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Vanda Pharmaceuticals Inc. (VNDA) Annual Reports

Q: Where can I read Vanda Pharmaceuticals Inc. (VNDA) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Vanda Pharmaceuticals Inc. is listed on Nasdaq, classified by the SEC under Pharmaceutical Preparations (SIC 2834). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 12/31
SEC CIK： 1347178 →

Website：Official site ↗

Financial Highlights

FY2026 Q2 (quarterly, ended 2026-06-30)
	Current	Prior year	YoY
Revenue	$50.5M	$52.6M	-3.9%
Operating income	$-63.8M	$-38.5M	-65.7%
Net income	$-62.5M	$-27.2M	-129.8%
EPS (diluted)	$-1.04	$-0.46	-126.1%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 50.5 mn Net income -62.5 mn

Show table：Income statement

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Revenue	4.55	8.29	7.25	7.75	7.50	7.43	7.97	8.37	8.14	8.38	8.29	7.92	8.07	8.32	8.71	8.78	9.14	10.9	14.8	15.4	22.1	27.6	28.3	31.9	33.3	36.0	38.5	38.2	37.4	42.1	41.3	44.3	43.6	47.4	49.1	53.0	47.7	59.1	59.5	60.9	58.0	62.2	60.3	67.7	62.7	67.9	70.1	68.0	60.2	64.4	65.3	64.5	62.5	46.1	38.8	45.3	47.5	50.5	47.6	53.2	50.0	52.6	56.3	57.2	51.7	50.5
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	9.14	10.7	14.1	14.7	17.1	21.8	21.8	25.7	24.4	26.6	28.6	30.9	33.0	37.1	36.4	39.0	38.7	41.7	43.7	47.0	42.2	52.3	52.3	54.3	52.4	56.0	54.0	60.9	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	-36.0	1.16	0.74	0.79	0.01	-1.51	-3.29	-5.91	-8.32	-8.09	-5.39	-6.43	-4.22	-3.11	-5.40	-7.67	-26.6	-21.6	-1.45	69.7	-10.3	-5.46	-9.54	-14.9	-12.5	-4.79	-0.65	-0.65	-7.91	-1.92	-4.92	-2.15	2.44	3.91	6.23	9.15	-2.09	9.90	10.8	4.24	-0.12	9.17	7.74	10.4	10.3	12.4	10.8	8.64	-7.67	3.46	3.91	6.63	2.00	-2.87	-5.99	-7.09	-9.23	-10.2	-11.0	-10.3	-41.0	-38.5	-31.3	-40.4	-50.2	-63.8
Net income	-35.9	1.28	3.18	2.20	0.14	-1.34	-3.07	-5.52	-7.96	-8.01	-5.33	-6.37	-4.17	-3.08	-5.38	-7.62	-26.5	-21.6	-1.43	69.7	-10.2	-5.39	-9.46	-14.8	-12.4	-4.62	-0.43	-0.6	-7.64	-1.53	-4.55	-1.84	3.07	4.61	7.17	10.4	-0.61	11.5	100	4.22	0.49	8.71	5.95	8.19	8.65	9.65	7.77	7.08	-6.43	2.57	3.27	6.86	3.25	1.52	0.14	-2.40	-4.15	-4.52	-5.32	-4.91	-29.5	-27.2	-22.6	-141	-48.6	-62.5

Balance sheet

Quarterly · In mn (USD)

Total assets 412 mn Total liabilities 192 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Current assets	—	—	—	201	—	192	165	154	161	150	140	126	116	108	147	136	106	71.2	64.8	142	162	174	174	167	162	160	170	174	169	175	170	170	282	269	279	299	307	316	280	354	361	381	390	409	421	447	462	478	492	497	507	519	534	534	537	433	439	439	432	439	408	395	368	347	293	264
Total assets	—	—	—	213	—	203	196	183	173	161	150	135	125	117	155	143	121	86.2	79.2	172	214	224	221	213	207	202	208	210	205	211	206	205	317	303	312	332	351	372	474	484	489	507	516	533	543	568	580	594	604	609	622	634	645	642	642	648	653	651	645	656	632	625	601	489	434	412
Current liabilities	—	—	—	31.0	—	32.9	33.6	31.6	32.7	34.4	34.6	32.3	32.0	31.9	31.9	32.9	45.4	38.3	38.9	7.79	31.8	45.2	45.9	51.3	55.0	51.8	50.7	50.3	73.0	75.4	71.5	70.4	72.0	46.9	46.2	53.0	59.3	62.6	60.0	59.5	59.2	61.6	61.4	65.9	61.8	72.0	72.0	74.4	90.7	88.4	92.6	91.4	93.8	87.4	84.8	87.7	93.3	93.8	89.1	100.0	104	121	118	145	136	164
Total liabilities	—	—	—	175	—	164	158	149	146	141	134	126	119	112	105	99.2	100	85.3	78.1	10.9	61.2	74.0	74.6	80.0	83.7	80.4	79.3	79.0	76.6	79.3	75.2	74.0	76.2	51.7	50.5	56.7	72.8	75.8	73.5	72.8	72.1	75.0	75.3	80.2	75.6	86.4	86.5	88.9	101	101	106	107	109	102	98.5	104	109	109	104	118	121	138	135	162	153	192
Equity	23.0	—	—	37.7	—	39.5	37.7	33.5	26.9	20.1	15.3	9.90	6.48	5.03	50.0	44.1	21.0	0.89	1.06	161	152	150	146	133	123	122	129	131	128	131	130	131	241	251	261	275	278	297	401	411	416	432	441	453	468	481	493	505	502	509	516	527	536	540	543	545	544	543	541	539	511	486	466	327	281	220

Cash flow

Quarterly · In mn (USD)

Operating -31.1 mn Investing 33.8 mn Financing -0.86 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Operating	169	-0.73	-5.07	-5.10	-3.26	-5.62	-7.17	-12.4	-8.69	-12.2	-10.2	-13.8	-9.12	-8.04	-10.3	-12.2	-23.9	-36.7	-7.60	-13.4	5.56	12.1	-4.85	-0.36	-4.90	-3.26	1.24	-1.18	-5.36	-2.26	2.17	3.47	1.64	4.39	8.69	15.3	9.64	20.5	6.00	9.79	-0.91	24.0	9.37	19.3	9.19	19.0	9.40	26.6	4.05	5.69	12.8	9.42	31.8	-13.2	-2.05	-3.73	7.57	-6.93	-14.6	-1.82	-33.1	-15.3	-31.6	-29.4	-50.2	-31.1
Investing	-4.74	-61.3	-38.1	-56.2	13.2	3.49	17.1	39.9	28.9	-1.49	20.3	-1.91	30.5	0.95	-0.01	-65.7	0.39	10.4	5.72	-28.5	-33.6	2.84	-0.28	4.41	-7.23	-13.3	2.37	8.09	-17.2	-5.83	5.40	7.36	16.3	-101	-8.90	-15.8	-36.5	-11.8	-13.9	-6.23	20.3	2.73	-47.8	-16.7	0.07	-34.2	-16.6	-26.0	10.9	-14.6	-21.8	75.4	187	-191	35.3	-43.8	-18.2	-15.3	12.1	3.99	43.9	-15.3	21.4	44.9	20.2	33.8
Financing	1.62	2.40	0.04	1.35	—	—	0.01	0.02	—	—	—	0.01	-0.19	0.79	48.8	0.44	2.01	0.03	0.2	87.5	-0.08	0.59	3.58	0	0.02	1.01	5.96	0.75	2.21	2.19	0.77	0.08	104	2.49	0.11	0.79	0.18	3.41	0.56	2.12	0.48	3.60	0.12	1.43	1.85	0.29	0.37	1.04	0	0.13	0	0.61	—	0	0	0	0	0	0	-0.15	-1.32	-0.42	-0.52	-0.64	-0.78	-0.86
Cash at period end	205	146	102	42.6	52.5	50.4	60.3	87.9	108	94.4	105	88.8	110	104	142	64.8	43.3	17.0	15.3	60.9	32.8	48.3	46.8	50.8	38.7	23.2	32.8	40.4	20.1	14.2	22.6	33.6	155	60.9	60.8	61.0	34.4	46.5	39.2	45.1	65.0	95.3	57.0	61.0	72.1	57.2	50.5	52.1	66.9	58.2	49.4	135	354	150	183	136	125	103	101	102	112	81.0	70.0	84.8	54.0	55.9

Profitability

Quarterly · %

Gross margin 90.0% Operating margin -126.3% Net margin -123.7%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	100.0%	98.2%	95.2%	95.6%	77.4%	79.1%	77.0%	80.6%	73.3%	73.8%	74.2%	80.7%	88.1%	88.2%	88.0%	88.2%	88.7%	88.2%	88.9%	88.6%	88.5%	88.6%	88.0%	89.2%	90.4%	90.0%	89.6%	90.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	-790.4%	14.0%	10.3%	10.2%	0.1%	-20.4%	-41.3%	-70.6%	-102.2%	-96.5%	-65.1%	-81.2%	-52.3%	-37.4%	-62.1%	-87.3%	-290.7%	-198.9%	-9.8%	453.4%	-46.5%	-19.8%	-33.7%	-46.8%	-37.5%	-13.3%	-1.7%	-1.7%	-21.1%	-4.6%	-11.9%	-4.9%	5.6%	8.3%	12.7%	17.3%	-4.4%	16.8%	18.1%	7.0%	-0.2%	14.7%	12.8%	15.4%	16.5%	18.2%	15.4%	12.7%	-12.7%	5.4%	6.0%	10.3%	3.2%	-6.2%	-15.4%	-15.7%	-19.5%	-20.1%	-23.1%	-19.3%	-82.0%	-73.2%	-55.6%	-70.5%	-97.1%	-126.3%
Net margin	-788.5%	15.4%	43.9%	28.4%	1.8%	-18.1%	-38.6%	-66.0%	-97.8%	-95.6%	-64.3%	-80.4%	-51.7%	-37.0%	-61.8%	-86.8%	-290.2%	-198.6%	-9.7%	453.6%	-46.1%	-19.5%	-33.4%	-46.5%	-37.1%	-12.8%	-1.1%	-1.6%	-20.4%	-3.6%	-11.0%	-4.2%	7.0%	9.7%	14.6%	19.5%	-1.3%	19.5%	168.8%	6.9%	0.8%	14.0%	9.9%	12.1%	13.8%	14.2%	11.1%	10.4%	-10.7%	4.0%	5.0%	10.6%	5.2%	3.3%	0.3%	-5.3%	-8.7%	-8.9%	-11.2%	-9.2%	-58.9%	-51.7%	-40.1%	-246.8%	-93.9%	-123.7%

Returns & leverage

Quarterly · %

ROE -77.8% ROA -53.0% Debt ratio 46.6%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
ROE	—	—	—	-77.4%	—	10.6%	-5.5%	-27.5%	-66.5%	-82.4%	-101.1%	-127.5%	-143.0%	-150.9%	-58.1%	-75.0%	-310.3%	-2067.7%	-223.9%	19.7%	42.1%	70.0%	60.8%	-27.1%	-30.5%	-30.4%	-23.4%	-13.6%	-10.6%	-8.1%	-11.0%	-11.8%	-2.6%	0.7%	6.6%	12.4%	8.3%	10.4%	36.8%	33.7%	33.6%	31.3%	4.6%	5.4%	7.1%	7.1%	7.3%	6.9%	3.7%	2.2%	1.3%	1.2%	3.1%	2.8%	2.2%	0.5%	-0.9%	-2.0%	-3.0%	-3.5%	-8.4%	-13.0%	-16.7%	-50.9%	-60.5%	-77.8%
ROA	—	—	—	-13.7%	—	2.0%	-1.1%	-5.0%	-10.4%	-13.5%	-15.5%	-17.4%	-16.0%	-13.6%	-12.5%	-14.5%	-34.6%	-60.2%	-48.8%	12.8%	21.8%	34.0%	29.8%	-20.7%	-20.0%	-19.4%	-15.0%	-8.5%	-6.5%	-5.0%	-6.9%	-7.5%	-1.9%	0.5%	5.0%	9.4%	6.4%	8.4%	30.9%	28.3%	27.8%	25.9%	3.9%	4.6%	6.1%	6.0%	6.3%	5.9%	3.1%	1.9%	1.1%	1.0%	2.6%	2.4%	1.9%	0.4%	-0.8%	-1.7%	-2.5%	-2.9%	-6.9%	-10.5%	-13.5%	-38.5%	-45.0%	-53.0%
Debt ratio	—	—	—	82.3%	—	80.6%	80.8%	81.7%	84.4%	87.5%	89.8%	92.7%	94.8%	95.7%	67.8%	69.2%	82.7%	99.0%	98.7%	6.3%	28.6%	33.1%	33.8%	37.6%	40.5%	39.8%	38.0%	37.6%	37.4%	37.6%	36.6%	36.0%	24.0%	17.1%	16.2%	17.1%	20.7%	20.4%	15.5%	15.1%	14.8%	14.8%	14.6%	15.0%	13.9%	15.2%	14.9%	15.0%	16.8%	16.5%	17.1%	16.9%	16.9%	15.9%	15.3%	16.0%	16.6%	16.7%	16.1%	17.9%	19.1%	22.2%	22.5%	33.1%	35.2%	46.6%

EPS

Quarterly · US$

EPS US$-1.04

Show table：EPS

Item	2009Q4	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2
EPS（US$）	-1.33	0.04	0.11	0.07	0.00	-0.05	-0.11	-0.20	-0.28	-0.28	-0.19	-0.23	-0.15	-0.11	-0.17	-0.23	-0.79	-0.64	-0.04	1.77	—	—	—	-0.94	—	—	—	-0.41	-0.17	-0.03	-0.10	-0.04	0.06	0.09	0.13	0.19	-0.01	0.21	1.84	0.08	0.01	0.16	0.11	0.15	0.15	0.17	0.14	0.12	-0.11	0.05	0.06	0.12	0.06	0.03	0.00	-0.05	-0.07	-0.08	-0.09	-0.09	-0.50	-0.46	-0.38	-2.39	-0.82	-1.04

Revenue & profit

Year-to-date · In mn (USD)

Revenue 102 mn Net income -111 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 412 mn Total liabilities 192 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating -81.3 mn Investing 54.0 mn Financing -1.63 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 90.0% Operating margin -111.5% Net margin -108.6%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE -77.8% ROA -53.0% Debt ratio 46.6%

EPS

Year-to-date · US$

EPS US$-1.86

Revenue & profit

Annual · In mn (USD)

Revenue 216 mn Net income -220 mn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	31.3	32.7	33.9	50.2	110	146	165	193	227	248	269	254	193	199	216
Gross profit	—	—	—	48.6	86.5	110	145	171	201	223	—	—	—	—	—
Operating income	-10.7	-28.2	-20.4	20.1	-40.2	-18.6	-16.9	21.7	22.8	27.2	42.2	6.33	-13.9	-40.7	-151
Net income	-9.80	-27.7	-20.3	20.2	-39.9	-18.0	-15.6	25.2	116	23.3	33.1	6.28	2.51	-18.9	-220

Balance sheet

Annual · In mn (USD)

Total assets 489 mn Total liabilities 162 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	154	126	136	142	167	174	170	299	354	409	478	519	433	439	347
Total assets	183	135	143	172	213	210	205	332	484	533	594	634	648	656	489
Current liabilities	31.6	32.3	32.9	7.79	51.3	50.3	70.4	53.0	59.5	65.9	74.4	91.4	87.7	100.0	145
Total liabilities	149	126	99.2	10.9	80.0	79.0	74.0	56.7	72.8	80.2	88.9	107	104	118	162
Equity	33.5	9.90	44.1	161	133	131	131	275	411	453	505	527	545	539	327

Cash flow

Annual · In mn (USD)

Operating -109 mn Investing 94.9 mn Financing -2.91 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	-28.4	-44.9	-39.6	-81.5	12.4	-8.10	-1.98	30.0	46.0	51.8	64.2	32.0	12.8	-15.8	-109
Investing	73.8	45.8	-34.3	-12.0	-26.6	-10.1	-10.2	-110	-68.3	-41.5	-76.7	49.9	-12.1	-17.4	94.9
Financing	—	—	49.9	89.7	4.09	7.75	5.25	107	6.26	5.63	3.55	0.73	—	-0.15	-2.91
Cash at period end	87.9	88.8	64.8	60.9	50.8	40.4	33.6	61.0	45.1	61.0	52.1	135	136	102	84.8

Profitability

Annual · %

Gross margin 90.0% Operating margin -70.0% Net margin -102.0%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	—	—	—	96.8%	78.7%	75.6%	88.1%	88.6%	88.6%	90.0%	—	—	—	—	—
Operating margin	-34.2%	-86.2%	-60.2%	40.0%	-36.6%	-12.7%	-10.2%	11.3%	10.0%	11.0%	15.7%	2.5%	-7.2%	-20.5%	-70.0%
Net margin	-31.4%	-84.5%	-59.8%	40.2%	-36.3%	-12.3%	-9.4%	13.1%	50.9%	9.4%	12.3%	2.5%	1.3%	-9.5%	-102.0%

Returns & leverage

Annual · %

ROE -50.9% ROA -38.5% Debt ratio 33.1%

Show table：Returns & leverage

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	-29.3%	-127.5%	-75.0%	19.7%	-27.1%	-13.6%	-11.8%	12.4%	33.7%	5.4%	6.9%	1.2%	0.5%	-3.5%	-50.9%
ROA	-5.4%	-17.4%	-14.5%	12.8%	-20.7%	-8.5%	-7.5%	9.4%	28.3%	4.6%	5.9%	1.0%	0.4%	-2.9%	-38.5%
Debt ratio	81.7%	92.7%	69.2%	6.3%	37.6%	37.6%	36.0%	17.1%	15.1%	15.0%	15.0%	16.9%	16.0%	17.9%	33.1%

EPS

Annual · US$

EPS US$-3.73

Show table：EPS

Item	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	-0.36	-0.98	-0.66	0.30	—	—	-0.34	0.47	2.12	0.43	0.58	0.12	0.04	-0.33	-3.73

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

10-K: annual report of a US domestic issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read Vanda Pharmaceuticals Inc. (VNDA) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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