---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-025916"
form_type: "8-K"
ticker: "VNDA"
cik: "0001347178"
company_name: "Vanda Pharmaceuticals Inc."
filed_at: "2023-07-27T23:59:59+00:00"
generated_at: "2026-06-13T00:04:37.137007+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Vanda Q2 revenue drops 28% to $46.1M on HETLIOZ generic erosion

## Summary
- HETLIOZ net sales $22.0M, down 47% YoY due to at-risk generic launch.
- Net income $1.5M ($0.03 EPS) vs $2.6M ($0.05 EPS) in Q2 2022.
- Fanapt net sales $24.1M, up 4% YoY.
- No 2023 guidance provided; HETLIOZ sales expected to decline further.
- Federal Circuit upheld generic win; Vanda requested rehearing, response due Aug 1.

## SEC filing metadata
- accession: 0001628280-23-025916
- form_type: 8-K
- ticker: VNDA
- cik: 0001347178
- company_name: Vanda Pharmaceuticals Inc.
- filed_at: 2023-07-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1347178/000162828023025916/0001628280-23-025916-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1347178/000162828023025916/vnda-20230727.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-025916
- JSON: https://secwatch.observer/filing/0001628280-23-025916.json
- Plain text: https://secwatch.observer/filing/0001628280-23-025916.txt

## Key facts
- Earnings Releases
  Vanda Pharmaceuticals Inc. reported first six months of 2023 results: revenue $108.6 million, net income $4.8 million, EPS $0.08.
  - Period: first six months of 2023
  - Revenue: $108.6 million
  - Net income: $4.8 million
  - EPS: $0.08
  - Result: reported results
  source text: First Six Months of 2023 • Total net product sales from HETLIOZ ® and Fanapt ® were $108.6 million in the first six months of 2023, a 13% decrease compared to $124.6 million in the first six months of 2022. • HETLIOZ ® net product sales were $61.6 million in the first six months of 2023, a 21% decrease compared to $78.2 million in the first six months of 2022. The decrease was the result of the at-risk launch of a generic version of HETLIOZ ® in the U.S. • Fanapt ® net product sales were $47.0 million in the first six months of 2023, a 1% increase compared to $46.4 million in the first six months of 2022. • Net income was $4.8 million in the first six months of 2023 compared to a net loss of $3.9 million in the first six months of 2022. • Cash, cash equivalents and marketable securities (Cash) was $489.4 million as of June 30, 2023, representing an increase to Cash of $48.5 million, or 11%, compared to June 30, 2022. Key Operational Highlights Fanapt ® (iloperidone) • Vanda previously
  evidence_url: https://www.sec.gov/Archives/edgar/data/1347178/000162828023025916/0001628280-23-025916-index.htm
- Earnings Releases
  Vanda Pharmaceuticals Inc. reported second quarter 2023 results: revenue $46.1 million, net income $1.5 million, EPS $0.03.
  - Period: second quarter 2023
  - Revenue: $46.1 million
  - Net income: $1.5 million
  - EPS: $0.03
  - Result: reported results
  source text: Financial Highlights Second Quarter of 2023 • Total net product sales from HETLIOZ ® and Fanapt ® were $46.1 million in the second quarter of 2023, a 28% decrease compared to $64.4 million in the second quarter of 2022. • HETLIOZ ® net product sales were $22.0 million in the second quarter of 2023, a 47% decrease compared to $41.2 million in the second quarter of 2022. The decrease was the result of the at-risk launch of a generic version of HETLIOZ ® in the U.S. • Fanapt ® net product sales were $24.1 million in the second quarter of 2023, a 4% increase compared to $23.2 million in the second quarter of 2022. • Net income was $1.5 million in the second quarter of 2023 compared to net income of $2.6 million in the second quarter of 2022. • Cash, cash equivalents and marketable securities (Cash) was $489.4 million as of June 30, 2023, representing a decrease to Cash of $12.1 million, or 2%, compared to March 31, 2023. First Six Months of 2023 • Total net product sales from HETLIOZ ® and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1347178/000162828023025916/0001628280-23-025916-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.