VNDA · Vanda Pharmaceuticals Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $216.10M | $198.77M | $192.64M | $254.38M | $268.68M | $248.17M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $109.27M | $74.43M | $76.82M | $85.77M | $75.36M | $55.58M |
| SG&A | $237.95M | $146.41M | $112.88M | $136.49M | $124.05M | $140.51M |
| Total Operating Expenses | $367.27M | $239.43M | $206.59M | $248.05M | $226.52M | $220.93M |
| D&A | $1.10M | $859.0K | $920.0K | $1.22M | $1.36M | $1.39M |
| Operating Income | ($151.17M) | ($40.66M) | ($13.95M) | $6.33M | $42.16M | $27.24M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $81.83M | ($4.02M) | $3.83M | $5.03M | $9.21M | $8.32M |
| Net Income | ($220.47M) | ($18.90M) | $2.51M | $6.28M | $33.15M | $23.34M |
| EPS - Basic | ($3.74) | ($0.33) | $0.04 | $0.11 | $0.60 | $0.43 |
| EPS - Diluted | ($3.74) | ($0.33) | $0.04 | $0.11 | $0.58 | $0.42 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $84.85M | $102.32M | $135.82M | $135.03M | $52.07M | $61.03M |
| Accounts Receivable | $54.58M | $47.10M | $34.16M | $33.51M | $32.47M | $30.04M |
| Inventory | $1.85M | $1.73M | $1.36M | $1.19M | $1.02M | $1.28M |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $347.26M | $438.89M | $432.95M | $519.29M | $478.30M | $409.14M |
| Total Assets | $488.95M | $656.20M | $648.44M | $634.25M | $593.79M | $533.46M |
| Current Liabilities | $145.16M | $99.98M | $87.70M | $91.44M | $74.42M | $65.94M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $161.76M | $117.66M | $103.53M | $107.05M | $88.86M | $80.19M |
| Stockholders' Equity | $327.19M | $538.55M | $544.91M | $527.20M | $504.93M | $453.27M |
| Retained Earnings | ($394.77M) | ($174.29M) | ($155.39M) | ($157.90M) | ($164.18M) | ($197.33M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($109.44M) | ($15.76M) | $12.80M | $31.98M | $64.21M | $51.77M |
| Investing Cash Flow | $94.86M | ($17.43M) | ($12.06M) | $49.92M | ($76.70M) | ($41.50M) |
| Financing Cash Flow | ($2.91M) | ($155.0K) | $0 | $734.0K | $3.55M | $5.63M |
| CapEx | $998.0K | $490.0K | $383.0K | $679.0K | $552.0K | $1.79M |
| Free Cash Flow | ($110.44M) | ($16.25M) | $12.42M | $31.30M | $63.66M | $49.98M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -70.0% | -20.5% | -7.2% | 2.5% | 15.7% | 11.0% |
| EBITDA margin | -69.4% | -20.0% | -6.8% | 3.0% | 16.2% | 11.5% |
| Net margin | -102.0% | -9.5% | 1.3% | 2.5% | 12.3% | 9.4% |
| Free cash flow margin | -51.1% | -8.2% | 6.4% | 12.3% | 23.7% | 20.1% |
| FCF / Net income | 0.50 | 0.86 | 4.95 | 4.99 | 1.92 | 2.14 |
| R&D / Revenue | 50.6% | 37.4% | 39.9% | 33.7% | 28.0% | 22.4% |
| SG&A / Revenue | 110.1% | 73.7% | 58.6% | 53.7% | 46.2% | 56.6% |
| Effective tax rate | - | - | 60.4% | 44.5% | 21.7% | 26.3% |
| Return on assets | -45.1% | -2.9% | 0.4% | 1.0% | 5.6% | 4.4% |
| Return on equity | -67.4% | -3.5% | 0.5% | 1.2% | 6.6% | 5.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 2.39 | 4.39 | 4.94 | 5.68 | 6.43 | 6.21 |
| Quick ratio | 2.38 | 4.37 | 4.92 | 5.67 | 6.41 | 6.19 |
| Cash ratio | 0.58 | 1.02 | 1.55 | 1.48 | 0.70 | 0.93 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.49 | 1.22 | 1.19 | 1.20 | 1.18 | 1.18 |
| Liabilities / Assets | 0.33 | 0.18 | 0.16 | 0.17 | 0.15 | 0.15 |
| Efficiency | ||||||
| Asset turnover | 0.44 | 0.30 | 0.30 | 0.40 | 0.45 | 0.47 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 92d | 86d | 65d | 48d | 44d | 44d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | 105.5x | 67.2x | 27.1x | 31.3x |
| P / B | 1.6x | 0.5x | 0.4x | 0.8x | 1.8x | 1.6x |
| P / S | 2.4x | 1.4x | 1.3x | 1.7x | 3.3x | 2.9x |
| EV / EBITDA | - | - | - | 37.9x | 19.3x | 23.2x |
| Growth | ||||||
| Revenue growth (YoY) | 8.7% | 3.2% | -24.3% | -5.3% | 8.3% | 9.2% |
| Revenue CAGR (3y) | -5.3% | -9.6% | -8.1% | 3.8% | 11.6% | 14.6% |
| Revenue CAGR (5y) | -2.7% | -2.6% | -0.0% | 9.0% | 13.0% | 17.7% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -271.8% | -191.4% | - | -85.0% | 54.8% | 19.4% |
| Net income growth (YoY) | -1066.5% | - | -60.0% | -81.1% | 42.1% | -79.8% |
| EPS growth (YoY) | -1033.3% | - | -63.6% | -81.0% | 38.1% | -80.1% |
| EPS CAGR (3y) | - | - | -54.3% | -62.6% | 6.5% | - |
| EPS CAGR (5y) | - | - | -39.2% | - | - | - |
| FCF growth (YoY) | -579.8% | - | -60.3% | -50.8% | 27.4% | - |
| FCF CAGR (5y) | - | - | -16.0% | - | - | 38.2% |
| Book value growth (YoY) | -39.2% | -1.2% | 3.4% | 4.4% | 11.4% | 10.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$216.10M totalProduct Segment$216.10M · 100.0%
Product / service
$216.10M totalFanapt$117.30M · 54.3%
Hetlioz$71.43M · 33.1%
PONVORY$27.37M · 12.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.06
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Vanda Pharmaceuticals Inc. against the 5 most active filers in the same SIC group.