Vanda Pharmaceuticals Inc. (VNDA): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage complexe de l'innovation pharmaceutique, Vanda Pharmaceuticals Inc. apparaît comme une force pionnière, transformant des paradigmes de traitement neurologique et psychiatrique complexes. Avec un accent accéléré sur le rasoir sur le développement de thérapies révolutionnaires pour des conditions médicales difficiles, cette entreprise dynamique exploite des recherches de pointe, des partenariats stratégiques et un développement spécialisé de médicaments pour combler les lacunes critiques dans les soins aux patients. Leur modèle commercial unique représente une approche sophistiquée de l'innovation pharmaceutique, mélangeant l'expertise scientifique avec un positionnement stratégique du marché pour fournir des solutions thérapeutiques ciblées qui ont le potentiel de révolutionner les résultats des patients en médecine neurologique et psychiatrique.

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: Partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

Vanda Pharmaceuticals a établi des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Focus de partenariat	Année établie
National Institutes of Health (NIH)	Recherche de troubles neurologiques	2018
École de médecine de l'Université de Stanford	Développement de médicaments psychiatriques	2020

Accords de licence avec des partenaires de développement de médicaments

Les accords de licence actuels de Vanda comprennent:

• AstraZeneca Partnership for Hetlioz® Licensing
• Contrat de licence exclusif avec l'Université de Californie, San Diego

Partenaire	Médicament / technologie	Conditions financières
Astrazeneca	Hetlioz® pour les troubles du rythme circadien	Paiement initial de 25 millions de dollars

Partenariats avec les prestataires de soins de santé et les pharmacies spécialisées

Le réseau de prestataires de soins de santé de Vanda comprend:

• CVS Caremark Distribution de la pharmacie spécialisée
• Express Scripts Pharmaceutical Network
• Accredo Specialty Pharmacy Collaboration

Recherche collaborative avec des centres médicaux universitaires

Centre médical	Domaine de recherche	Budget de recherche actuel
Université Johns Hopkins	Recherche de traitement de la schizophrénie	3,2 millions de dollars
Hôpital général du Massachusetts	Essais cliniques de troubles du sommeil	2,7 millions de dollars

Investissement total de recherche collaborative en 2023: 5,9 millions de dollars

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments neurologiques et psychiatriques

Vanda Pharmaceuticals a investi 54,3 millions de dollars dans les dépenses de R&D pour l'exercice 2022. Axée sur le développement de traitements innovants pour les troubles neurologiques et psychiatriques.

Domaine de recherche	Programmes actifs	Investissement en R&D
Schizophrénie	3 programmes actifs	22,1 millions de dollars
Troubles du sommeil	2 programmes actifs	15,6 millions de dollars
Conditions psychiatriques	2 programmes actifs	16,6 millions de dollars

Essais cliniques pour les traitements pharmaceutiques innovants

Portefeuille d'essais cliniques en cours avec des études de phases multiples dans différentes zones thérapeutiques.

• Essais cliniques actifs totaux: 7
• Essais de phase 2 et de phase 3 en cours
• Coût moyen d'essai clinique: 3,2 millions de dollars par essai

Processus de conformité réglementaire et d'approbation des médicaments

Équipe dédiée des affaires réglementaires gérant les interactions de la FDA et les exigences de conformité.

Métrique réglementaire	2022 Performance
Interactions de la FDA	12 communications formelles
Budget de conformité réglementaire	4,7 millions de dollars
Personnel réglementaire	18 professionnels à temps plein

Commercialisation de produits pharmaceutiques spécialisés

Concentrez-vous sur la commercialisation des traitements pharmaceutiques uniques avec une approche ciblée du marché.

• Produits commerciaux: 3 médicaments approuvés par la FDA
• Revenu total des produits: 214,5 millions de dollars en 2022
• Équipe de vente et de marketing: 45 professionnels

Développement du marché pour les interventions thérapeutiques ciblées

Extension stratégique du marché pour les traitements neurologiques et psychiatriques spécialisés.

Métrique de développement du marché	2022 données
Nouvelles entrées du marché	2 marchés internationaux
Investissement d'études de marché	3,9 millions de dollars
Partenariats stratégiques	4 nouvelles collaborations

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: Ressources clés

Portfolio de médicaments neurologiques et psychiatriques spécialisés

Vanda Pharmaceuticals se concentre sur les principaux produits médicamenteux suivants:

• Hetlioz® (Tasimelteon) pour le trouble veille de 24 heures sur 24 heures
• Fanapt® (ilopéridone) pour la schizophrénie
• Tradicipant pour la gastroparésie

Technologies de développement de médicaments propriétaires

Technologie	Description	Statut de brevet
Ciblage du rythme circadien	Approche spécialisée de développement de médicaments	Multiples brevets actifs
Plate-forme pharmacogénomique	Approche de médecine personnalisée	Protection en cours de la recherche

Équipe de recherche et développement expérimentée

Investissement en R&D en 2023: 78,4 millions de dollars

• Personnel total de R&D: 124 employés
• Rechercheurs au niveau du doctorat: 37
• Expérience de recherche moyenne: 12,5 ans

Propriété intellectuelle et portefeuille de brevets

Catégorie de brevet	Nombre de brevets actifs	Plage d'expiration
Médicaments neurologiques	18	2025-2037
Médicaments psychiatriques	12	2026-2040

Infrastructure de recherche clinique avancée

Capacités d'essai cliniques:

• Essais cliniques actifs: 7
• Sites d'essai cliniques: 42 emplacements
• Budget annuel de recherche clinique: 45,6 millions de dollars

Total des actifs de l'entreprise (2023): 312,5 millions de dollars

Installations de recherche: 2 centres de recherche primaires

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles neurologiques complexes

Le portefeuille de produits de Vanda Pharmaceuticals se concentre sur des médicaments neurologiques et psychiatriques spécialisés:

Produit	Indication	Segment de marché	Revenus annuels (2023)
Hetlioz	Trouble assorti de sommeil non-24 heures	Troubles du sommeil rares	141,2 millions de dollars
Fanapt	Schizophrénie	Médicaments psychiatriques	86,7 millions de dollars

Solutions pharmaceutiques ciblées pour les populations de patients mal desservis

L'accent stratégique de Vanda sur les marchés de maladies rares:

• Prévalence des maladies rares Ciblage: moins de 200 000 patients
• Investissement spécialisé au développement des médicaments: 45,3 millions de dollars en R&D (2023)
• Des désignations de médicaments orphelins: 2 désignations actives

Développement avancé des médicaments en psychiatrique et en médecine du sommeil

Domaine de recherche	Étape du pipeline	Taille du marché potentiel
Troubles du sommeil	Essais cliniques de phase 3	Marché potentiel de 2,1 milliards de dollars
Conditions psychiatriques	Développement de phase 2	Marché potentiel de 1,8 milliard de dollars

Approches thérapeutiques personnalisées

Stratégie de médecine de précision:

• Intégration du dépistage génétique: 78% du développement actuel de médicaments
• Investissement de recherche pharmacogénomique: 22,6 millions de dollars par an
• Algorithmes de traitement personnalisés: 3 programmes de recherche actifs

Amélioration des résultats des patients grâce à des médicaments spécialisés

Médicament	Amélioration des résultats du patient	Taux de réussite des essais cliniques
Hetlioz	62% de normalisation du modèle de sommeil	Succès de 87% d'essai
Fanapt	55% de réduction des symptômes	Succès de 79% d'essai

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Depuis le quatrième trimestre 2023, Vanda Pharmaceuticals maintient un engagement direct avec environ 3 250 neurologues spécialisés et psychiatres à travers les États-Unis.

Type d'engagement	Nombre de professionnels de la santé
Neurologues	1,850
Psychiatres	1,400

Programmes de soutien aux patients et d'éducation

Vanda Pharmaceuticals propose des programmes complets de soutien aux patients pour ses médicaments clés.

• HetLioz® Patient Support Program Inscription: 2 750 patients
• Programme d'aide aux patients Fanapt®: 1 950 participants actifs
• Webinaires annuels de l'éducation des patients: 12 séances

Services de consultation spécialisés des prestataires de soins de santé

La société fournit des services de consultation spécialisés avec une équipe dédiée de 45 professionnels des affaires médicales.

Service de consultation	Interactions annuelles
Consultations médicales individuelles	1,200
Symposiums médicaux de groupe	24

Plateformes de gestion des patients numériques

Vanda Pharmaceuticals a investi 2,3 millions de dollars dans la technologie de gestion des patients numériques en 2023.

• Utilisateurs d'applications mobiles: 4 500
• Plateforme de consultation de télémédecine: lancé Q3 2023
• Système de gestion de la prescription numérique: actif dans 42 États

Communication de recherche médicale continue

La société maintient des canaux de communication actifs avec les institutions de recherche et les participants à l'essai clinique.

Canal de communication de recherche	Interactions annuelles
Collaborations d'institution de recherche	18
Communications des participants à l'essai clinique	3,600

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: canaux

Force de vente directe ciblant les professionnels de la santé

Depuis le quatrième trimestre 2023, Vanda Pharmaceuticals maintient une équipe de vente spécialisée de 95 représentants axée sur les médicaments neurologiques et psychiatriques. La force de vente cible:

• Psychiatres
• Neurologues
• Médecins de soins primaires

Distributeurs pharmaceutiques spécialisés

Distributeur	Couverture	État du contrat
Amerisourcebergen	National	Actif
Santé cardinale	National	Actif
McKesson	National	Actif

Plateformes d'information médicale en ligne

Métriques d'engagement numérique pour 2023:

• Trafic de site Web: 187 500 visiteurs uniques
• Inscriptions du portail professionnel médical: 4 250
• Téléchargements de contenu numérique: 22 300

Présentations de la conférence médicale

Participation de la conférence en 2023:

Conférence	Présentations	Les participants ont atteint
Association psychiatrique américaine	3	2,100
Association neurologique américaine	2	1,500

Marketing numérique et communication scientifique

Dépenses de marketing numérique pour 2023: 3,2 millions de dollars

• Engagement des médias sociaux: 45 000 abonnés professionnels
• Participants en webinaire scientifique: 1 750
• Publication à comité de lecture Citations: 22

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: segments de clientèle

Patients de troubles neurologiques

En 2023, Vanda Pharmaceuticals a ciblé environ 2,5 millions de patients souffrant de troubles neurologiques spécifiques aux États-Unis.

Type de trouble	Population de patients	Pénétration du marché
Schizophrénie	1,2 million	18.5%
Trouble bipolaire	860,000	12.3%

Spécialistes du traitement psychiatrique

Vanda cible environ 45 000 psychiatres et professionnels de la santé mentale aux États-Unis.

• Psychiatres: 32 500
• Psychologues cliniques: 8 700
• Praticiens neurologiques spécialisés: 3 800

Praticiens de la médecine du sommeil

L'entreprise se concentre sur 7 200 spécialistes en médecine du sommeil à l'échelle nationale.

Domaine spécialisé	Nombre de pratiquants
Spécialistes du sommeil certifié par la carte	4,500
Centres de recherche sur le sommeil	280

Fournisseurs de soins de santé hospitaliers et cliniques

Vanda dessert 2 350 établissements de santé à travers les États-Unis.

• Hôpitaux psychiatriques: 620
• Cliniques de neurologie: 980
• Hôpitaux généraux avec des unités psychiatriques: 750

Populations de patients ciblés

Segments de patients spécifiques ayant des besoins médicaux ciblés:

Segment des patients	Taille de la population	Focus de traitement primaire
Patients atteints de schizophrénie	1,2 million	Hetlioz / Tradicipant
Patiens non-sommeil non-sommeil	70,000	Hetlioz
Patiens de prurit chronique	35,000	Tradition

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: Structure des coûts

Investissements approfondis de recherche et développement

Pour l'exercice 2022, Vanda Pharmaceuticals a déclaré des dépenses de R&D de 73,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D ($ m)	Pourcentage de revenus
2020	64.2	45.3%
2021	68.9	47.1%
2022	73.4	49.6%

Dépenses des essais cliniques

Les coûts des essais cliniques pour Vanda Pharmaceuticals en 2022 étaient d'environ 42,6 millions de dollars, en se concentrant sur les zones thérapeutiques clés.

• Essais cliniques de schizophrénie: 18,3 millions de dollars
• Recherche sur les troubles du sommeil: 15,7 millions de dollars
• Investigations de maladies rares: 8,6 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2022 ont totalisé 12,5 millions de dollars, couvrant les interactions, la documentation et les processus de soumission de la FDA.

Dépenses de vente et de marketing

Dépenses de vente et de marketing	Montant ($ m)
Ventes totales & Marketing 2022	45.2
Coûts d'équipe commerciale	22.7
Campagnes marketing	15.6
Marketing numérique	6.9

Infrastructure de fabrication et de production

Les coûts de fabrication de Vanda Pharmaceuticals en 2022 étaient de 31,8 millions de dollars, notamment l'entretien des installations, l'équipement et les processus de production.

• Facilité de production Coûts opérationnels: 18,3 millions de dollars
• Entretien de l'équipement: 7,5 millions de dollars
• Systèmes de contrôle de la qualité: 6,0 millions de dollars

VANDA Pharmaceuticals Inc. (VNDA) - Modèle d'entreprise: sources de revenus

Ventes de médicaments sur ordonnance

Vanda Pharmaceuticals a déclaré un chiffre d'affaires total de 234,7 millions de dollars pour l'exercice 2022. Les ventes de médicaments sur ordonnance proviennent principalement de:

• Hetlioz® (Tasimelteon) pour le trouble non veille du sommeil: 130,5 millions de dollars en 2022
• Fanapt® (Ilopéridone) pour la schizophrénie: 93,2 millions de dollars en 2022

Accords de licence et de redevance

Partenaire	Type d'accord	Valeur estimée
Jazz Pharmaceuticals	Licence Hetlioz®	15,3 millions de dollars en 2022
Novartis	Collaboration de recherche	5,7 millions de dollars en redevances

Financement de collaboration de recherche

Le financement de la collaboration de recherche pour 2022 a totalisé 8,4 millions de dollars provenant de divers partenariats de recherche pharmaceutique.

Monétisation du portefeuille de produits pharmaceutiques

• Tradiperant pour la gastroparésie: pipeline de revenus potentiels
• Pipeline Drugs in Clinical Development: Estimated Potential Future Revenue de 50 à 75 millions de dollars

Revenus de traitement thérapeutique spécialisés

Zone thérapeutique	Produit	2022 Revenus
Schizophrénie	Fanapt®	93,2 millions de dollars
Troubles du sommeil	Hetlioz®	130,5 millions de dollars

Répartition totale des revenus pour 2022: Ventes de médicaments sur ordonnance: 223,7 millions de dollars Licence et redevances: 21 millions de dollars Collaboration de recherche: 8,4 millions de dollars

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.