Vanda Pharmaceuticals' Q2 2025: Navigating Contradictions in Bysanti, PONVORY, and DTC Strategies

Regulatory path and NDA filing strategy for Bysanti, Bysanti's approval timeline and commercial readiness, PONVORY revenue growth expectations, Tradipitant's regulatory progress and timeline, and DTC advertising and its impact on sales are the key contradictions discussed in Vanda Pharmaceuticals' latest 2025Q2 earnings call.



Fanapt Revenue Growth:
- Vanda Pharmaceuticals reported Fanapt net product sales of $52.8 million for the first six months of 2025, up 21% compared to the same period in 2024.
- The increase was primarily due to the bipolar commercial launch and expansion of the sales force.

HETLIOZ Revenue Decline:
- HETLIOZ net product sales were $37.1 million for the first six months of 2025, a 4% decrease compared to the same period in 2024.
- The decrease was attributed to generic competition and changes in inventory stocking at specialty pharmacy customers.

PONVORY Sales Launch and Challenges:
- PONVORY net product sales were $12.7 million for the first six months of 2025, an 18% decrease compared to the same period in 2024.
- The decrease was due to a decrease in volume and price net of deductions, but a direct-to-consumer campaign started in Q1 2025 is expected to positively impact sales.

Operating Expenses and Investment in Commercialization:
- Operating expenses for the first six months of 2025 were $182.2 million, up $64.8 million compared to the same period in 2024.
- This increase was driven by higher SG&A expenses related to commercial launches and higher R&D expenses from an exclusive global license agreement.