals Inc. (VNDA) reported revenue of 229.28M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 229.28M | 216.10M | 198.77M | 192.64M | 254.38M | 268.68M |
| Cost of Revenue | 14.70M | 13.04M | 11.31M | 14.80M | 24.28M | 25.63M |
| Gross Profit | 214.57M | 203.06M | 187.46M | 177.84M | 230.10M | 243.05M |
| Selling, General & Admin | 262.75M | 237.95M | 146.41M | 112.88M | 136.49M | 124.05M |
| Research & Development | 122.02M | 109.27M | 74.43M | 76.82M | 85.77M | 75.36M |
| Amortization of Goodwill & Intangibles | 7.71M | 7.01M | 7.27M | 2.09M | 1.52M | 1.48M |
| Operating Expenses | 392.48M | 354.23M | 228.12M | 191.80M | 223.77M | 200.89M |
| Operating Income | -177.91M | -151.17M | -40.66M | -13.95M | 6.33M | 42.16M |
| Interest & Investment Income | 4.66M | 10.47M | 10.74M | |||
| Other Non Operating Income (Expenses) | 11.49M | 2.01M | 1.85M | |||
| EBT Excluding Unusual Items | -173.25M | -140.70M | -29.91M | -2.46M | 8.34M | 44.01M |
| Gain (Loss) on Sale of Investments | 2.05M | 2.05M | 6.99M | 8.80M | 2.96M | -1.65M |
| Pretax Income | -171.20M | -138.65M | -22.92M | 6.34M | 11.30M | 42.36M |
| Income Tax Expense | 103.63M | 81.83M | -4.02M | 3.83M | 5.03M | 9.21M |
| Net Income | -274.83M | -220.47M | -18.90M | 2.51M | 6.28M | 33.15M |
| Net Income to Common | -274.83M | -220.47M | -18.90M | 2.51M | 6.28M | 33.15M |
| Shares Outstanding (Basic) | 59.82M | 58.93M | 58.15M | 57.38M | 56.46M | 55.55M |
| Shares Outstanding (Diluted) | 59.82M | 58.93M | 58.15M | 57.56M | 56.98M | 56.92M |
| EPS (Basic) | -4.59 | -3.74 | -0.33 | 0.04 | 0.11 | 0.60 |
| EPS (Diluted) | -4.59 | -3.74 | -0.33 | 0.04 | 0.11 | 0.58 |
| Free Cash Flow | -139.96M | -110.44M | -20.48M | -88.25M | 31.30M | 63.66M |
| Free Cash Flow Per Share | -2.34 | -1.87 | -0.35 | -1.53 | 0.55 | 1.12 |
| Gross Margin | 93.59% | 93.96% | 94.31% | 92.32% | 90.45% | 90.46% |
| Operating Margin | -77.59% | -69.95% | -20.46% | -7.24% | 2.49% | 15.69% |
| Profit Margin | -119.87% | -102.02% | -9.51% | 1.30% | 2.47% | 12.34% |
| Free Cash Flow Margin | -61.05% | -51.11% | -10.30% | -45.81% | 12.31% | 23.69% |
| EBITDA | -169.11M | -143.06M | -32.53M | -10.94M | 9.06M | 45.01M |
| EBITDA Margin | -73.76% | -66.20% | -16.36% | -5.68% | 3.56% | 16.75% |
| D&A For EBITDA | 8.80M | 8.11M | 8.13M | 3.01M | 2.73M | 2.84M |
| EBIT | -177.91M | -151.17M | -40.66M | -13.95M | 6.33M | 42.16M |
| EBIT Margin | -77.59% | -69.95% | -20.46% | -7.24% | 2.49% | 15.69% |
| Effective Tax Rate | 60.42% | 44.47% | 21.75% | |||
| Revenue as Reported | 229.28M | 216.10M | 198.77M | 192.64M | 254.38M | 268.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 61.93M | 84.85M | 102.32M | 135.82M | 135.03M | 52.07M |
| Short-Term Investments | 78.56M | 179.00M | 272.33M | 252.44M | 331.83M | 380.74M |
| Cash & Short-Term Investments | 140.49M | 263.85M | 374.64M | 388.26M | 466.86M | 432.81M |
| Receivables | 60.32M | 54.58M | 47.10M | 34.16M | 33.51M | 32.47M |
| Inventory | 1.53M | 1.85M | 1.73M | 1.36M | 1.19M | 1.02M |
| Prepaid Expenses | 36.13M | 26.88M | 15.42M | 9.17M | 6.23M | 12.00M |
| Restricted Cash | 103.00K | |||||
| Other Current Assets | 11.50M | |||||
| Total Current Assets | 238.47M | 347.26M | 438.89M | 432.95M | 519.29M | 478.30M |
| Property, Plant & Equipment | 23.20M | 13.51M | 12.68M | 9.14M | 10.97M | 12.38M |
| Other Intangible Assets | 111.13M | 117.09M | 114.10M | 121.37M | 18.57M | 20.08M |
| Long-Term Deferred Tax Assets | 81.44M | 75.00M | 74.04M | 74.88M | ||
| Other Long-Term Assets | 9.53M | 11.08M | 9.10M | 9.98M | 11.38M | 8.15M |
| Total Assets | 382.33M | 488.95M | 656.20M | 648.44M | 634.25M | 593.79M |
| Accounts Payable | 7.98M | 4.94M | 3.50M | 7.14M | 12.69M | 925.00K |
| Accrued Expenses | 47.93M | 47.80M | 31.32M | 28.92M | 30.53M | 31.20M |
| Current Portion of Leases | 4.68M | 5.55M | 4.27M | 2.40M | 2.33M | 2.31M |
| Other Current Liabilities | 94.39M | 86.86M | 60.90M | 49.24M | 45.88M | 39.98M |
| Total Current Liabilities | 154.98M | 145.16M | 99.98M | 87.70M | 91.44M | 74.42M |
| Long-Term Leases | 17.29M | 7.07M | 8.09M | 7.01M | 8.81M | 10.05M |
| Other Long-Term Liabilities | 10.20M | 9.53M | 9.59M | 8.83M | 6.80M | 4.39M |
| Total Liabilities | 182.47M | 161.76M | 117.66M | 103.53M | 107.05M | 88.86M |
| Common Stock | 60.00K | 59.00K | 58.00K | 58.00K | 57.00K | 56.00K |
| Additional Paid-In Capital | 728.27M | 721.26M | 712.71M | 700.27M | 686.24M | 669.22M |
| Retained Earnings | -528.41M | -394.77M | -174.29M | -155.39M | -157.90M | -164.18M |
| Comprehensive Income & Other | -66.00K | 629.00K | 74.00K | -30.00K | -1.19M | -175.00K |
| Shareholders' Equity | 199.86M | 327.19M | 538.55M | 544.91M | 527.20M | 504.93M |
| Total Liabilities & Equity | 382.33M | 488.95M | 656.20M | 648.44M | 634.25M | 593.79M |
| Total Debt | 21.97M | 12.62M | 12.36M | 9.40M | 11.14M | 12.37M |
| Net Cash (Debt) | 118.52M | 251.22M | 362.28M | 378.86M | 455.72M | 420.45M |
| Net Cash Per Share | 1.98 | 4.26 | 6.23 | 6.58 | 8.00 | 7.39 |
| Filing Date Shares Outstanding | 60.47M | 59.11M | 58.32M | 57.54M | 56.79M | 55.91M |
| Total Common Shares Outstanding | 60.47M | 59.10M | 58.31M | 57.53M | 56.78M | 55.90M |
| Working Capital | 83.49M | 202.10M | 338.91M | 345.25M | 427.86M | 403.88M |
| Book Value Per Share | 3.31 | 5.54 | 9.24 | 9.47 | 9.28 | 9.03 |
| Tangible Book Value | 88.73M | 210.10M | 424.45M | 423.54M | 508.63M | 484.85M |
| Tangible Book Value Per Share | 1.47 | 3.55 | 7.28 | 7.36 | 8.96 | 8.67 |
| Machinery | 9.37M | 8.23M | 7.78M | 7.58M | 7.03M | |
| Leasehold Improvements | 5.50M | 5.47M | 5.44M | 5.42M | 5.46M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -274.83M | -220.47M | -18.90M | 2.51M | 6.28M | 33.15M |
| Depreciation & Amortization | 13.96M | 11.92M | 9.80M | 4.33M | 2.73M | 2.84M |
| Loss (Gain) From Sale of Investments | -464.00K | -2.05M | -6.99M | -8.14M | -2.96M | 1.64M |
| Stock-Based Compensation | 9.29M | 9.47M | 12.43M | 14.04M | 16.28M | 15.37M |
| Other Operating Activities | 104.64M | 83.39M | -5.54M | 809.00K | 3.59M | 8.47M |
| Change in Accounts Receivable | -9.86M | -7.46M | -13.01M | -707.00K | -1.09M | -2.47M |
| Change in Inventory | -950.00K | -3.47M | -29.00K | -771.00K | -4.48M | -2.23M |
| Change in Accounts Payable | 10.76M | 15.82M | 1.71M | -10.98M | 11.79M | 3.04M |
| Change in Other Net Operating Assets | 8.31M | 3.42M | 4.78M | 11.71M | -151.00K | 4.40M |
| Operating Cash Flow | -139.14M | -109.44M | -15.76M | 12.80M | 31.98M | 64.21M |
| Capital Expenditures | -824.00K | -998.00K | -4.72M | -101.05M | -679.00K | -552.00K |
| Sale (Purchase) of Intangibles | -10.00M | |||||
| Investment in Securities | 144.94M | 95.86M | -12.71M | 88.99M | 50.60M | -76.14M |
| Investing Cash Flow | 134.12M | 94.86M | -17.43M | -12.06M | 49.92M | -76.70M |
| Long-Term Debt Repaid | -1.99M | -155.00K | ||||
| Net Debt Issued (Repaid) | -3.15M | -1.99M | -155.00K | |||
| Issuance of Common Stock | 734.00K | 3.55M | ||||
| Repurchase of Common Stock | -915.00K | |||||
| Financing Cash Flow | -3.15M | -2.91M | -155.00K | 734.00K | 3.55M | |
| Foreign Exchange Rate Adjustments | -22.00K | 23.00K | -163.00K | 47.00K | 265.00K | -91.00K |
| Net Cash Flow | -8.19M | -17.46M | -33.51M | 792.00K | 82.91M | -9.02M |
| Free Cash Flow | -139.96M | -110.44M | -20.48M | -88.25M | 31.30M | 63.66M |
| Free Cash Flow Margin | -61.05% | -51.11% | -10.30% | -45.81% | 12.31% | 23.69% |
| Free Cash Flow Per Share | -2.34 | -1.87 | -0.35 | -1.53 | 0.55 | 1.12 |
| Levered Free Cash Flow | -85.87M | -49.36M | -17.05M | -87.45M | 32.34M | 48.22M |
| Unlevered Free Cash Flow | -85.87M | -49.36M | -17.05M | -87.45M | 32.34M | 48.22M |
| Cash Income Tax Paid | -90.00K | 2.45M | 3.56M | |||
| Change in Working Capital | 8.26M | 8.31M | -6.56M | -747.00K | 6.07M | 2.74M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 226.46M | 521.23M | 279.30M | 242.79M | 418.20M | 874.12M |
| Enterprise Value | 107.94M | 238.40M | -89.02M | -237.23M | -25.49M | 480.91M |
| Last Close Price | 3.79 | 8.82 | 4.79 | 4.22 | 7.39 | 15.69 |
| PE Ratio | 96.77 | 66.64 | 26.37 | |||
| Forward PE | 23.74 | 23.74 | 23.74 | 21.73 | 21.94 | |
| PS Ratio | 1.00 | 2.41 | 1.41 | 1.26 | 1.64 | 3.25 |
| PB Ratio | 1.15 | 1.59 | 0.52 | 0.45 | 0.79 | 1.73 |
| P/TBV Ratio | 2.58 | 2.48 | 0.66 | 0.57 | 0.82 | 1.80 |
| P/FCF Ratio | 13.36 | 13.73 | ||||
| P/OCF Ratio | 18.97 | 13.07 | 13.61 | |||
| PEG Ratio | 0.93 | 0.93 | 0.93 | 0.93 | 0.36 | |
| EV/Sales Ratio | 0.48 | 1.10 | 1.79 | |||
| EV/EBITDA Ratio | 10.69 | |||||
| EV/EBIT Ratio | 11.40 | |||||
| EV/FCF Ratio | 7.55 | |||||
| Debt / Equity Ratio | 0.11 | 0.04 | 0.02 | 0.02 | 0.02 | 0.02 |
| Debt / EBITDA Ratio | 0.95 | 0.26 | ||||
| Debt / FCF Ratio | 0.36 | 0.19 | ||||
| Net Debt / Equity Ratio | -0.59 | -0.77 | -0.67 | -0.69 | -0.86 | -0.83 |
| Net Debt / EBITDA Ratio | 0.70 | 1.76 | 11.14 | 34.62 | -50.29 | -9.34 |
| Net Debt / FCF Ratio | 0.85 | 2.27 | 17.69 | 4.29 | -14.56 | -6.60 |
| Asset Turnover | 0.47 | 0.38 | 0.30 | 0.30 | 0.41 | 0.48 |
| Inventory Turnover | 8.24 | 7.29 | 7.34 | 11.60 | 21.89 | 22.24 |
| Quick Ratio | 1.30 | 2.19 | 4.22 | 4.82 | 5.47 | 6.25 |
| Current Ratio | 1.54 | 2.39 | 4.39 | 4.94 | 5.68 | 6.43 |
| Return on Equity (ROE) | -82.55% | -50.93% | -3.49% | 0.47% | 1.22% | 6.92% |
| Return on Assets (ROA) | -22.61% | -16.50% | -3.90% | -1.36% | 0.64% | 4.68% |
| Return on Invested Capital (ROIC) | -230.56% | -119.87% | -23.76% | -4.65% | 4.51% | 35.94% |
| Return on Capital Employed (ROCE) | -78.30% | -44.00% | -7.30% | -2.50% | 1.20% | 8.10% |
| Earnings Yield | -122.69% | -42.30% | -6.77% | 1.03% | 1.50% | 3.79% |
| FCF Yield | -61.07% | -21.19% | -7.33% | -36.35% | 7.49% | 7.28% |
| Buyback Yield / Dilution | -1.85% | -1.34% | -1.03% | -1.01% | -0.11% | -3.14% |