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Side-by-side financial comparison of IRONWOOD PHARMACEUTICALS INC (IRWD) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $47.7M, roughly 1.2× IRONWOOD PHARMACEUTICALS INC). IRONWOOD PHARMACEUTICALS INC runs the higher net margin — -4.8% vs -246.8%, a 242.0% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -47.3%). IRONWOOD PHARMACEUTICALS INC produced more free cash flow last quarter ($74.6M vs $-29.5M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs -20.2%).
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
IRWD vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.7M | $57.2M |
| Net Profit | $-2.3M | $-141.2M |
| Gross Margin | — | — |
| Operating Margin | 14.3% | -70.5% |
| Net Margin | -4.8% | -246.8% |
| Revenue YoY | -47.3% | 7.6% |
| Net Profit YoY | -200.9% | -2774.3% |
| EPS (diluted) | $0.01 | $-2.40 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $47.7M | $57.2M | ||
| Q3 25 | $122.1M | $56.3M | ||
| Q2 25 | $85.2M | $52.6M | ||
| Q1 25 | $41.1M | $50.0M | ||
| Q4 24 | $90.5M | $53.2M | ||
| Q3 24 | $91.6M | $47.7M | ||
| Q2 24 | $94.4M | $50.5M | ||
| Q1 24 | $74.9M | $47.5M |
| Q4 25 | $-2.3M | $-141.2M | ||
| Q3 25 | $40.1M | $-22.6M | ||
| Q2 25 | $23.6M | $-27.2M | ||
| Q1 25 | $-37.4M | $-29.5M | ||
| Q4 24 | $2.3M | $-4.9M | ||
| Q3 24 | $3.6M | $-5.3M | ||
| Q2 24 | $-860.0K | $-4.5M | ||
| Q1 24 | $-4.2M | $-4.1M |
| Q4 25 | 14.3% | -70.5% | ||
| Q3 25 | 61.8% | -55.6% | ||
| Q2 25 | 53.2% | -73.2% | ||
| Q1 25 | -70.7% | -82.0% | ||
| Q4 24 | 34.8% | -19.3% | ||
| Q3 24 | 28.0% | -23.1% | ||
| Q2 24 | 26.5% | -20.1% | ||
| Q1 24 | 14.7% | -19.5% |
| Q4 25 | -4.8% | -246.8% | ||
| Q3 25 | 32.8% | -40.1% | ||
| Q2 25 | 27.7% | -51.7% | ||
| Q1 25 | -90.9% | -58.9% | ||
| Q4 24 | 2.5% | -9.2% | ||
| Q3 24 | 4.0% | -11.2% | ||
| Q2 24 | -0.9% | -9.0% | ||
| Q1 24 | -5.6% | -8.7% |
| Q4 25 | $0.01 | $-2.40 | ||
| Q3 25 | $0.23 | $-0.38 | ||
| Q2 25 | $0.14 | $-0.46 | ||
| Q1 25 | $-0.23 | $-0.50 | ||
| Q4 24 | $0.03 | $-0.09 | ||
| Q3 24 | $0.02 | $-0.09 | ||
| Q2 24 | $-0.01 | $-0.08 | ||
| Q1 24 | $-0.03 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $215.5M | $84.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-261.8M | $327.2M |
| Total Assets | $396.9M | $488.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.5M | $84.9M | ||
| Q3 25 | $140.4M | $70.0M | ||
| Q2 25 | $92.9M | $81.0M | ||
| Q1 25 | $108.5M | $111.8M | ||
| Q4 24 | $88.6M | $102.3M | ||
| Q3 24 | $88.2M | $100.5M | ||
| Q2 24 | $105.5M | $103.0M | ||
| Q1 24 | $121.5M | $125.2M |
| Q4 25 | — | — | ||
| Q3 25 | $199.5M | — | ||
| Q2 25 | $199.3M | — | ||
| Q1 25 | $199.2M | — | ||
| Q4 24 | $199.0M | — | ||
| Q3 24 | $198.8M | — | ||
| Q2 24 | $198.6M | — | ||
| Q1 24 | $398.3M | — |
| Q4 25 | $-261.8M | $327.2M | ||
| Q3 25 | $-264.2M | $466.0M | ||
| Q2 25 | $-308.2M | $486.3M | ||
| Q1 25 | $-334.1M | $511.4M | ||
| Q4 24 | $-301.3M | $538.5M | ||
| Q3 24 | $-311.3M | $541.2M | ||
| Q2 24 | $-321.7M | $542.5M | ||
| Q1 24 | $-330.5M | $544.0M |
| Q4 25 | $396.9M | $488.9M | ||
| Q3 25 | $396.1M | $601.1M | ||
| Q2 25 | $342.9M | $624.7M | ||
| Q1 25 | $327.2M | $631.9M | ||
| Q4 24 | $350.9M | $656.2M | ||
| Q3 24 | $389.5M | $645.1M | ||
| Q2 24 | $395.6M | $651.4M | ||
| Q1 24 | $438.8M | $652.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $74.6M | $-29.4M |
| Free Cash FlowOCF − Capex | $74.6M | $-29.5M |
| FCF MarginFCF / Revenue | 156.3% | -51.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $127.0M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.6M | $-29.4M | ||
| Q3 25 | $47.6M | $-31.6M | ||
| Q2 25 | $-15.1M | $-15.3M | ||
| Q1 25 | $20.0M | $-33.1M | ||
| Q4 24 | $15.2M | $-1.8M | ||
| Q3 24 | $9.9M | $-14.6M | ||
| Q2 24 | $33.5M | $-6.9M | ||
| Q1 24 | $45.0M | $7.6M |
| Q4 25 | $74.6M | $-29.5M | ||
| Q3 25 | $47.6M | $-31.8M | ||
| Q2 25 | $-15.1M | $-15.6M | ||
| Q1 25 | $19.9M | $-33.6M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | $9.9M | $-14.7M | ||
| Q2 24 | $33.4M | $-7.0M | ||
| Q1 24 | $44.9M | $7.6M |
| Q4 25 | 156.3% | -51.6% | ||
| Q3 25 | 39.0% | -56.5% | ||
| Q2 25 | -17.7% | -29.6% | ||
| Q1 25 | 48.4% | -67.1% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | 10.8% | -30.9% | ||
| Q2 24 | 35.4% | -13.9% | ||
| Q1 24 | 60.0% | 15.9% |
| Q4 25 | 0.0% | 0.2% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.6% | ||
| Q1 25 | 0.1% | 0.9% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.1% | 0.2% | ||
| Q1 24 | 0.1% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | -0.64× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.74× | — | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRWD
Segment breakdown not available.
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
