Vanda Pharmaceuticals Inc. (VNDA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado paisaje de la innovación farmacéutica, Vanda Pharmaceuticals Inc. emerge como una fuerza pionera, transformando paradigmas de tratamiento neurológico y psiquiátrico complejos. Con un enfoque afilado en el desarrollo de terapias innovadoras para afecciones médicas desafiantes, esta empresa dinámica aprovecha la investigación de vanguardia, las asociaciones estratégicas y el desarrollo especializado de medicamentos para abordar las brechas críticas en la atención al paciente. Su modelo de negocio único representa un enfoque sofisticado para la innovación farmacéutica, combinando la experiencia científica con el posicionamiento estratégico del mercado para ofrecer soluciones terapéuticas específicas que tienen el potencial de revolucionar los resultados de los pacientes en medicina neurológica y psiquiátrica.

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

Vanda Pharmaceuticals ha establecido asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Enfoque de asociación	Año establecido
Institutos Nacionales de Salud (NIH)	Investigación del trastorno neurológico	2018
Facultad de Medicina de la Universidad de Stanford	Desarrollo de medicamentos psiquiátricos	2020

Acuerdos de licencia con socios de desarrollo de medicamentos

Los acuerdos de licencia actuales de Vanda incluyen:

• AstraZeneca Partnership for Hetlioz® Licensing
• Acuerdo de licencia exclusivo con la Universidad de California, San Diego

Pareja	Droga/tecnología	Términos financieros
Astrazeneca	Hetlioz® para trastornos de ritmo circadiano	Pago por adelantado de $ 25 millones

Asociaciones con proveedores de atención médica y farmacias especializadas

La red de proveedores de salud de Vanda incluye:

• CVS CareMark Distribución de farmacia especializada
• Express Scripts Pharmaceutical Network
• Accedo Specialty Pharmacy Colaboración

Investigación colaborativa con centros médicos académicos

Centro médico	Área de investigación	Presupuesto de investigación actual
Universidad de Johns Hopkins	Investigación del tratamiento de esquizofrenia	$ 3.2 millones
Hospital General de Massachusetts	Ensayos clínicos del trastorno del sueño	$ 2.7 millones

Inversión total de investigación colaborativa en 2023: $ 5.9 millones

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas neurológicas y psiquiátricas

Vanda Pharmaceuticals invirtió $ 54.3 millones en gastos de I + D para el año fiscal 2022. Se centró en desarrollar tratamientos innovadores para trastornos neurológicos y psiquiátricos.

Área de investigación	Programas activos	Inversión de I + D
Esquizofrenia	3 programas activos	$ 22.1 millones
Trastornos del sueño	2 programas activos	$ 15.6 millones
Condiciones psiquiátricas	2 programas activos	$ 16.6 millones

Ensayos clínicos para tratamientos farmacéuticos innovadores

Portafolio de ensayos clínicos en curso con estudios de fase múltiple en diferentes áreas terapéuticas.

• Ensayos clínicos activos totales: 7
• Ensayos de fase 2 y fase 3 en progreso
• Costo promedio de ensayo clínico: $ 3.2 millones por ensayo

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Equipo de asuntos regulatorios dedicado que administra las interacciones de la FDA y los requisitos de cumplimiento.

Métrico regulatorio	Rendimiento 2022
Interacciones de la FDA	12 comunicaciones formales
Presupuesto de cumplimiento regulatorio	$ 4.7 millones
Personal reglamentario	18 profesionales a tiempo completo

Comercialización de productos farmacéuticos especializados

Concéntrese en comercializar tratamientos farmacéuticos únicos con un enfoque de mercado dirigido.

• Productos comerciales: 3 medicamentos aprobados por la FDA
• Ingresos totales del producto: $ 214.5 millones en 2022
• Equipo de ventas y marketing: 45 profesionales

Desarrollo del mercado para intervenciones terapéuticas dirigidas

Expansión del mercado estratégico para tratamientos neurológicos y psiquiátricos especializados.

Métrico de desarrollo del mercado	Datos 2022
Nuevas entradas de mercado	2 mercados internacionales
Inversión de investigación de mercado	$ 3.9 millones
Asociaciones estratégicas	4 nuevas colaboraciones

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocio: recursos clave

Cartera de drogas neurológicas y psiquiátricas especializadas

Vanda Pharmaceuticals se centra en los siguientes productos de medicamentos clave:

• HETLIOZ® (Tasimelteon) para el trastorno de sueño de sueño no 24 horas
• Fanapt® (Iloperidona) para la esquizofrenia
• Tradipitante para la gastroparesis

Tecnologías de desarrollo de fármacos patentados

Tecnología	Descripción	Estado de patente
Ritmo circadiano	Enfoque de desarrollo especializado de medicamentos	Múltiples patentes activas
Plataforma farmacogenómica	Enfoque de medicina personalizada	Protección de investigación en curso

Equipo experimentado de investigación y desarrollo

Inversión en I + D en 2023: $ 78.4 millones

• Personal total de I + D: 124 empleados
• Investigadores a nivel de doctorado: 37
• Experiencia de investigación promedio: 12.5 años

Propiedad intelectual y cartera de patentes

Categoría de patente	Número de patentes activas	Rango de vencimiento
Drogas neurológicas	18	2025-2037
Medicamentos psiquiátricos	12	2026-2040

Infraestructura de investigación clínica avanzada

Capacidades de ensayo clínico:

• Ensayos clínicos activos: 7
• Sitios de ensayos clínicos: 42 ubicaciones
• Presupuesto anual de investigación clínica: $ 45.6 millones

Activos totales de la compañía (2023): $ 312.5 millones

Instalaciones de investigación: 2 centros de investigación principales

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocio: propuestas de valor

Tratamientos innovadores para trastornos neurológicos complejos

La cartera de productos de Vanda Pharmaceuticals se centra en medicamentos neurológicos y psiquiátricos especializados:

Producto	Indicación	Segmento de mercado	Ingresos anuales (2023)
Hetlioz	Trastorno de sueño de sueño sin 24 horas	Trastornos raros del sueño	$ 141.2 millones
Fanaptro	Esquizofrenia	Medicamentos psiquiátricos	$ 86.7 millones

Soluciones farmacéuticas dirigidas para poblaciones de pacientes desatendidas

El enfoque estratégico de Vanda en los mercados de enfermedades raras:

• Dirección de prevalencia de enfermedades raras: menos de 200,000 pacientes
• Inversión especializada en desarrollo de medicamentos: $ 45.3 millones en I + D (2023)
• Designaciones de medicamentos huérfanos: 2 designaciones activas

Desarrollo avanzado de drogas en medicina psiquiátrica y del sueño

Área de investigación	Etapa de tubería	Tamaño potencial del mercado
Trastornos del sueño	Ensayos clínicos de fase 3	Mercado potencial de $ 2.1 mil millones
Condiciones psiquiátricas	Desarrollo de la fase 2	Mercado potencial de $ 1.8 mil millones

Enfoques terapéuticos personalizados

Estrategia de medicina de precisión:

• Integración de detección genética: 78% del desarrollo actual de fármacos
• Inversión de investigación farmacogenómica: $ 22.6 millones anuales
• Algoritmos de tratamiento personalizados: 3 programas de investigación activa

Mejores resultados del paciente a través de medicamentos especializados

Medicamento	Mejora del resultado del paciente	Tasa de éxito del ensayo clínico
Hetlioz	62% de normalización del patrón de sueño	87% de éxito de prueba
Fanaptro	55% de reducción de síntomas	79% de éxito de prueba

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

A partir del cuarto trimestre de 2023, Vanda Pharmaceuticals mantiene un compromiso directo con aproximadamente 3.250 neurólogos y psiquiatras especializados en los Estados Unidos.

Tipo de compromiso	Número de profesionales de la salud
Neurólogos	1,850
Psiquiatras	1,400

Programas de apoyo y educación del paciente

Vanda Pharmaceuticals ofrece programas integrales de apoyo al paciente para sus medicamentos clave.

• Inscripción del programa de apoyo al paciente HETLIOZ®: 2,750 pacientes
• Programa de asistencia al paciente de Fanapt®: 1.950 participantes activos
• Seminarios web anuales de educación para pacientes: 12 sesiones

Servicios de consulta de proveedores de atención médica especializados

La compañía ofrece servicios de consulta especializados con un equipo dedicado de 45 profesionales de asuntos médicos.

Servicio de consulta	Interacciones anuales
Consultas médicas individuales	1,200
Simposios médicos grupales	24

Plataformas de gestión de pacientes digitales

Vanda Pharmaceuticals ha invertido $ 2.3 millones en tecnología de gestión de pacientes digitales en 2023.

• Usuarios de aplicaciones móviles: 4.500
• Plataforma de consulta de telemedicina: Lanzamiento del tercer trimestre 2023
• Sistema de gestión de prescripción digital: activo en 42 estados

Comunicación de investigación médica continua

La compañía mantiene canales de comunicación activa con instituciones de investigación y participantes de ensayos clínicos.

Investigación del canal de comunicación	Interacciones anuales
Colaboraciones de la institución de investigación	18
Ensayos clínicos Comunicaciones participantes	3,600

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocios: canales

Fuerza de ventas directa dirigida a profesionales de la salud

A partir del cuarto trimestre de 2023, Vanda Pharmaceuticals mantiene un equipo de ventas especializado de 95 representantes centrados en medicamentos neurológicos y psiquiátricos. Se dirige a la fuerza de ventas:

• Psiquiatras
• Neurólogos
• Médicos de atención primaria

Distribuidores farmacéuticos especiales

Distribuidor	Cobertura	Estatus de contrato
AmerisourceBergen	Nacional	Activo
Salud cardinal	Nacional	Activo
McKesson	Nacional	Activo

Plataformas de información médica en línea

Métricas de compromiso digital para 2023:

• Tráfico del sitio web: 187,500 visitantes únicos
• Registros del portal profesional médico: 4.250
• Descargas de contenido digital: 22,300

Presentaciones de conferencia médica

Participación de la conferencia en 2023:

Conferencia	Presentaciones	Los asistentes llegaron
Asociación Americana de Psiquiatría	3	2,100
Asociación Neurológica Americana	2	1,500

Marketing digital y comunicación científica

Gasto de marketing digital para 2023: $ 3.2 millones

• Participación en las redes sociales: 45,000 seguidores profesionales
• Participantes de seminarios web científicos: 1.750
• Citas de publicación revisadas por pares: 22

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocio: segmentos de clientes

Pacientes de desorden neurológico

En 2023, Vanda Pharmaceuticals se dirigió a aproximadamente 2.5 millones de pacientes con trastornos neurológicos específicos en los Estados Unidos.

Tipo de trastorno	Población de pacientes	Penetración del mercado
Esquizofrenia	1.2 millones	18.5%
Trastorno bipolar	860,000	12.3%

Especialistas en tratamiento psiquiátrico

Vanda se dirige a aproximadamente 45,000 psiquiatras y profesionales de la salud mental en los Estados Unidos.

• Psiquiatras: 32,500
• Psicólogos clínicos: 8,700
• Practicantes neurológicos especializados: 3.800

Practicantes de medicina del sueño

La compañía se centra en 7.200 especialistas en medicina del sueño en todo el país.

Área especializada	Número de practicantes
Especialistas en sueño certificados por la junta	4,500
Centros de investigación del sueño	280

Proveedores de atención médica de hospitales y clínicos

Vanda atiende a 2.350 centros de salud en los Estados Unidos.

• Hospitales psiquiátricos: 620
• Clínicas de neurología: 980
• Hospitales generales con unidades psiquiátricas: 750

Poblaciones de pacientes dirigidas

Segmentos de pacientes específicos con necesidades médicas específicas:

Segmento de paciente	Tamaño de la población	Enfoque de tratamiento primario
Pacientes con esquizofrenia	1.2 millones	Hetlioz/comerciante
Pacientes de trastorno del sueño no 24	70,000	Hetlioz
Pacientes con prurito crónico	35,000	Comerciante

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocio: Estructura de costos

Extensas inversiones de investigación y desarrollo

Para el año fiscal 2022, Vanda Pharmaceuticals reportó gastos de I + D de $ 73.4 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D ($ M)	Porcentaje de ingresos
2020	64.2	45.3%
2021	68.9	47.1%
2022	73.4	49.6%

Gastos de ensayo clínico

Los costos de ensayos clínicos para Vanda Pharmaceuticals en 2022 fueron de aproximadamente $ 42.6 millones, centrándose en áreas terapéuticas clave.

• Ensayos clínicos de esquizofrenia: $ 18.3 millones
• Investigación del trastorno del sueño: $ 15.7 millones
• Investigaciones de enfermedades raras: $ 8.6 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 totalizaron $ 12.5 millones, que cubren interacciones, documentación y procesos de envío de la FDA.

Gastos de ventas y marketing

Gastos de ventas y marketing	Cantidad ($ m)
Ventas totales & Marketing 2022	45.2
Costos de equipo comercial	22.7
Campañas de marketing	15.6
Marketing digital	6.9

Infraestructura de fabricación y producción

Los costos de fabricación para Vanda Pharmaceuticals en 2022 fueron de $ 31.8 millones, incluidos el mantenimiento de las instalaciones, los equipos y los procesos de producción.

• Costos operativos de la instalación de producción: $ 18.3 millones
• Mantenimiento del equipo: $ 7.5 millones
• Sistemas de control de calidad: $ 6.0 millones

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

Vanda Pharmaceuticals reportó ingresos totales de $ 234.7 millones para el año fiscal 2022. Las ventas de medicamentos recetados provienen principalmente de:

• HETLIOZ® (Tasimelteon) para el trastorno no 24 de sueño: $ 130.5 millones en 2022
• Fanapt® (Iloperidona) para la esquizofrenia: $ 93.2 millones en 2022

Acuerdos de licencia y regalías

Pareja	Tipo de acuerdo	Valor estimado
Jazz Pharmaceuticals	Licencias Hetlioz®	$ 15.3 millones en 2022
Novartis	Colaboración de investigación	$ 5.7 millones en regalías

Financiación de la colaboración de investigación

La financiación de colaboración de investigación para 2022 totalizaron $ 8.4 millones de varias asociaciones de investigación farmacéutica.

Monetización de la cartera de productos farmacéuticos

• Tradipitante para la gastroparesis: tuberías de ingresos potenciales
• Medicamentos de tuberías en desarrollo clínico: ingresos futuros potenciales estimados de $ 50-75 millones

Ingresos de tratamiento terapéutico especializados

Área terapéutica	Producto	2022 Ingresos
Esquizofrenia	Fanapt®	$ 93.2 millones
Trastornos del sueño	Hetlioz®	$ 130.5 millones

Desglose total de ingresos para 2022: Venta de medicamentos recetados: $ 223.7 millones Licencias y regalías: $ 21 millones Colaboración de investigación: $ 8.4 millones

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.