Vanda Pharmaceuticals Reports Strong Q4 and Full Year 2024 Results, Driven by Psychiatry Portfolio Growth

Vanda Pharmaceuticals Inc. (VNDA) reported its fourth quarter and full year 2024 financial results on February 13, 2025, highlighting the company's strategic transition and growth in its psychiatry portfolio. The company's Q4 net loss of $4.9 million and full-year net loss of $18.9 million reflect its continued investment in R&D and strategic acquisitions, while its robust cash position of $374.6 million provides ample resources for future growth.

Vanda's Q4 revenue of $53.2 million represents a 17% increase year-over-year, driven by strong performance in its psychiatry portfolio. Fanapt® sales reached $26.6 million, up 18% YoY, while HETLIOZ® sales decreased by 5% YoY to $20.0 million. PONVORY®, acquired from Janssen in December 2023, contributed $6.5 million in Q4 revenue. The company's full-year 2024 revenue totaled $198.8 million, a 3% increase from 2023.

Vanda's psychiatry portfolio continues to drive growth, with Fanapt®'s launch in bipolar I disorder in Q3 2024 leading to a significant increase in new patient starts (over 160% compared to Q3 2023). The company's long-acting injectable (LAI) program for Fanapt® is expected to be initiated in Q4 2024, further addressing treatment resistance and compliance issues. Additionally, Vanda plans to submit an NDA for milsaperidone in schizophrenia and bipolar I disorder in early 2025 and initiate a major depressive disorder program in Q4 2024.

The acquisition of imsidolimab from AnaptysBio in 2024 expanded Vanda's inflammatory diseases portfolio, complementing its existing neurology/psychiatry focus. This diversification helps offset risks from HETLIOZ generic competition, which drove a 23% decline in HETLIOZ sales for 2024.

Vanda's management has set a 2030 revenue target of $750 million for its psychiatry portfolio, which appears ambitious but not unrealistic given potential label expansions for Fanapt®, development of long-acting injectable formulations, and the growing PONVORY® franchise in multiple sclerosis. The key near-term catalyst will be the Bysanti NDA submission in Q1 2025, which could significantly expand Vanda's commercial presence in psychiatry.

Vanda's strong Q4 and full-year 2024 results demonstrate the company's ability to balance current commercial growth with significant pipeline investments. Its robust cash position and strategic acquisitions position it well for sustainable long-term growth, despite current profitability challenges. As Vanda continues to execute on its strategic vision, investors should closely monitor its progress and potential catalysts for 2025-2026.