Vanda Pharmaceuticals is a specialty biopharmaceutical company that develops and sells branded prescription drugs focused on rare diseases, psychiatry, and sleep disorders. Vanda's four commercial products are Fanapt, an atypical antipsychotic approved for schizophrenia and bipolar I disorder; HETLIOZ, a melatonin receptor agonist approved for Non-24-Hour Sleep-Wake Disorder and Smith-Magenis syndrome; PONVORY, an S1P receptor modulator for relapsing MS that Vanda acquired from Johnson & Johnson in late 2023; and NEREUS, an NK-1 receptor antagonist approved for motion sickness prevention that was still in pre-launch as of FY25. Vanda has no manufacturing facilities and outsources all drug production to third parties. Vanda sells through specialty pharmacies, distributors, and wholesalers in the U.S., supported by a direct sales force of roughly 350 representatives across its portfolio. Revenue is volume-driven, though gross-to-net adjustments — primarily Medicaid rebates — significantly reduce net revenue per prescription; Fanapt's gross-to-net is roughly 50% due to excess Medicaid rebates accumulated over its 15-year history. Vanda is currently in a heavy investment phase, having tripled its Fanapt sales force and launched direct-to-consumer advertising. The company has a broad pipeline, including Bysanti (an active metabolite of Fanapt with better Medicaid economics expected to launch soon), a long-acting injectable formulation of iloperidone, NEREUS as a potential adjunct to GLP-1 drugs, and imsidolimab for generalized pustular psoriasis. Vanda has set a 2030 revenue target of $1B.