Vanda Pharmaceuticals Inc. (VNDA): Business Model Canvas

In der komplexen Landschaft der pharmazeutischen Innovation erweist sich Vanda Pharmaceuticals Inc. als Pionierkraft, die komplexe neurologische und psychiatrische Behandlungsparadigmen verändert. Mit einem messerscharfen Fokus auf die Entwicklung bahnbrechender Therapien für schwierige medizinische Erkrankungen nutzt dieses dynamische Unternehmen Spitzenforschung, strategische Partnerschaften und spezialisierte Arzneimittelentwicklung, um kritische Lücken in der Patientenversorgung zu schließen. Ihr einzigartiges Geschäftsmodell stellt einen anspruchsvollen Ansatz für pharmazeutische Innovationen dar, der wissenschaftliche Expertise mit strategischer Marktpositionierung verbindet, um gezielte therapeutische Lösungen zu liefern, die das Potenzial haben, die Patientenergebnisse in der neurologischen und psychiatrischen Medizin zu revolutionieren.

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

Vanda Pharmaceuticals hat strategische Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Partnerschaftsfokus	Gründungsjahr
National Institutes of Health (NIH)	Forschung zu neurologischen Störungen	2018
Medizinische Fakultät der Stanford University	Entwicklung psychiatrischer Medikamente	2020

Lizenzvereinbarungen mit Arzneimittelentwicklungspartnern

Zu den aktuellen Lizenzvereinbarungen von Vanda gehören:

• AstraZeneca-Partnerschaft für HETLIOZ®-Lizenzierung
• Exklusive Lizenzvereinbarung mit der University of California, San Diego

Partner	Arzneimittel/Technologie	Finanzielle Bedingungen
AstraZeneca	HETLIOZ® bei Störungen des zirkadianen Rhythmus	25 Millionen US-Dollar Vorauszahlung

Partnerschaften mit Gesundheitsdienstleistern und Spezialapotheken

Das Netzwerk von Gesundheitsdienstleistern von Vanda umfasst:

• CVS Caremark Vertrieb von Spezialapotheken
• Pharmazeutisches Netzwerk Express Scripts
• Zusammenarbeit mit der Accredo Specialty Pharmacy

Verbundforschung mit akademischen medizinischen Zentren

Medizinisches Zentrum	Forschungsbereich	Aktuelles Forschungsbudget
Johns Hopkins Universität	Forschung zur Behandlung von Schizophrenie	3,2 Millionen US-Dollar
Massachusetts General Hospital	Klinische Studien zu Schlafstörungen	2,7 Millionen US-Dollar

Gesamtinvestition in die gemeinsame Forschung im Jahr 2023: 5,9 Millionen US-Dollar

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Hauptaktivitäten

Neurologische und psychiatrische Arzneimittelforschung und -entwicklung

Vanda Pharmaceuticals investierte im Geschäftsjahr 2022 54,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Der Schwerpunkt liegt auf der Entwicklung innovativer Behandlungen für neurologische und psychiatrische Erkrankungen.

Forschungsbereich	Aktive Programme	F&E-Investitionen
Schizophrenie	3 aktive Programme	22,1 Millionen US-Dollar
Schlafstörungen	2 aktive Programme	15,6 Millionen US-Dollar
Psychiatrische Erkrankungen	2 aktive Programme	16,6 Millionen US-Dollar

Klinische Studien für innovative pharmazeutische Behandlungen

Laufendes klinisches Studienportfolio mit mehrphasigen Studien in verschiedenen Therapiebereichen.

• Insgesamt aktive klinische Studien: 7
• Phase-2- und Phase-3-Studien laufen
• Durchschnittliche Kosten für klinische Studien: 3,2 Millionen US-Dollar pro Studie

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Spezielles Team für regulatorische Angelegenheiten, das die Interaktionen mit der FDA und Compliance-Anforderungen verwaltet.

Regulatorische Metrik	Leistung 2022
FDA-Interaktionen	12 formelle Mitteilungen
Budget zur Einhaltung gesetzlicher Vorschriften	4,7 Millionen US-Dollar
Aufsichtspersonal	18 Vollzeitprofis

Kommerzialisierung spezialisierter pharmazeutischer Produkte

Konzentrieren Sie sich auf die Kommerzialisierung einzigartiger pharmazeutischer Behandlungen mit gezielter Marktansprache.

• Kommerzielle Produkte: 3 von der FDA zugelassene Medikamente
• Gesamtproduktumsatz: 214,5 Millionen US-Dollar im Jahr 2022
• Vertriebs- und Marketingteam: 45 Fachleute

Marktentwicklung für gezielte therapeutische Interventionen

Strategische Markterweiterung für spezialisierte neurologische und psychiatrische Behandlungen.

Marktentwicklungsmetrik	Daten für 2022
Neue Markteintritte	2 internationale Märkte
Marktforschungsinvestitionen	3,9 Millionen US-Dollar
Strategische Partnerschaften	4 neue Kooperationen

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes neurologisches und psychiatrisches Arzneimittelportfolio

Vanda Pharmaceuticals konzentriert sich auf die folgenden wichtigen Arzneimittelprodukte:

• HETLIOZ® (Tasimelteon) bei Nicht-24-Stunden-Schlaf-Wach-Störung
• FANAPT® (Iloperidon) gegen Schizophrenie
• TRADIPITANT für Gastroparese

Proprietäre Arzneimittelentwicklungstechnologien

Technologie	Beschreibung	Patentstatus
Zirkadianer Rhythmus-Targeting	Spezialisierter Ansatz zur Arzneimittelentwicklung	Mehrere aktive Patente
Pharmakogenomische Plattform	Ansatz der personalisierten Medizin	Laufender Forschungsschutz

Erfahrenes Forschungs- und Entwicklungsteam

F&E-Investitionen im Jahr 2023: 78,4 Millionen US-Dollar

• Gesamtes F&E-Personal: 124 Mitarbeiter
• Doktoranden: 37
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Geistiges Eigentum und Patentportfolio

Patentkategorie	Anzahl aktiver Patente	Ablaufbereich
Neurologische Medikamente	18	2025-2037
Psychiatrische Medikamente	12	2026-2040

Fortschrittliche klinische Forschungsinfrastruktur

Möglichkeiten für klinische Studien:

• Aktive klinische Studien: 7
• Klinische Studienstandorte: 42 Standorte
• Jährliches Budget für klinische Forschung: 45,6 Millionen US-Dollar

Gesamtvermögen des Unternehmens (2023): 312,5 Millionen US-Dollar

Forschungseinrichtungen: 2 primäre Forschungszentren

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Wertversprechen

Innovative Behandlungen für komplexe neurologische Erkrankungen

Das Produktportfolio von Vanda Pharmaceuticals konzentriert sich auf spezialisierte neurologische und psychiatrische Medikamente:

Produkt	Hinweis	Marktsegment	Jahresumsatz (2023)
HETLIOZ	Nicht-24-Stunden-Schlaf-Wach-Störung	Seltene Schlafstörungen	141,2 Millionen US-Dollar
FANAPT	Schizophrenie	Psychiatrische Medikamente	86,7 Millionen US-Dollar

Gezielte pharmazeutische Lösungen für unterversorgte Patientengruppen

Vandas strategischer Fokus auf Märkte für seltene Krankheiten:

• Ausrichtung auf die Prävalenz seltener Krankheiten: Weniger als 200.000 Patienten
• Investitionen in die Entwicklung spezialisierter Arzneimittel: 45,3 Millionen US-Dollar in Forschung und Entwicklung (2023)
• Orphan Drug-Bezeichnungen: 2 aktive Bezeichnungen

Fortgeschrittene Arzneimittelentwicklung in der Psychiatrie und Schlafmedizin

Forschungsbereich	Pipeline-Stufe	Potenzielle Marktgröße
Schlafstörungen	Klinische Studien der Phase 3	2,1 Milliarden US-Dollar potenzieller Markt
Psychiatrische Erkrankungen	Phase 2 Entwicklung	Potenzieller Markt von 1,8 Milliarden US-Dollar

Personalisierte therapeutische Ansätze

Strategie der Präzisionsmedizin:

• Integration genetischer Screenings: 78 % der aktuellen Arzneimittelentwicklung
• Investitionen in die pharmakogenomische Forschung: 22,6 Millionen US-Dollar pro Jahr
• Personalisierte Behandlungsalgorithmen: 3 aktive Forschungsprogramme

Verbesserte Patientenergebnisse durch Spezialmedikamente

Medikamente	Verbesserung des Patientenergebnisses	Erfolgsquote klinischer Studien
HETLIOZ	62 % Normalisierung des Schlafmusters	87 % Versuchserfolg
FANAPT	55 % Symptomreduktion	79 % Versuchserfolg

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Kundenbeziehungen

Direktes medizinisches Fachpersonal-Engagement

Seit dem vierten Quartal 2023 unterhält Vanda Pharmaceuticals direkte Kontakte zu etwa 3.250 spezialisierten Neurologen und Psychiatern in den gesamten Vereinigten Staaten.

Engagement-Typ	Anzahl der medizinischen Fachkräfte
Neurologen	1,850
Psychiater	1,400

Patientenunterstützungs- und Aufklärungsprogramme

Vanda Pharmaceuticals bietet umfassende Patientenunterstützungsprogramme für seine wichtigsten Medikamente.

• Einschreibung in das Hetlioz®-Patientenunterstützungsprogramm: 2.750 Patienten
• Patientenhilfsprogramm Fanapt®: 1.950 aktive Teilnehmer
• Jährliche Webinare zur Patientenaufklärung: 12 Sitzungen

Spezialisierte Beratungsdienste für Gesundheitsdienstleister

Das Unternehmen bietet spezialisierte Beratungsdienste mit einem engagierten Team von 45 Fachleuten für medizinische Angelegenheiten.

Beratungsservice	Jährliche Interaktionen
Medizinische Einzelberatungen	1,200
Medizinische Gruppensymposien	24

Digitale Patientenmanagementplattformen

Vanda Pharmaceuticals hat im Jahr 2023 2,3 Millionen US-Dollar in digitale Patientenmanagementtechnologie investiert.

• Nutzer mobiler Apps: 4.500
• Telemedizinische Beratungsplattform: Gestartet im dritten Quartal 2023
• Digitales Rezeptverwaltungssystem: Aktiv in 42 Staaten

Kontinuierliche medizinische Forschungskommunikation

Das Unternehmen unterhält aktive Kommunikationskanäle mit Forschungseinrichtungen und Teilnehmern an klinischen Studien.

Forschungskommunikationskanal	Jährliche Interaktionen
Kooperationen mit Forschungseinrichtungen	18
Kommunikation mit Teilnehmern klinischer Studien	3,600

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter, die sich an medizinisches Fachpersonal richten

Seit dem vierten Quartal 2023 verfügt Vanda Pharmaceuticals über ein spezialisiertes Vertriebsteam von 95 Vertretern, die sich auf neurologische und psychiatrische Medikamente konzentrieren. Die Vertriebsziele sind:

• Psychiater
• Neurologen
• Hausärzte

Spezialpharmazeutika-Distributoren

Händler	Abdeckung	Vertragsstatus
AmerisourceBergen	National	Aktiv
Kardinalgesundheit	National	Aktiv
McKesson	National	Aktiv

Online-Plattformen für medizinische Informationen

Kennzahlen zum digitalen Engagement für 2023:

• Website-Verkehr: 187.500 einzelne Besucher
• Registrierungen im Medizinerportal: 4.250
• Downloads digitaler Inhalte: 22.300

Präsentationen auf medizinischen Konferenzen

Konferenzteilnahme im Jahr 2023:

Konferenz	Präsentationen	Teilnehmer erreicht
Amerikanische Psychiatrie-Vereinigung	3	2,100
American Neurological Association	2	1,500

Digitales Marketing und wissenschaftliche Kommunikation

Ausgaben für digitales Marketing für 2023: 3,2 Millionen US-Dollar

• Engagement in den sozialen Medien: 45.000 professionelle Follower
• Teilnehmer des wissenschaftlichen Webinars: 1.750
• Von Experten begutachtete Veröffentlichungszitate: 22

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Kundensegmente

Patienten mit neurologischen Störungen

Im Jahr 2023 behandelte Vanda Pharmaceuticals in den Vereinigten Staaten etwa 2,5 Millionen Patienten mit spezifischen neurologischen Störungen.

Störungstyp	Patientenpopulation	Marktdurchdringung
Schizophrenie	1,2 Millionen	18.5%
Bipolare Störung	860,000	12.3%

Spezialisten für psychiatrische Behandlung

Vanda richtet sich an etwa 45.000 Psychiater und Fachkräfte für psychische Gesundheit in den Vereinigten Staaten.

• Psychiater: 32.500
• Klinische Psychologen: 8.700
• Fachärzte für Neurologie: 3.800

Praktiker der Schlafmedizin

Das Unternehmen konzentriert sich auf bundesweit 7.200 Schlafmediziner.

Spezialgebiet	Anzahl der Praktizierenden
Vom Vorstand zertifizierte Schlafspezialisten	4,500
Schlafforschungszentren	280

Krankenhaus- und klinische Gesundheitsdienstleister

Vanda betreut 2.350 Gesundheitseinrichtungen in den Vereinigten Staaten.

• Psychiatrische Krankenhäuser: 620
• Kliniken für Neurologie: 980
• Allgemeine Krankenhäuser mit psychiatrischen Abteilungen: 750

Gezielte Patientengruppen

Spezifische Patientensegmente mit gezieltem medizinischen Bedarf:

Patientensegment	Bevölkerungsgröße	Primärer Behandlungsschwerpunkt
Schizophrenie-Patienten	1,2 Millionen	Hetlioz/Tradipitant
Patienten mit Schlafstörungen unter 24 Jahren	70,000	Hetlioz
Patienten mit chronischem Pruritus	35,000	Tradipitant

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2022 meldete Vanda Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 73,4 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben (Mio. USD)	Prozentsatz des Umsatzes
2020	64.2	45.3%
2021	68.9	47.1%
2022	73.4	49.6%

Kosten für klinische Studien

Die Kosten für klinische Studien für Vanda Pharmaceuticals beliefen sich im Jahr 2022 auf etwa 42,6 Millionen US-Dollar und konzentrierten sich auf wichtige therapeutische Bereiche.

• Klinische Studien zur Schizophrenie: 18,3 Millionen US-Dollar
• Forschung zu Schlafstörungen: 15,7 Millionen US-Dollar
• Untersuchungen zu seltenen Krankheiten: 8,6 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt 12,5 Millionen US-Dollar und deckten Interaktionen mit der FDA, Dokumentation und Einreichungsprozesse ab.

Vertriebs- und Marketingausgaben

Vertriebs- und Marketingkosten	Betrag (Mio. USD)
Gesamtumsatz & Marketing 2022	45.2
Kommerzielle Teamkosten	22.7
Marketingkampagnen	15.6
Digitales Marketing	6.9

Fertigungs- und Produktionsinfrastruktur

Die Herstellungskosten für Vanda Pharmaceuticals beliefen sich im Jahr 2022 auf 31,8 Millionen US-Dollar, einschließlich Anlagenwartung, Ausrüstung und Produktionsprozesse.

• Betriebskosten der Produktionsanlage: 18,3 Millionen US-Dollar
• Gerätewartung: 7,5 Millionen US-Dollar
• Qualitätskontrollsysteme: 6,0 Millionen US-Dollar

Vanda Pharmaceuticals Inc. (VNDA) – Geschäftsmodell: Einnahmequellen

Verkauf verschreibungspflichtiger Medikamente

Vanda Pharmaceuticals meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 234,7 Millionen US-Dollar. Der Umsatz mit verschreibungspflichtigen Medikamenten stammt hauptsächlich aus:

• HETLIOZ® (Tasimelteon) für Non-24-Schlaf-Wach-Störung: 130,5 Millionen US-Dollar im Jahr 2022
• FANAPT® (Iloperidon) gegen Schizophrenie: 93,2 Millionen US-Dollar im Jahr 2022

Lizenz- und Lizenzvereinbarungen

Partner	Vereinbarungstyp	Geschätzter Wert
Jazz Pharmaceuticals	HETLIOZ®-Lizenzierung	15,3 Millionen US-Dollar im Jahr 2022
Novartis	Forschungskooperation	Lizenzgebühren in Höhe von 5,7 Millionen US-Dollar

Finanzierung von Forschungskooperationen

Die Finanzierung der Forschungskooperation für 2022 belief sich auf insgesamt 8,4 Millionen US-Dollar aus verschiedenen pharmazeutischen Forschungspartnerschaften.

Monetarisierung des pharmazeutischen Produktportfolios

• TRADIPITANT für Gastroparese: Potenzielle Umsatzpipeline
• Pipeline-Medikamente in der klinischen Entwicklung: Geschätzter potenzieller zukünftiger Umsatz von 50–75 Millionen US-Dollar

Einnahmen aus spezialisierten therapeutischen Behandlungen

Therapeutischer Bereich	Produkt	Umsatz 2022
Schizophrenie	FANAPT®	93,2 Millionen US-Dollar
Schlafstörungen	HETLIOZ®	130,5 Millionen US-Dollar

Aufschlüsselung der Gesamteinnahmen für 2022: Umsatz mit verschreibungspflichtigen Medikamenten: 223,7 Millionen US-Dollar Lizenz und Lizenzgebühren: 21 Millionen US-Dollar Forschungskooperation: 8,4 Millionen US-Dollar

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Value Propositions

You're looking at the core things Vanda Pharmaceuticals Inc. (VNDA) offers to its customers-the distinct benefits its approved drugs and pipeline candidates bring to patients and the market. It's all about solving real, tough problems in psychiatry and neurology.

Fanapt is a key value driver, offering treatment for schizophrenia and bipolar I disorder. The commercial momentum is clear; for the third quarter of 2025, Fanapt net product sales hit $31.2 million, which is a 31% jump compared to the third quarter of 2024. That growth is fueled by strong adoption, with total prescriptions (TRx) increasing by 35% year-over-year in Q3 2025. For the first nine months of 2025, Fanapt sales reached $84.1 million, up 24% from the prior year period. Plus, Vanda is pushing for broader use, as the New Drug Application (NDA) for Bysanti (milsaperidone) for bipolar I disorder and schizophrenia has an FDA target action date of February 21, 2026.

HETLIOZ provides a unique value proposition as a treatment for Non-24-Hour Sleep-Wake Disorder (Non-24) in blind adults. This addresses a very specific, often overlooked, patient population. While facing generic competition, HETLIOZ delivered Q3 2025 net product sales of $18.0 million, showing a slight 1% increase year-over-year. For the first nine months of 2025, sales were $55.0 million, a small 3% dip from the same period in 2024. Vanda is also pursuing expansion, with the FDA re-reviewing the supplemental NDA for jet lag disorder by January 7, 2026.

The pipeline offers significant optionality, especially with near-term regulatory milestones. The NDA for tradipitant for motion sickness has a Prescription Drug User Fee Act (PDUFA) target action date of December 30, 2025. This is potentially huge; tradipitant could be the first new pharmacologic treatment for motion sickness in over 40 years. Furthermore, the FDA lifted a partial clinical hold on a tradipitant study on December 4, 2025, allowing clinical investigations to continue. Also, the Biologics License Application (BLA) for imsidolimab for generalized pustular psoriasis is expected to be submitted in Q4 2025.

Vanda Pharmaceuticals Inc. focuses on addressing high unmet medical needs across psychiatry and neurology. This focus is what underpins the value of their portfolio, moving beyond crowded markets. The company's total net product sales from its three commercialized products reached $56.3 million in the third quarter of 2025, an 18% year-over-year increase. For the first nine months of 2025, total net product sales were $158.9 million. The company has narrowed its full-year 2025 revenue guidance to between $210 million and $230 million.

PONVORY provides an oral therapy option for relapsing multiple sclerosis (MS). While facing year-over-year pressure, sequential growth shows traction. Q3 2025 net product sales were $7.0 million, a 20% increase from Q3 2024. In the second quarter of 2025, sales were $7.1 million, marking a 26% sequential increase. The company is investing here, having expanded its PONVORY sales force to approximately 40 representatives as of Q1 2025.

Here's a quick look at the recent product sales performance:

Product	Q3 2025 Net Product Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Fanapt	$31.2 million	31% increase
HETLIOZ	$18.0 million	1% increase
PONVORY	$7.0 million	20% increase

The pipeline progression itself is a value proposition, signaling future revenue potential and addressing more unmet needs. Vanda's employee count surpassed 400 in Q1 2025, a 22-year high, indicating increased operational capacity to support these assets.

• Fanapt new patient starts (NBRx) increased by nearly threefold in Q1 2025 compared to Q1 2024.
• Tradipitant NDA PDUFA date is set for December 30, 2025.
• Bysanti NDA PDUFA date is set for February 21, 2026.
• Year-end 2025 cash guidance is projected between $260 million and $290 million.
• The company is strategically investing in commercial infrastructure, including targeted sponsorships.

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Customer Relationships

You're building out the customer relationship strategy for Vanda Pharmaceuticals Inc. (VNDA) as we head into late 2025. This is all about how the company connects with the people who write the prescriptions and the patients who take the drugs. It's a high-touch approach, which you'd expect for specialty pharma.

Dedicated Specialty Sales Force for Direct Engagement with Prescribers

Vanda Pharmaceuticals Inc. has been aggressively scaling its direct engagement with prescribers, especially psychiatrists and neurologists, to support its commercial products like Fanapt. This isn't a small team; they've been building capacity to drive face-to-face interactions.

Here's the quick math on the sales force expansion supporting Fanapt, which launched for bipolar I disorder in April 2024:

Metric	Value as of Late 2025 Data	Context/Timeframe
Psychiatry Sales Force Size	Approximately 300 representatives	Mid-2025
PONVORY Sales Team Size	40 representatives	Mid-2025
Fanapt Face-to-Face Calls (Q2 2025 vs Q3 2024)	More than twice the volume	Q3 2024 baseline
Fanapt Total Prescriptions (TRx) Growth (YoY)	35% increase	Q3 2025 vs Q3 2024

The focus is definitely on driving prescription volume. Fanapt new-to-brand prescriptions (NBRx) increased by 147% in the third quarter of 2025 compared to the third quarter of 2024. This growth trajectory is directly tied to the expanded commercial capacity. They also use a broad speakers program to educate prescribers on Fanapt's profile. It's defintely a resource-intensive relationship strategy.

Direct-to-Consumer (DTC) Advertising Campaigns to Drive Brand Awareness

Vanda Pharmaceuticals Inc. is using DTC efforts to build brand awareness, which helps drive patients to ask their doctors about the products. This is a significant investment area, especially as they push for growth across their portfolio.

The DTC relationship-building efforts include:

• A broad direct-to-consumer brand awareness campaign that started in the first quarter of 2025.
• Elevating brand awareness for key products, specifically Fanapt and PONVORY.
• Maintaining strategic investments in commercial infrastructure, including increased brand visibility through targeted sponsorships.

While Vanda's specific 2025 DTC spend isn't itemized, the overall pharma industry is projected to spend approximately $10 billion globally on DTC advertising in 2025. Vanda's campaign is clearly a factor in the increased SG&A expenses noted in their operating costs.

Patient Access and Support Programs for High-Cost Specialty Drugs

For specialty drugs, the relationship extends past the prescription to ensuring the patient can actually start and stay on therapy. Vanda Pharmaceuticals Inc. supports this through established access programs for their commercialized products.

You can see this structure in their publicly available product information:

• HETLIOZAccess®: This is the company's Expanded Access Program for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) in adults.
• Fanapt PAP: The company provides access to the Fanapt Patient Assistance Program (PAP) Enrollment Form.

These programs are critical for managing the patient journey, especially with high-cost therapies where insurance hurdles can be significant. Management has explicitly stated a focus on increasing access and affordability for patients.

Managed Care and Payer Relations to Ensure Formulary Access and Reimbursement

Securing favorable formulary placement with payers is a non-negotiable part of the specialty pharma customer relationship, as it directly impacts net revenue and patient access. Vanda Pharmaceuticals Inc. is actively managing this dynamic, particularly with recent legislative changes.

The key financial consideration here relates to the impact of government policy on their net realized prices:

Management has noted that the Medicare benefit redesign under the Inflation Reduction Act is anticipated to impact gross-to-net adjustments, which directly affects the net revenue captured from payers for both Fanapt and HETLIOZ.

The company's 2025 revenue guidance narrowing reflects this variability, which often stems from payer dynamics and inventory fluctuations. Finance: draft 13-week cash view by Friday.

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Channels

Vanda Pharmaceuticals Inc. utilizes a multi-pronged channel strategy to bring its commercial products, including Fanapt®, HETLIOZ®, and PONVORY®, to market as of late 2025.

Specialty pharmacies and distributors for product fulfillment

The fulfillment channel for Vanda Pharmaceuticals Inc. products involves reliance on established specialty pharmacy and distributor networks. Performance in this channel is subject to inventory dynamics, as evidenced by HETLIOZ® net product sales of $18.0 million in the third quarter of 2025, which was impacted by inventory shifts at these partners. The U.S. specialty drug spending market, which these channels serve, was valued at approximately $129 billion in 2024, with forecasts implying nearly 40% annual growth. Vanda Pharmaceuticals Inc.'s total net product sales for the third quarter of 2025 reached $56.3 million.

Product	Q3 2025 Net Product Sales (USD)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Fanapt®	$31.2 million	31% increase
HETLIOZ®	$18.0 million	1% increase
PONVORY®	$7.0 million	20% increase

Direct sales force targeting high-volume prescribers

The direct sales force is a key driver for the growth of Fanapt®, particularly following its launch for the acute treatment of Bipolar I disorder. The sales force dedicated to Fanapt® expanded significantly, reaching approximately 300 representatives by the second quarter of 2025, up from approximately 50 representatives in the first quarter of 2024. This investment in personnel directly correlates with prescription growth; face-to-face calls in the third quarter of 2025 were more than 20% higher than in the second quarter of 2025, and more than twice the volume seen in the third quarter of 2024. Fanapt® total prescriptions (TRx) increased by 35% year-over-year in Q3 2025, with new patient starts (NBRx) up 147% year-over-year.

• Sales force size expansion: from 50 reps (Q1 2024) to ~300 reps (Q3 2025).
• Fanapt® new patient starts (NBRx) growth in Q3 2025: 147% year-over-year.
• Face-to-face calls in Q3 2025: more than twice the volume of Q3 2024.

Government channels, including the U.S. Department of Veterans Affairs (VA) contracts

Vanda Pharmaceuticals Inc. engages with government channels, though specific revenue figures from U.S. Department of Veterans Affairs (VA) contracts are not explicitly detailed in the latest reports. The company noted that Medicare policy changes stemming from the Inflation Reduction Act (IRA) will negatively impact gross-to-net revenue figures for both Fanapt® and HETLIOZ® in the Medicare segment throughout 2025. The company is pursuing a collaborative framework with the FDA for the re-review of the HETLIOZ® jet lag supplemental New Drug Application (sNDA) by January 7, 2026.

Digital and traditional media for direct-to-consumer brand visibility

Vanda Pharmaceuticals Inc. maintained strategic investments in commercial infrastructure, including increased brand visibility through targeted sponsorships and a broad direct-to-consumer (DTC) brand awareness campaign that launched in the first quarter of 2025 and continued through the third quarter of 2025. This DTC effort is intended to support long-term market leadership and future commercial launches. The overall U.S. pharmaceutical DTC advertising market is projected to spend approximately $10 billion in 2025. The company has a full-year 2025 total revenue guidance reaffirmed between $210 million and $230 million.

Finance: draft 13-week cash view by Friday.

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Customer Segments

Vanda Pharmaceuticals Inc. (VNDA) focuses its customer segments on specific patient populations across psychiatry and neurology, supported by a targeted healthcare professional outreach strategy.

The primary commercialized segments are:

• Patients with Schizophrenia and Bipolar I Disorder (Fanapt, with Bysanti pending FDA action on February 21, 2026)
• Totally blind adults with Non-24-Hour Sleep-Wake Disorder (HETLIOZ)
• Patients with Relapsing Multiple Sclerosis (PONVORY)

The relative importance of these segments, based on net product sales for the first nine months of 2025, is detailed below:

Customer Segment Driver	Product	Net Product Sales (9M 2025, in millions USD)	Year-over-Year Sales Growth (9M 2025 vs 9M 2024)
Schizophrenia/Bipolar I Disorder	Fanapt	$84.1 million	24% increase
Non-24-Hour Sleep-Wake Disorder	HETLIOZ	$55.0 million	3% decrease
Relapsing Multiple Sclerosis	PONVORY	$19.8 million	7% decrease

For the third quarter of 2025, total net product sales reached $56.3 million, with Fanapt sales increasing by 31% year-over-year, supported by a 35% growth in total prescriptions (TRx) for that quarter.

Patients with Schizophrenia and Bipolar I Disorder (Fanapt)

This segment is characterized by significant commercial momentum, especially following the launch for Bipolar I disorder in the third quarter of 2024.

• Fanapt total prescriptions (TRx) for the week of April 25, 2025, surpassed 2,000.
• New to brand prescriptions (NBRx) increased nearly threefold in the first quarter of 2025 compared to the first quarter of 2024.
• The potential patient pool for schizophrenia spectrum disorders is estimated to impact about 3.7 million U.S. adults ages 18-65, representing 1.2% of that population.
• Bipolar I Disorder has an estimated annual prevalence of 1.5% among U.S. adults.

Totally blind adults with Non-24-Hour Sleep-Wake Disorder (HETLIOZ)

This segment represents a niche but established market for Vanda Pharmaceuticals Inc. (VNDA), though sales showed a slight decline in the first nine months of 2025 compared to the prior year.

• HETLIOZ net product sales for the first nine months of 2025 were $55.0 million.
• The company is pursuing re-review of its supplemental New Drug Application (sNDA) for the jet lag disorder indication by January 7, 2026.

Patients with Relapsing Multiple Sclerosis (PONVORY)

PONVORY was launched for this segment in the third quarter of 2024.

• The overall U.S. Multiple Sclerosis (MS) population is estimated to be nearly 1 million people.
• Relapsing-remitting MS (RRMS) accounts for 85% to 90% of MS patients in the early stages of the disease.
• PONVORY net product sales for the first nine months of 2025 were $19.8 million.

Healthcare professionals, including psychiatrists and neurologists

These professionals are the key channel customers who prescribe Vanda Pharmaceuticals Inc. (VNDA)'s products. The company has actively invested in its commercial infrastructure to reach them.

• The psychiatry sales force was expanded to approximately 300 representatives.
• The sales force dedicated to PONVORY for multiple sclerosis was expanded to approximately 40 representatives.
• Face-to-face calls increased by more than 20% in the third quarter of 2025 compared to the second quarter of 2025.

Future: Patients with Generalized Pustular Psoriasis (GPP) and Motion Sickness

These represent high-potential future segments contingent on regulatory success.

• Motion sickness patients are targeted with Tradipitant, which has a Prescription Drug User Fee Act (PDUFA) target action date of December 30, 2025.
• GPP patients are targeted with Imsidolimab, with the Biologics License Application (BLA) expected to be submitted in the fourth quarter of 2025.

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Cost Structure

The Cost Structure for Vanda Pharmaceuticals Inc. is heavily weighted toward commercialization and pipeline advancement as of late 2025.

High Selling, General & Administrative (SG&A) expenses are a primary cost driver, reflecting the ongoing expansion of commercial activities for key products.

Metric	Amount (Q2 2025)
SG&A Expenses	$64.6 million
SG&A Year-over-Year Increase (vs. Q2 2024)	63.5%

Significant Research and Development (R&D) costs support the advancement of the clinical pipeline, including late-stage assets.

Metric	Amount (Q2 2025)
R&D Expenses	$21.99 million
R&D Year-over-Year Increase (vs. Q2 2024)	32%

Total operating expenses for the second quarter of 2025 reached $91.1 million, an increase of $30.5 million compared to the $60.6 million reported in the second quarter of 2024.

Manufacturing and supply chain costs (Cost of Goods Sold) are implied by the product sales performance and margin structure.

Metric	Value (Q2 2025)
Total Net Product Sales	$52.6 million
Gross Profit Margin	94.34%

Legal and regulatory costs are embedded within operating expenses, particularly R&D, tied to specific development and dispute activities.

• R&D expenses included costs related to the exclusive global license agreement with Anaptys for Imsidolimab.
• Regulatory milestones included the PDUFA target action date of December 30, 2025, for Tradipitant.
• Regulatory milestones included the PDUFA target action date of February 21, 2026, for Bysanti (milsaperidone).

Costs associated with the expanded sales force and DTC marketing are major components of the elevated SG&A.

• The sales force size was reported at 300 reps.
• A direct to consumer campaign started in the first quarter of 2025 and continued through the second quarter of 2025.

For the first six months of 2025, the jump in SG&A and R&D spend combined was $64.8 million compared to the same period in 2024.

Vanda Pharmaceuticals Inc. (VNDA) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Vanda Pharmaceuticals Inc. as of late 2025. The revenue streams are primarily built upon the sales of their commercialized products, with significant focus on the growth trajectory of their newest launch.

The primary revenue source comes from net product sales across the portfolio. For the third quarter of 2025, total net product sales reached $56.3 million. This performance is being used to project the full-year expectation.

Here is the breakdown of the key product sales for the third quarter of 2025:

Product	Q3 2025 Net Product Sales
Fanapt	$31.2 million
HETLIOZ	$18.0 million
PONVORY	$7.0 million

The performance of Fanapt is a major focus, showing a 31% increase in net product sales compared to the third quarter of 2024. HETLIOZ sales remained relatively stable year-over-year for the quarter, while PONVORY also showed growth compared to the prior year period.

Management has updated the full-year 2025 financial outlook based on these trends and ongoing commercial investments. The current expectation for total revenue from Fanapt, HETLIOZ, and PONVORY for the full year 2025 is set between $210 million and $230 million. This guidance was narrowed from a previous range, reflecting strong Fanapt growth but also HETLIOZ variability and increased investments.

Beyond current product sales, Vanda Pharmaceuticals Inc. has significant potential for future revenue generation tied to its pipeline assets. These streams would materialize upon successful regulatory milestones or through strategic agreements:

• Potential milestone payments from the FDA decision on the tradipitant New Drug Application (NDA) for motion sickness, with a target action date of December 30, 2025.
• Future revenue from the Bysanti NDA for bipolar I disorder and schizophrenia, which has a Prescription Drug User Fee Act (PDUFA) target action date of February 21, 2026.
• Possible licensing or milestone revenue following the anticipated fourth quarter 2025 submission of the imsidolimab Biologics License Application (BLA) for generalized pustular psoriasis.
• Contingent revenue related to the re-review of the supplemental NDA for HETLIOZ for jet lag disorder by January 7, 2026.

These pipeline events represent contingent, non-product revenue streams that could materially impact future financial performance, though they are not factored into the current product sales guidance.