Vanda Pharmaceuticals Inc. (VNDA) Income Statement
VNDA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVNDA revenue and net income
Where VNDA's revenue goes
2025Each bar shows an amount and its share of revenue. VNDA kept −102.0% of revenue as net income.
VNDA profit margins
VNDA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.7% | −5.3% | −2.7% | +7.0% |
| Gross profit | +8.3% | −4.1% | −2.0% | +8.9% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VNDA quarterly EPS vs estimates
Vanda Pharmaceuticals beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.72).
VNDA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $216.1M | $198.8M | $192.6M | $254.4M | $268.7M | $248.2M | $227.2M | $193.1M | $165.1M | $146.0M |
| Cost of revenue | $13.0M | $11.3M | $17.6M | $24.3M | $25.6M | $23.4M | $24.5M | $20.5M | $17.8M | $24.7M |
| Gross profit | $203.1M | $187.5M | $192.6M | $230.1M | $243.1M | $224.8M | $202.7M | $172.6M | $147.2M | $121.3M |
| Research & development | $109.3M | $74.4M | $76.8M | $85.8M | $75.4M | $55.6M | $48.6M | $43.6M | $38.5M | $29.2M |
| Sales, general & admin | $238.0M | $146.4M | $122.6M | $136.5M | $124.0M | $140.5M | $129.7M | $106.7M | $123.8M | $99.8M |
| Total operating expenses | $354.2M | $228.1M | $206.6M | $223.8M | $200.9M | $197.6M | $179.9M | $150.9M | $164.1M | $139.9M |
| Operating income | −$151.2M | −$40.7M | −$14.0M | $6.3M | $42.2M | $27.2M | $22.8M | $21.7M | −$16.9M | −$18.6M |
| Interest expense | — | — | — | $5.0M | $199,000 | $4.4M | $6.2M | $0 | $0 | $0 |
| Income before taxes | −$138.6M | −$22.9M | $6.3M | $11.3M | $42.4M | $31.7M | $29.0M | $25.3M | −$15.4M | −$17.9M |
| Income taxes | $81.8M | −$4.0M | $3.8M | $5.0M | $9.2M | $8.3M | −$86.5M | $138,000 | $136,000 | $104,000 |
| Net income | −$220.5M | −$18.9M | $2.5M | $6.3M | $33.2M | $23.3M | $115.6M | $25.2M | −$15.6M | −$18.0M |
| EBITDA | −$126.7M | −$14.8M | −$14.0M | $14.0M | $45.2M | $34.5M | $25.7M | $24.7M | −$13.9M | −$6.7M |
| EPS (diluted) | −$3.73 | −$0.32 | $0.05 | $0.12 | $0.58 | $0.51 | $2.33 | $0.74 | −$0.08 | −$0.42 |
| Gross margin | 94.0% | 94.3% | 100.0% | 90.5% | 90.5% | 90.6% | 89.2% | 89.4% | 89.2% | 83.1% |
| Operating margin | −70.0% | −20.5% | −7.2% | 2.5% | 15.7% | 11.0% | 10.0% | 11.3% | −10.2% | −12.7% |
| Net margin | −102.0% | −9.5% | 1.3% | 2.5% | 12.3% | 9.4% | 50.9% | 13.1% | −9.4% | −12.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.5M | $51.7M | $57.2M | $56.3M | $52.6M | $50.0M | $53.2M | $47.7M | $50.5M | $47.5M | $45.3M | $38.8M |
| Cost of revenue | $3.6M | $5.1M | $3.8M | $3.0M | $4.5M | $3.5M | $2.6M | $2.6M | $4.5M | $5.5M | $3.5M | $3.1M |
| Gross profit | $47.0M | $46.6M | $53.4M | $53.3M | $48.1M | $46.5M | $50.6M | $45.1M | $46.0M | $42.0M | $41.8M | $35.8M |
| Research & development | $37.0M | $28.4M | $29.0M | $22.6M | $22.0M | $35.7M | $19.8M | $16.8M | $16.7M | $21.2M | $24.3M | $16.6M |
| Sales, general & admin | $71.8M | $68.4M | $63.0M | $60.3M | $64.6M | $50.1M | $39.3M | $37.6M | $39.5M | $30.1M | $23.6M | $24.8M |
| Total operating expenses | $110.8M | $96.8M | $93.7M | $84.6M | $86.6M | $91.1M | $60.9M | $56.1M | $56.1M | $51.2M | $48.9M | $41.7M |
| Operating income | −$63.8M | −$50.2M | −$40.4M | −$31.3M | −$38.5M | −$44.5M | −$10.3M | −$11.0M | −$10.1M | −$9.2M | −$7.1M | −$6.0M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $3.5M | — |
| Income before taxes | −$62.4M | −$48.4M | −$38.0M | −$28.4M | −$34.9M | −$37.4M | −$6.5M | −$6.2M | −$5.5M | −$4.7M | −$1.7M | −$120,000 |
| Income taxes | $129,000 | $143,000 | $103.2M | −$5.8M | −$7.7M | −$7.9M | −$1.6M | −$920,000 | −$998,000 | −$518,000 | $739,000 | −$257,000 |
| Net income | −$62.5M | −$48.6M | −$141.2M | −$22.6M | −$27.2M | −$29.5M | −$4.9M | −$5.3M | −$4.5M | −$4.1M | −$2.4M | $137,000 |
| EBITDA | −$61.5M | −$44.9M | −$32.1M | −$26.3M | −$32.9M | −$30.1M | −$4.5M | −$4.3M | −$3.5M | −$2.4M | −$503,000 | $460,000 |
| EPS (diluted) | −$1.04 | −$0.82 | −$2.39 | −$0.38 | −$0.46 | −$0.50 | −$0.08 | −$0.09 | −$0.08 | −$0.07 | −$0.04 | $0.00 |
| Gross margin | 93.0% | 90.0% | 93.3% | 94.7% | 91.5% | 93.0% | 95.1% | 94.6% | 91.1% | 88.5% | 92.4% | 92.1% |
| Operating margin | −126.3% | −97.1% | −70.5% | −55.6% | −73.2% | −89.0% | −19.3% | −23.1% | −20.1% | −19.5% | −15.7% | −15.4% |
| Net margin | −123.7% | −93.9% | −246.8% | −40.1% | −51.7% | −58.9% | −9.2% | −11.2% | −9.0% | −8.7% | −5.3% | 0.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VNDA's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VNDA financial results
In fiscal year 2025 (ended December 31, 2025), Vanda Pharmaceuticals reported revenue of $216.1 million, up 8.7% from the year before. It had a net loss of $220.5 million, a net profit margin of −102.0%. Diluted earnings per share came to −$3.73. Over five years revenue grew at an average rate of −2.7% a year.
See the VNDA stock overview for the latest quote and news, or the VNDA chart for price history and technical indicators.
VNDA income statement FAQ
What is Vanda Pharmaceuticals's annual revenue?
Vanda Pharmaceuticals reported total revenue of $216.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.7% from $198.8 million the previous year.
Is Vanda Pharmaceuticals profitable?
No. Vanda Pharmaceuticals reported a net loss of $220.5 million in fiscal 2025, a net profit margin of −102.0%; its operating margin was −70.0%.
What is Vanda Pharmaceuticals's gross margin?
Vanda Pharmaceuticals's gross margin was 94.0% in fiscal 2025: for every $100 of revenue, Vanda Pharmaceuticals kept $94 after the direct cost of its products and services.
How much does Vanda Pharmaceuticals spend on research and development?
Vanda Pharmaceuticals spent $109.3 million on research and development in fiscal 2025, 50.6% of revenue.
How fast is Vanda Pharmaceuticals growing?
Revenue grew −2.7% a year on average over the last five fiscal years, from $248.2 million to $216.1 million.
What are Vanda Pharmaceuticals's earnings per share?
Vanda Pharmaceuticals earned $-3.73 per diluted share in fiscal 2025, compared with $-0.32 a year earlier.
When will Vanda Pharmaceuticals report its next earnings?
Vanda Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Vanda Pharmaceuticals's fiscal year end?
Vanda Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.