Andrew Sy

Andrew Sy from Jefferies questioned the 2026 Fanapt guidance of $150-$170 million, asking if the implied 30% net price growth at the midpoint was accurate and why. He also inquired about the extent of cannibalization from Bysanti's Q3 launch factored into this guidance. Additionally, he asked about Nereus's anticipated list price, net price, and expected sales growth in its first four quarters post-launch. Finally, he sought details on the tradipitant GLP-1 phase 3 study design, expected efficacy, and the precedent for using a high upfront Wegovy dose.

Answer

Kevin Moran, CFO of Vanda Pharmaceuticals Inc., clarified that the Fanapt revenue growth for 2026 is almost entirely volume-driven, not price-driven, due to capped price increases. He stated that the 2026 guidance includes $0 revenue contribution from Bysanti. For Nereus, he mentioned NK-1 class doses range from $200-$600, and Vanda expects a premium price over existing motion sickness treatments, but did not provide specific guidance. Dr. Mihael Polymeropoulos, CEO, confirmed the tradipitant GLP-1 phase 3 design would be similar to phase 2, using a 1mg Wegovy challenge in naive patients, and explained that a higher challenge success implies efficacy at lower doses, despite Wegovy's typical slow titration.