Vanda Pharmaceuticals Inc. (VNDA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na intrincada paisagem da inovação farmacêutica, a Vanda Pharmaceuticals Inc. surge como uma força pioneira, transformando paradigmas complexos de tratamento neurológico e psiquiátrico. Com um foco nítido no desenvolvimento de terapias inovadoras para desafiar condições médicas, essa empresa dinâmica aproveita a pesquisa de ponta, parcerias estratégicas e desenvolvimento especializado em medicamentos para lidar com lacunas críticas no atendimento ao paciente. Seu modelo de negócios exclusivo representa uma abordagem sofisticada da inovação farmacêutica, misturando experiência científica com o posicionamento estratégico do mercado para fornecer soluções terapêuticas direcionadas que têm o potencial de revolucionar os resultados dos pacientes na medicina neurológica e psiquiátrica.

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A Vanda Pharmaceuticals estabeleceu parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Foco em parceria	Ano estabelecido
Institutos Nacionais de Saúde (NIH)	Pesquisa em transtorno neurológico	2018
Escola de Medicina da Universidade de Stanford	Desenvolvimento de medicamentos psiquiátricos	2020

Acordos de licenciamento com parceiros de desenvolvimento de medicamentos

Os contratos de licenciamento atuais da VANDA incluem:

• AstraZeneca Partnership for Hetlioz® Licensing
• Contrato de licenciamento exclusivo com a Universidade da Califórnia, San Diego

Parceiro	Drogas/tecnologia	Termos financeiros
AstraZeneca	Hetlioz® para distúrbios do ritmo circadiano	Pagamento inicial de US $ 25 milhões

Parcerias com profissionais de saúde e farmácias especializadas

A rede de provedores de saúde da Vanda inclui:

• CVS Caremark Distribuição de farmácia especializada
• Rede farmacêutica de scripts expressos
• Colaboração de farmácia especializada credenciada

Pesquisa colaborativa com centros médicos acadêmicos

Centro Médico	Área de pesquisa	Orçamento de pesquisa atual
Universidade Johns Hopkins	Pesquisa de tratamento de esquizofrenia	US $ 3,2 milhões
Hospital Geral de Massachusetts	Ensaios clínicos do distúrbio do sono	US $ 2,7 milhões

Investimento total de pesquisa colaborativa em 2023: US $ 5,9 milhões

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de drogas neurológicas e psiquiátricas

A Vanda Pharmaceuticals investiu US $ 54,3 milhões em despesas de P&D no ano fiscal de 2022. Focou -se no desenvolvimento de tratamentos inovadores para distúrbios neurológicos e psiquiátricos.

Área de pesquisa	Programas ativos	Investimento em P&D
Esquizofrenia	3 programas ativos	US $ 22,1 milhões
Distúrbios do sono	2 programas ativos	US $ 15,6 milhões
Condições psiquiátricas	2 programas ativos	US $ 16,6 milhões

Ensaios clínicos para tratamentos farmacêuticos inovadores

Portfólio de ensaios clínicos em andamento com vários estudos de fase em diferentes áreas terapêuticas.

• Ensaios clínicos ativos totais: 7
• Ensaios de fase 2 e fase 3 em andamento
• Custo médio do ensaio clínico: US $ 3,2 milhões por estudo

Processos de conformidade regulatória e aprovação de medicamentos

Equipe de Assuntos Regulatórios dedicados que gerenciam as interações e requisitos de conformidade da FDA.

Métrica regulatória	2022 Performance
Interações FDA	12 comunicações formais
Orçamento de conformidade regulatória	US $ 4,7 milhões
Equipe regulatória	18 profissionais em tempo integral

Comercialização de produtos farmacêuticos especializados

Concentre -se na comercialização de tratamentos farmacêuticos exclusivos com abordagem de mercado direcionada.

• Produtos comerciais: 3 medicamentos aprovados pela FDA
• Receita total do produto: US $ 214,5 milhões em 2022
• Equipe de vendas e marketing: 45 profissionais

Desenvolvimento de mercado para intervenções terapêuticas direcionadas

Expansão estratégica do mercado para tratamentos neurológicos e psiquiátricos especializados.

Métrica de Desenvolvimento de Mercado	2022 dados
Novas entradas de mercado	2 mercados internacionais
Investimento de pesquisa de mercado	US $ 3,9 milhões
Parcerias estratégicas	4 novas colaborações

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: Recursos -chave

Portfólio de medicamentos neurológicos e psiquiátricos especializados

A Vanda Pharmaceuticals se concentra nos seguintes medicamentos -chave:

• Hetlioz® (Tasimelteon) para distúrbio não de 24 horas
• FANAPT® (iloperidona) para esquizofrenia
• TRADIPITANTE PARA GANTROPARESE

Tecnologias proprietárias de desenvolvimento de medicamentos

Tecnologia	Descrição	Status de patente
Segmentação do ritmo circadiano	Abordagem especializada em desenvolvimento de medicamentos	Múltiplas patentes ativas
Plataforma farmacogenômica	Abordagem de medicina personalizada	Proteção contínua da pesquisa

Equipe experiente de pesquisa e desenvolvimento

Investimento de P&D em 2023: US $ 78,4 milhões

• Pessoal total de P&D: 124 funcionários
• Pesquisadores no nível de doutorado: 37
• Experiência média de pesquisa: 12,5 anos

Propriedade intelectual e portfólio de patentes

Categoria de patentes	Número de patentes ativas	Faixa de validade
Drogas neurológicas	18	2025-2037
Medicamentos psiquiátricos	12	2026-2040

Infraestrutura de pesquisa clínica avançada

Recursos de ensaio clínico:

• Ensaios clínicos ativos: 7
• Sites de ensaios clínicos: 42 locais
• Orçamento anual de pesquisa clínica: US $ 45,6 milhões

Total de ativos da empresa (2023): US $ 312,5 milhões

Instalações de pesquisa: 2 centros de pesquisa primários

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: proposições de valor

Tratamentos inovadores para distúrbios neurológicos complexos

O portfólio de produtos da Vanda Pharmaceuticals se concentra em medicamentos neurológicos e psiquiátricos especializados:

Produto	Indicação	Segmento de mercado	Receita anual (2023)
Hetlioz	Transtorno não de 24 horas de vigília do sono	Distúrbios raros do sono	US $ 141,2 milhões
FANAPT	Esquizofrenia	Medicamentos psiquiátricos	US $ 86,7 milhões

Soluções farmacêuticas direcionadas para populações de pacientes carentes

O foco estratégico de Vanda nos mercados de doenças raras:

• Direcionamento de prevalência de doenças raras: menos de 200.000 pacientes
• Investimento especializado em desenvolvimento de medicamentos: US $ 45,3 milhões em P&D (2023)
• Designações de medicamentos órfãos: 2 designações ativas

Desenvolvimento avançado de medicamentos em medicina psiquiátrica e do sono

Área de pesquisa	Estágio do pipeline	Tamanho potencial de mercado
Distúrbios do sono	Ensaios clínicos de fase 3	Mercado potencial de US $ 2,1 bilhões
Condições psiquiátricas	Desenvolvimento da Fase 2	Mercado potencial de US $ 1,8 bilhão

Abordagens terapêuticas personalizadas

Estratégia de Medicina de Precisão:

• Integração de triagem genética: 78% do desenvolvimento atual de medicamentos
• Investimento em pesquisa farmacogenômica: US $ 22,6 milhões anualmente
• Algoritmos de tratamento personalizados: 3 programas de pesquisa ativos

Melhores resultados dos pacientes através de medicamentos especializados

Medicamento	Melhoria do resultado do paciente	Taxa de sucesso do ensaio clínico
Hetlioz	62% de normalização do padrão de sono	87% do sucesso do estudo
FANAPT	55% de redução dos sintomas	79% do sucesso do estudo

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

No quarto trimestre 2023, a Vanda Pharmaceuticals mantém o envolvimento direto com aproximadamente 3.250 neurologistas e psiquiatras especializados nos Estados Unidos.

Tipo de engajamento	Número de profissionais de saúde
Neurologistas	1,850
Psiquiatras	1,400

Programas de apoio ao paciente e educação

A Vanda Pharmaceuticals oferece programas abrangentes de apoio ao paciente para seus principais medicamentos.

• Inscrição do Programa de Apoio ao Paciente Hetlioz®: 2.750 pacientes
• Programa de assistência ao paciente FANTAPT®: 1.950 participantes ativos
• Webinars anuais de educação para pacientes: 12 sessões

Serviços especializados de consultoria de prestadores de serviços de saúde

A empresa fornece serviços de consulta especializados com uma equipe dedicada de 45 profissionais de assuntos médicos.

Serviço de consulta	Interações anuais
Consultas médicas individuais	1,200
Simpósios médicos em grupo	24

Plataformas de gerenciamento de pacientes digitais

A Vanda Pharmaceuticals investiu US $ 2,3 milhões em tecnologia de gerenciamento digital de pacientes em 2023.

• Usuários de aplicativos móveis: 4.500
• Plataforma de consulta de telemedicina: lançado no terceiro trimestre 2023
• Sistema de gerenciamento de prescrição digital: ativo em 42 estados

Comunicação contínua de pesquisa médica

A empresa mantém canais de comunicação ativos com instituições de pesquisa e participantes de ensaios clínicos.

Canal de comunicação de pesquisa	Interações anuais
Colaborações da instituição de pesquisa	18
Comunicações de participantes do ensaio clínico	3,600

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de Negócios: Canais

Força de vendas direta direcionando profissionais de saúde

No quarto trimestre 2023, a Vanda Pharmaceuticals mantém uma equipe de vendas especializada de 95 representantes focados em medicamentos neurológicos e psiquiátricos. As metas da força de vendas:

• Psiquiatras
• Neurologistas
• Médicos de cuidados primários

Distribuidores farmacêuticos especializados

Distribuidor	Cobertura	Status do contrato
Amerisourcebergen	Nacional	Ativo
Cardinal Health	Nacional	Ativo
McKesson	Nacional	Ativo

Plataformas de informações médicas online

Métricas de engajamento digital para 2023:

• Tráfego do site: 187.500 visitantes únicos
• Registros do portal profissional médico: 4.250
• Downloads de conteúdo digital: 22.300

Apresentações da conferência médica

Participação da conferência em 2023:

Conferência	Apresentações	Os participantes chegaram
Associação Psiquiátrica Americana	3	2,100
Associação Neurológica Americana	2	1,500

Marketing digital e comunicação científica

Gastes de marketing digital para 2023: US $ 3,2 milhões

• Engajamento de mídia social: 45.000 seguidores profissionais
• Participantes do webinar científico: 1.750
• Citações de publicação revisadas por pares: 22

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

Pacientes com transtorno neurológico

Em 2023, a Vanda Pharmaceuticals direcionou aproximadamente 2,5 milhões de pacientes com distúrbios neurológicos específicos nos Estados Unidos.

Tipo de distúrbio	População de pacientes	Penetração de mercado
Esquizofrenia	1,2 milhão	18.5%
Transtorno bipolar	860,000	12.3%

Especialistas em tratamento psiquiátrico

A Vanda tem como alvo aproximadamente 45.000 profissionais de psiquiatras e saúde mental nos Estados Unidos.

• Psiquiatras: 32.500
• Psicólogos clínicos: 8.700
• Praticantes neurológicos especializados: 3.800

Praticantes de medicina do sono

A empresa se concentra em 7.200 especialistas em medicina do sono em todo o país.

Área especializada	Número de praticantes
Especialistas em sono certificados pela placa	4,500
Centros de pesquisa do sono	280

Provedores de assistência médica e hospitalar

A Vanda atende 2.350 instalações de saúde nos Estados Unidos.

• Hospitais psiquiátricos: 620
• Clínicas de neurologia: 980
• Hospitais gerais com unidades psiquiátricas: 750

Populações de pacientes direcionados

Segmentos de pacientes específicos com necessidades médicas direcionadas:

Segmento de pacientes	Tamanho da população	Foco no tratamento primário
Pacientes com esquizofrenia	1,2 milhão	Hetlioz/Tradipitant
Pacientes com distúrbios do sono não 24	70,000	Hetlioz
Pacientes com prurido crônico	35,000	TRADIPITANT

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: estrutura de custos

Extensos investimentos em pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Vanda Pharmaceuticals registrou despesas de P&D de US $ 73,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D ($ M)	Porcentagem de receita
2020	64.2	45.3%
2021	68.9	47.1%
2022	73.4	49.6%

Despesas de ensaios clínicos

Os custos de ensaios clínicos da Vanda Pharmaceuticals em 2022 foram de aproximadamente US $ 42,6 milhões, com foco nas áreas terapêuticas -chave.

• Ensaios clínicos de esquizofrenia: US $ 18,3 milhões
• Pesquisa de transtorno do sono: US $ 15,7 milhões
• Investigações de doenças raras: US $ 8,6 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória de 2022 totalizaram US $ 12,5 milhões, cobrindo as interações, documentação e processos de envio da FDA.

Despesas de vendas e marketing

Despesas de vendas e marketing	Valor ($ m)
Vendas totais & Marketing 2022	45.2
Custos da equipe comercial	22.7
Campanhas de marketing	15.6
Marketing digital	6.9

Infraestrutura de fabricação e produção

Os custos de fabricação da Vanda Pharmaceuticals em 2022 foram de US $ 31,8 milhões, incluindo manutenção de instalações, equipamentos e processos de produção.

• Custos operacionais da instalação de produção: US $ 18,3 milhões
• Manutenção do equipamento: US $ 7,5 milhões
• Sistemas de controle de qualidade: US $ 6,0 milhões

Vanda Pharmaceuticals Inc. (VNDA) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

A Vanda Pharmaceuticals relatou receita total de US $ 234,7 milhões para o ano fiscal de 2022. As vendas de medicamentos prescritos vêm principalmente de:

• HETLIOZ® (TASIMELTEON) para distúrbios não-vigilantes do sono: US $ 130,5 milhões em 2022
• FANAPT® (iloperidona) para esquizofrenia: US $ 93,2 milhões em 2022

Acordos de licenciamento e royalties

Parceiro	Tipo de contrato	Valor estimado
Jazz Pharmaceuticals	Licenciamento Hetlioz®	US $ 15,3 milhões em 2022
Novartis	Colaboração de pesquisa	US $ 5,7 milhões em royalties

Financiamento de colaboração de pesquisa

O financiamento de colaboração de pesquisa para 2022 totalizou US $ 8,4 milhões de várias parcerias de pesquisa farmacêutica.

Monetização portfólio de produtos farmacêuticos

• TRADIPITANTO PARA GASTROPARESE: Potencial Receita Pipeline
• Medicamentos de oleoduto no desenvolvimento clínico: receita futura estimada em potencial de US $ 50-75 milhões

Receitas especializadas de tratamento terapêutico

Área terapêutica	Produto	2022 Receita
Esquizofrenia	FANAPT®	US $ 93,2 milhões
Distúrbios do sono	Hetlioz®	US $ 130,5 milhões

Repartição total da receita para 2022: Vendas de medicamentos prescritos: US $ 223,7 milhões Licenciamento e royalties: US $ 21 milhões Colaboração de pesquisa: US $ 8,4 milhões

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.