ACAD · ACADIA Pharmaceuticals Inc.

Acadia Pharmaceuticals reported solid first-quarter 2026 results, with total GAAP revenues of $268 million, up 10% year-over-year. The growth was driven by DAYBUE (trofinetide) net sales of $101 million, a 20% increase from $85 million in Q1 2025, reflecting the successful launch of DAYBUE STIX and strong demand. NUPLAZID (pimavanserin) net sales reached $167 million, up 5% from $160 million in the prior year, supported by new referrals and underlying demand. On a non-GAAP adjusted basis, NUPLAZID sales were $167 million versus $157 million in Q1 2025, a 6% increase. The company reported GAAP net income of $4 million ($0.02 diluted EPS), compared to $19 million ($0.11) in the same period last year. The decline in net income was primarily due to a significant increase in selling, general and administrative expenses, which rose to $171 million from $126 million, driven by higher investments to support the growth of both products. Research and development expenses were relatively flat at $77 million. Management highlighted the early enthusiasm for DAYBUE STIX, with approximately 30% of STIX patients being either treatment-naive or returning after discontinuing the liquid formulation. The company reaffirmed its full-year 2026 guidance, expecting total revenues between $1.22 billion and $1.28 billion, with NUPLAZID sales of $760-$790 million and DAYBUE sales of $460-$490 million. Key upcoming catalysts include Phase 2 topline results for remlifanserin in Alzheimer's disease psychosis expected between August and October 2026, and trofinetide trial results in Japan anticipated in September to November 2026. The balance sheet remains strong with $851 million in cash and investments.