Here are the 10-K annual reports from Vanda Pharmaceuticals Inc. (VNDA) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VNDA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VNDA filings page.
Vanda Pharmaceuticals Inc. files its annual report outlining 2025 product sales and a broad late-stage pipeline. The company generated 2025 net sales of $117.3 million from Fanapt, $71.4 million from HETLIOZ, $27.4 million from PONVORY, and no reported U.S. sales yet for its newly approved motion sickness drug.
Vanda markets four commercial products and is advancing multiple late-stage programs, including an NDA for milsaperidone in bipolar I disorder and schizophrenia, an NDA for tradipitant in gastroparesis, and a BLA for imsidolimab in generalized pustular psoriasis. The company faces significant risks from generic HETLIOZ competition, complex FDA interactions on several indications, reliance on a few major customers, and extensive patent and regulatory litigation while pursuing global expansion and new indications.