ACADIA Pharmaceuticals (ACAD) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Strategic direction and market positioning

• Minimal current focus on China, but interest in future innovation and business development in the Asia-Pacific region, especially as rare disease opportunities emerge.

• Recent hires in business development and innovation/data roles signal a push toward global expansion and AI-driven growth.

• AI is being integrated into R&D, trial selection, data monitoring, and commercial operations, with expectations for accelerated impact.

• Monitoring global regulatory and pricing environments, with MFN and European approval processes as key near-term focus areas.

• Tariffs have negligible impact due to sufficient U.S. inventory; FDA interactions remain stable.

Commercial performance and product updates

• NUPLAZID's growth attributed to direct-to-consumer campaigns and a planned 30% expansion of the commercial team by Q1 next year.

• Market share in long-term care is slightly higher than in the community, but community expansion is a key growth lever.

• Medicare accounts for about 70% of NUPLAZID's business; IRA negotiations could impact pricing from 2029 onward.

• DAYBUE field force expanded by 40% to improve community physician reach, with stabilization in patient discontinuation rates and global access initiatives underway.

• DAYBUE community penetration is in the low-to-mid 20% range, with centers of excellence at 50-60%; European approval expected in Q1 next year.

Pipeline and R&D highlights

• ACP-204, a next-generation 5-HT2A inverse agonist, aims to improve efficacy and safety over NUPLAZID, with phase 2 data expected mid-next year.

• Large unmet need in Alzheimer's disease psychosis (ADP); phase 2/3 program underway with potential for faster onset and higher efficacy.

• ACP-101 targets hyperphagia in Prader-Willi syndrome, with phase 3 results expected in early Q4; significant patient need and potential for multiple therapies in the space.

• ACP-211, an oral deuterated R-Norketamine, is being developed for major depressive disorder, aiming for efficacy without the sedation/dissociation seen in current treatments.

• Seven phase 2/3 starts and six readouts expected by 2027, with nine disclosed programs and more undisclosed in the pipeline.