Vanda Pharmaceuticals Inc. · NASDAQ:VNDA
Vanda Pharmaceuticals — Investor Presentation (January 2026)
34 slides from Vanda Pharmaceuticals's investor presentation, January 2026
Slide 1: Corporate Presentation January 2026
2026 CORPORATE PRESENTATION January 2026
Slide 2: Forward-looking statements
Various statements in this presentation, including, but not limited to, the guidance provided under “2025 Financial Guidance” and statements regarding Vanda’s commercial products, plans, priorities and opportunities, as well as statements about Vanda’s strategic focus and its products in development
Slide 3: Vanda is a leading global biopharmaceutical company
Vanda is a leading global biopharmaceutical company dedicated to innovating in the service of people’s pursuit of happiness Innovation-Led Strategy, with decades-long track record of successfully developing and commercializing innovative therapies NASDAQ: Robust Commercial Portfolio anchored by four
Slide 4: Grow & Diversify Revenue, Advance Pipeline, Focus on Consumers
Grow & Diversify Advance Focus on Revenue Pipeline Consumers Grow revenue across current Programs in regulatory review Focus on large markets with products in existing indications with upcoming PDUFA dates unmet patient needs and programs currently at Diversify revenue with potential Phase III stage
Slide 5: Program status by product
Fanapt oral tablets approved in U.S. for acute Bysanti (milsaperidone): NDA accepted for treatment of bipolar I disorder in adults. treatment of adults with acute bipolar I disorder and schizophrenia; PDUFA target action date February Fanapt Long Acting Injectable (LAI): Phase III 2026. Clinic
Slide 6: Recent and Upcoming R&D Milestones
Recent and Upcoming R&D Milestones ° 2025 2026 @ @ i ToT Dec 30 NEREUS™ for the prevention of vomiting induced by motion 2026 imsidolimab for generalized pustular psoriasis (GPP) Bysanti™ Phase Ill study for MDD FDA approval; commercial launch expected in 2H 2026 Study results Expected FDA expected
Slide 7: Product Portfolio by Indication
Product Portfolio Indication Phase I/II Phase III Regulatory Market Bipolar I Disorder Schizophrenia Long Acting Injectable (LAI) Psychiatry Bipolar l Disorder Schizophrenia Major Depressive Disorder Non-24 SMS Jet Lag Disorder Sleep Disorder Insomnia Pediatric Insomnia Delayed Sleep Phase Disorder
Slide 8: Early-stage programs by indication
Product Indication Preclinical Phase I Phase II Phase III Regulatory VSJ-110 Dry Eye (CFTR Activator) BPO-27 Cholera (CFTR Inhibitor) VQW-765 Social Performance Anxiety Hematologic Malignancies VTR-297 Onychomycosis Parkinson’s Disease ASO Programs CMT2S
Slide 9: Commercial Growth Drivers 2025-2027 and 2028+
2025 - 2027 Commercial Growth Drivers 2028+ Growth Drivers Fanapt® Long- acting Injectable BIPOLAR SCHIZOPHRENIA MDD SCHIZOPHRENIA SCHIZOPHRENIA GLP-1 GASTROPARESIS BIPOLAR ADJUNCT NON-24 / MULTIPLE ULCERATIVE PSORIASIS COLITIS SMS SCLEROSIS imsidolimab MOTION GPP SICKNESS
Slide 10: NEREUS (tradipitant) capsules
NEREUS™ (tradipitant) capsules
Slide 11: NEREUS for the prevention of vomiting induced by motion
An oral neurokinin-1 (NK-1) receptor antagonist, for the prevention of vomiting induced by motion. First new pharmacologic treatment in motion sickness in over four decades. Premium prescription Approx. 15% of that medication for those who Approx. 30% of adults1 (roughly 78 population (roughly 12 us
Slide 12: Adjunct Opportunity in $50B+ GLP-1 Market
Adjunct Opportunity in $50B+ GLP-1 Market © A new unmet need... (Va Nausea and vomiting are the primary drivers of GLP-1 treatment discontinuation (30-50%). Vanda’s randomized controlled study met primary and secondary endpoints. The study demonstrated tradipitant’s ability to significantly mitigate
Slide 13: Primary and Key Secondary Endpoint
Primary Endpoint Key Secondary Endpoint Placebo Tradipitant Placebo Tradipitant Endpoint P-value Endpoint P-value (N=58) (N=58) (N=58) (N=58) Proportion with Proportion 58.6% 29.3% 0.0016 vomiting and worst 48.3% 22.4% 0.0039 with Vomiting* nausea ≥3** Proportion with Vomiting (%) Proportion with Vo
Slide 14: Bysanti
Bysanti™
Slide 15: Bysanti Program Status
Bysanti™ Program Status e) Bipolar | disorder / Schizophrenia — NDA for Bysanti™ for the treatment of bipolar | disorder and schizophrenia was accepted by the FDA with a PDUFA target action date of February 21, 2026. Major Depressive Disorder — A Bysanti™ Phase III clinical study for use as a once-d
Slide 16: Schizophrenia, Bipolar Disorder and MDD patient populations
3M Fanapt® Approved Schizophrenia Patients1 Bysanti PDUFA Feb 21, 2026 Bipolar 11M Fanapt® Approved Disorder patients2 Bysanti PDUFA Feb 21, 2026 21M Bysanti MDD Phase 3 MDD patients3 1. Johns Hopkins Medicine. Mental health disorder statistics. https://www.hopkinsmedicine.org/health/wellness-and-pr
Slide 17: HETLIOZ
HETLIOZ®
Slide 18: HETLIOZ Jet Lag Program Status
HETLIOZ® Jet Lag Program Status co Vanda received a complete response letter (CRL) from the FDA in August 2019 related to the sNDA of HETLIOZ® for the treatment of jet lag disorder. Vanda agreed on a collaborative framework with the FDA for the resolution of certain disputes regarding HETLIOZ®. This
Slide 19: Imsidolimab
Imsidolimab “a a ' I VA ITICALS InG. 7
Slide 20: Imsidolimab Program Status
Imsidolimab Program Status BLA for imsidolimab for the treatment of generalized pustular psoriasis (GPP) was submitted to the FDA in Q4 2025. Vanda has requested priority review for the BLA, citing GPP's status as a rare orphan disease with significant unmet need. GEMINI-1 Phase 3 trial: rapid and c
Slide 21: References
1. Prinz, J. C. et al. Prevalence, comorbidities and mortality of generalized pustular psoriasis: A literature review. Journal of the European Academy of Dermatology and Venereology 37, 256–273 (2022). 2. Marrakchi, S. et al. Interleukin-36–Receptor Antagonist Deficiency and Generalized Pustular Pso
Slide 22: Fanapt Commercial Highlights
Fanapt® Commercial Highlights
Slide 23: Fanapt Commercial Highlights
Fanapt® Commercial Highlights Fanape. 11mg, 2 mg, 4 mg, 6 mg, 8 mg, 10 mg, 12mg DOSAGE INSTRUCTIONS: b ia 43088-113-04 Rx Only * FDA approval of Fanapt® for the acute treatment of A ; manic or mixed episodes associated with bipolar | disorder in adults. Fa napt: ablets tration pack iloperidone# t *
Slide 24: Fanapt prescription growth Q3 2024 to Q3 2025
+35% YoY Total prescriptions (TRx) growth from Q3 2024 to Q3 2025 +57% YoY New prescriptions (NRx) growth from Q3 2024 to Q3 2025 +147% YoY New to brand prescriptions (NBRx) growth from Q3 2024 to Q3 2025 Source: IQVIA
Slide 25: HETLIOZ & PONVORY Commercial Highlights
HETLIOZ® & PONVORY® Commercial Highlights
Slide 26: HETLIOZ Commercial Highlights
HETLIOZ® Commercial Highlights ="<t!0%.... @ 20mg * HETLIOZ® continues to be the market share leader despite generic competition through patient loyalty. * Continue growth of HETLIOZ® and HETLIOZ® LQ in SMS in U.S. —_— market. | Pr “_Hetlio’ * Continue to pursue FDA approvals for HETLIOZ® in the el
Slide 27: PONVORY Commercial Highlights
PONVORY® Commercial Highlights © Ponvory co (ponesimod) sxx" NDC 43068-620-01 * PONVORY?® is indicated for the treatment of relapsing forms of ¢ Ponvory® multiple sclerosis (MS). Vay € bl tablets * | PONVORY?® is now promoted in the US across all 50 states. —| Y 20mg J + Continued increase in underl
Slide 28: Late-Stage Pipeline Update
Late-Stage Pipeline Update
Slide 29: Fanapt Lifecycle Management Plans
Fanapt® Lifecycle Management Plans =) [2] Long Acting Injectable: schizophrenia — Phase III program for the LAI formulation of Fanapt® is ongoing. Long Acting Injectable: hypertension — Initiated a study of the LAI as a once-a-month injectable for the treatment of uncontrolled hypertension.
Slide 30: HETLIOZ Lifecycle Management Plans
HETLIOZ® Lifecycle Management Plans e) Jet Lag Disorder — Clinical program completed; continuing to pursue FDA approval Insomnia — Clinical program completed; continuing to pursue FDA approval Delayed Sleep Phase Disorder — Phase III program initiated Non-24 Pediatric — Phase Ill clinical program in
Slide 31: NEREUS Lifecycle Management Plans
NEREUS™ Lifecycle Management Plans e) Vomiting induced by a GLP-1 analog— Phase II positive study results reported in November 2025 of tradipitant in preventing nausea and vomiting induced by a GLP-1 analog, Wegovy® (semaglutide). [2] Gastroparesis — Continuing to pursue FDA approval for tradipitant
Slide 32: Slide 32
Slide 33: 2025 Financial Guidance and Q3 2025 Financial Highlights
2025 Financial Q3 2025 Financial Guidance1 Highlights Total Revenues $56.3 million $210M - $230M Year-end 2025 Cash Q3 2025 Cash balance of $293.8M and YTD $260M - $290M weighted average shares outstanding of 58.9M Fanapt® net product sales were HETLIOZ® net product sales were PONVORY® net product s
Slide 34: Product websites
For more information on Fanapt®, please visit www.FANAPT.com For more information on HETLIOZ®, please visit www.HETLIOZ.com For more information on PONVORY®, please visit www.PONVORYUS.com For more information on NEREUS , please visit www.NEREUS.US
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