Acadia Pharmaceuticals Q2 2024 Financial Results and Operations Overview

Acadia Pharmaceuticals Inc. announced its financial results for the second quarter ending June 30, 2024. The company reported net product sales of $242.0 million for this period, marking a 46% increase year-over-year. Key drivers for this growth include an 11% rise in NUPLAZID sales and 11% sequential growth in DAYBUE sales.

Steve Davis, CEO of Acadia Pharmaceuticals, highlighted the progress in their clinical trials and the company's robust financial standing, which supports its long-term growth. Acadia is actively enrolling participants in its Phase 3 Prader-Willi syndrome trial and Phase 2/3 Alzheimer’s disease psychosis program. The company’s pipeline includes a mix of late and early-stage assets, which, coupled with its strong cash reserves, positions it well for future expansion.

In terms of recent developments, the journal Med published data from two open-label extension studies, LILAC-1 and LILAC-2, which indicated that patients with Rett syndrome treated with DAYBUE showed improvement in symptoms. Additionally, interim data from the ongoing LOTUS study, which evaluates DAYBUE in Rett syndrome patients, was presented at the IRSF Annual Scientific Meeting.

Financially, Acadia's total revenues for the first half of 2024 reached $447.8 million. NUPLAZID net sales for Q2 2024 were $157.4 million, up from $142.0 million in Q2 2023. The first six months of 2024 saw NUPLAZID sales of $287.3 million, a rise from $260.5 million in the same period last year. DAYBUE sales also surged significantly, with Q2 2024 net sales at $84.6 million, compared to $23.2 million in the prior year. For the first half of 2024, DAYBUE sales were $160.5 million, up from $23.2 million in the same period of 2023.

Research and development expenses for Q2 2024 were $76.2 million, up from $58.8 million in Q2 2023. This increase is attributed to rising costs from programs like ACP-101 and ACP-204. However, expenses from the pimavanserin schizophrenia program saw a reduction. For the first six months of 2024, R&D costs were $135.9 million, compared to $127.9 million in the same period of 2023.

Selling, general, and administrative expenses for Q2 2024 were $117.1 million, compared to $96.0 million in Q2 2023. For the first half of 2024, these expenses totaled $225.1 million, up from $197.2 million in the first half of 2023. This increase was mainly due to new consumer activation programs, increased marketing efforts in the U.S. for DAYBUE, and investments to support trofinetide's commercialization outside the U.S.

Acadia reported a net income of $33.4 million, or $0.20 per share, for Q2 2024, compared to $1.1 million, or $0.01 per share, for Q2 2023. For the first half of 2024, net income was $49.9 million, or $0.30 per share, compared to a net loss of $41.9 million, or $0.26 per share, in the first half of 2023.

As of June 30, 2024, Acadia's cash, cash equivalents, and investment securities totaled $500.9 million, up from $438.9 million at the end of 2023.

For the full year 2024, Acadia updated its financial guidance. NUPLAZID sales are expected to be between $590 and $610 million, up from the previous range of $560 to $590 million. DAYBUE sales guidance has been adjusted to a range of $340 to $370 million, down from $370 to $420 million. Total revenue guidance is set at $930 to $980 million. R&D expenses are projected to be between $305 and $315 million, while SG&A expenses are expected to be between $465 and $480 million.