Here are 1-2 brief analogies for Vanda Pharmaceuticals:

1. Vanda Pharmaceuticals is like a specialized Biogen, focusing on niche neurological and rare sleep disorders.

2. Vanda Pharmaceuticals is like a smaller Jazz Pharmaceuticals, specializing in rare sleep and psychiatric disorders.

• Hetlioz (tasimelteon): A medication used to treat Non-24-hour sleep-wake disorder and nighttime sleep disturbances in Smith-Magenis Syndrome.
• Fanapt (iloperidone): An atypical antipsychotic medication prescribed for the treatment of schizophrenia.

Vanda Pharmaceuticals (VNDA) sells primarily to other companies. Its major customers are pharmaceutical wholesale distributors responsible for distributing its products to pharmacies, hospitals, clinics, and other healthcare providers.

• McKesson Corporation (NYSE: MCK)
• Cencora, Inc. (formerly AmerisourceBergen Corporation) (NYSE: COR)
• Cardinal Health, Inc. (NYSE: CAH)

Mihael H. Polymeropoulos, MD President, Chief Executive Officer and Chairman of the Board

Dr. Polymeropoulos co-founded Vanda Pharmaceuticals in 2003 in partnership with Care Capital LLC, a biopharmaceuticals-focused investment firm, and Bio*One Capital, an investment arm of the Singapore government. He has served as President, Chief Executive Officer, and Chairman of the Board since 2021, and as President, Chief Executive Officer and Director from 2003 to 2021. Prior to Vanda, he was Vice President and Head of the Pharmacogenetics Department at Novartis AG from 1998 to 2003. He also served as Chief of the Gene Mapping Section at the National Human Genome Research Institute from 1992 to 1998, and co-founded the Integrated Molecular Analysis of Genome Expression (I.M.A.G.E.) Consortium.

Kevin Moran Senior Vice President, Chief Financial Officer and Treasurer

Mr. Moran has served as Senior Vice President, Chief Financial Officer, and Treasurer of Vanda Pharmaceuticals since July 2020. He joined Vanda in September 2010 and held various finance roles, including Vice President, Acting Chief Financial Officer and Treasurer (March 2020 to July 2020) and Vice President and Controller (March 2018 to March 2020). Before joining Vanda, Mr. Moran was a Senior Associate at PricewaterhouseCoopers.

Tim Williams Senior Vice President, General Counsel and Secretary

Mr. Williams has served as Senior Vice President, General Counsel, and Secretary since August 2018. Prior to Vanda, he was Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at AgNovos Healthcare, a medical device company, from September 2013 to July 2018. From 2009 to 2013, he was Senior Legal Counsel and Assistant Secretary at Stryker Corporation, where he was involved in global M&A, corporate governance, and securities.

Gunther Birznieks Senior Vice President, Business Development

Mr. Birznieks holds the position of Senior Vice President, Business Development at Vanda Pharmaceuticals. A detailed background including founding/managing other companies, selling companies, or patterns of managing private equity-backed companies was not readily available in the search results.

Joakim Wijkstrom Senior Vice President, Chief Marketing Officer

Mr. Wijkstrom has served as Senior Vice President, Chief Marketing Officer since 2019. His prior experience includes serving as Senior Vice President and Chief Marketing Officer at Perry Ellis International, and various leadership roles in advertising agencies.

The primary clear emerging threat for Vanda Pharmaceuticals is the impending loss of market exclusivity for its flagship product, Hetlioz (tasimelteon). Vanda has settled patent litigation with several generic manufacturers, allowing for the entry of generic tasimelteon products starting in December 2026. As Hetlioz represents the substantial majority of Vanda's current revenue, the introduction of generic competition is expected to significantly erode its market share and revenue. This known and scheduled event constitutes a fundamental threat to the company's financial future as the date of generic entry approaches.

Vanda Pharmaceuticals (VNDA) is anticipated to drive future revenue growth over the next two to three years through several key initiatives:

1. Expansion of Fanapt® (iloperidone) Commercialization: The commercial launch of Fanapt® for the acute treatment of bipolar I disorder is a significant driver, with new patient starts showing substantial increases. Vanda is investing in expanding its sales force and marketing efforts for this indication. Additionally, the development of a long-acting injectable (LAI) formulation of Fanapt® is expected to further contribute to the psychiatry portfolio's growth.

2. Launch of Bysanti™ (milsaperidone): Bysanti™, the active metabolite of Fanapt®, is expected to be a major contributor to Vanda's psychiatry franchise. The New Drug Application (NDA) for bipolar I disorder and schizophrenia has been accepted for filing, with a PDUFA target action date of February 21, 2026. This product is seen as having the potential to drive significant future growth.

3. Introduction of Tradipitant for Motion Sickness: Vanda submitted an NDA for tradipitant for motion sickness, which has been accepted for filing with a PDUFA target action date of December 30, 2025. This represents a new product launch that can diversify revenue streams.

4. Commercialization of Imsidolimab for Generalized Pustular Psoriasis: The Biologics License Application (BLA) for imsidolimab in generalized pustular psoriasis is expected to be submitted in 2025, with potential market entry in the coming years. This will strengthen Vanda's anti-inflammatory portfolio.

5. Indication Expansion for PONVORY®: Vanda is exploring additional indications for its multiple sclerosis drug, PONVORY®. Investigational New Drug (IND) applications for PONVORY® in the treatment of psoriasis and ulcerative colitis were accepted in the fourth quarter of 2024, indicating potential for revenue growth through market expansion for an existing product.

Outbound Investments

• Vanda Pharmaceuticals completed the acquisition of the U.S. and Canadian rights to PONVORY from Actelion Pharmaceuticals Ltd. (Janssen) for $100.0 million in December 2023.

Capital Expenditures

• Vanda Pharmaceuticals reported capital expenditures of $2 million in 2020, $1 million in 2021, $1 million in 2022, $0 million in 2023, and $0 million in 2024.
• Projected capital expenditures are $1 million for 2025, $1 million for 2026, and $1 million for 2027.