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    Olivia Breyer

    Senior Equity Analyst at Cantor Fitzgerald

    Olivia Brayer is a Senior Equity Analyst at Cantor Fitzgerald specializing in healthcare and biotechnology research, with a focus on major pharmaceutical and biotech companies such as Vertex Pharmaceuticals, United Therapeutics, BioMarin Pharmaceutical, Bristol-Myers Squibb, Gilead Sciences, Omeros, and Regeneron Pharmaceuticals. She has a track record that includes a 45% success rate and an average return of 3.13% based on over 100 ratings, and she is ranked among the top 15% of Wall Street analysts by StockAnalysis.com. Brayer began her equity research career seven years ago, has worked at four different firms, and joined Cantor Fitzgerald after building experience in the sector. She holds six state securities licenses and is registered with FINRA, further underscoring her professional credentials.

    Olivia Breyer's questions to Vanda Pharmaceuticals (VNDA) leadership

    Olivia Breyer's questions to Vanda Pharmaceuticals (VNDA) leadership • Q2 2025

    Question

    Olivia Breyer of Cantor Fitzgerald asked about the progress of Vanda's interactions with the FDA on the Bisanti review, the expected margins and Medicaid impact for Bisanti post-launch, and the agency's stance on requiring one versus two Phase 3 studies for the Major Depressive Disorder (MDD) indication.

    Answer

    President, CEO & Chairman Mihael Polymeropoulos stated that the Bisanti review is proceeding with ordinary questions and no major issues raised by the FDA. He noted that for the MDD indication, a single large, successful study could be adequate for approval, citing the Fanapt bipolar I approval as a precedent. CFO Kevin Moran detailed the significant potential for gross-to-net improvement with Bisanti, explaining that its Medicaid rebate would reset to the statutory minimum of 23.1%, compared to Fanapt's current effective 100% rebate, potentially cutting the overall gross-to-net from ~50% to the 25-30% range.

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