Acadia Pharmaceuticals Q1 2024 Financial Results and Operations Overview

Acadia Pharmaceuticals Inc. has announced its financial results for the first quarter ending March 31, 2024. The company reported net product sales of $205.8 million, reflecting a substantial 74% increase compared to the previous year. This growth is primarily attributed to the introduction of Acadia's new commercial product, DAYBUE, which is designed to treat Rett syndrome, and increased market share for NUPLAZID, aimed at treating Parkinson’s disease psychosis.

Steve Davis, Acadia's CEO, highlighted the company's efforts to expand DAYBUE's reach beyond the U.S. market. The organization is also progressing with its late-stage trials focused on Prader-Willi syndrome and Alzheimer’s disease psychosis. Additionally, Acadia is leveraging its financial resources to support early-stage pipeline and business development initiatives.

In terms of company updates, Acadia announced that seven posters have been accepted for presentation at the International Rett Syndrome Foundation’s Scientific Meeting scheduled for June 18-19, 2024. These include presentations on outcomes from the LILAC-2™ study and findings from caregiver interviews in DAYBUE clinical trials. Another poster will present real-world patient and caregiver experiences from an ongoing post-marketing observational study.

The Journal of Alzheimer’s Disease recently published positive results from a Phase 3b trial evaluating NUPLAZID's safety and tolerability in elderly patients with neuropsychiatric symptoms related to neurodegenerative diseases. The study found NUPLAZID to be well-tolerated, with a comparable rate of adverse events to the placebo group, and it did not negatively impact motor or cognitive function.

Acadia has appointed Dr. Elizabeth H.Z. Thompson as Executive Vice President and Head of Research and Development, strengthening the company’s executive leadership team.

Financially, NUPLAZID's net product sales reached $129.9 million in the first quarter of 2024, up by 10% from $118.5 million in the same quarter of 2023. The increase is due to a 6% growth in sales and a 4% net price benefit. DAYBUE's net product sales for the first quarter of 2024 were $75.9 million, with no comparable sales in the first quarter of 2023.

Research and development (R&D) expenses for the first quarter of 2024 were $59.7 million, a decrease from $69.1 million in the same period of 2023. This reduction is primarily due to expenses related to the commercial supply build of trofinetide in 2023 before its FDA approval. Post-approval inventory costs are now included in the cost of goods sold.

Selling, general, and administrative (SG&A) expenses rose to $108.0 million in the first quarter of 2024, up from $101.2 million in the same period of 2023. The increase is mainly due to annualized expenses of DAYBUE and investments to commercialize trofinetide outside the U.S.

Acadia reported a net income of $16.6 million, or $0.10 per common share, for the first quarter of 2024, a significant turnaround from the net loss of $43.0 million, or $0.27 per common share, in the same period of the previous year. The net income included $14.8 million in non-cash stock-based compensation expense, compared to $14.7 million in the prior year.

Acadia's cash, cash equivalents, and investment securities totaled $470.5 million as of March 31, 2024, up from $438.9 million at the end of 2023.

For the full year 2024, Acadia has reiterated its financial guidance, projecting DAYBUE net product sales to be in the range of $370 to $420 million and NUPLAZID net product sales to be between $560 and $590 million. R&D expenses are expected to range between $305 and $325 million, while SG&A expenses are projected to be between $455 and $480 million.