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- **Revenue Beat**: Q3 2025 net product sales $56.3M (+18% YoY), driven by Fanapt (+31%) and HETLIOZ (+35% new prescriptions). 
- **Pipeline Momentum**: 6 potential 2026 launches including tradipitant (FDA Dec 30), Bysanti (FDA Feb 21), and imsidolimab (BLA Q4). 
- **Commercial Expansion**: 300-rep Fanapt sales force achieved 20%+ call volume growth; PONVORY demand up 20% QoQ. 
- **Financial Focus**: 2025 revenue guidance $210-230M, with $293.8M cash as of Q3. 
- **FDA Collaboration**: Positive interactions on tradipitant and HETLIOZ, with priority review for imsidolimab.

**【CEO Summary Section】**
- **Revenue Growth**: Total net product sales reached $56.3 million for Q3 2025, up 18% YoY, driven by Fanapt (31% growth) and HETLIOZ (35% new prescriptions). 
- **Pipeline Progress**: Multiple regulatory milestones include tradipitant (motion sickness, FDA PDUFA Dec 30, 2025), Bysanti (bipolar/schizophrenia, PDUFA Feb 21, 2026), and imsidolimab (psoriasis, BLA submission Q4 2025). 
- **Commercial Expansion**: Fanapt sales force expanded to 300 reps, achieving 20%+ call volume growth QoQ. Direct-to-consumer campaigns boosted brand awareness for Fanapt and PONVORY.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Net loss of $22.6M vs. $5.3M YoY, driven by $87.5M operating expenses (30% YoY growth). 
- **Revenue Guidance**: 2025 total revenue $210-230M (narrowed from $210-250M), reflecting strong Fanapt growth but variable HETLIOZ sales. 
- **Cash Position**: $293.8M as of Q3, down $80.9M YoY due to net loss and operating cash outflows. 
- **Product Performance**: Fanapt inventory at wholesalers stable at 4 weeks, HETLIOZ retains 70%+ market share despite generics.

**【Q&A Key Highlights】**
- **FDA Interactions**: Positive collaborative framework with FDA; tradipitant motion sickness approval expected Dec 30, 2025. Bysanti label discussions likely Q1 2026. 
- **PONVORY Growth**: 20% QoQ growth in underlying demand, with 50-person specialty sales force now fully deployed. 
- **Pipeline Strategy**: Direct-to-consumer campaigns and starter packs key to transitioning Fanapt patients to Bysanti post-approval. 
- **R&D Investments**: $269.7M in R&D/SG&A for first 9 months, supporting 6 potential 2026 product launches (Fanapt, HETLIOZ, PONVORY, tradipitant, Bysanti, imsidolimab).

Vanda Pharmaceuticals Inc. (VNDA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VNDA

VNDA fundamentals

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