ACADIA Pharmaceuticals (ACAD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $244.3 million, up 19% year-over-year, driven by strong NUPLAZID and DAYBUE sales, with NUPLAZID at $159.7 million (+23%) and DAYBUE at $84.6 million (+11%).

• Net income for Q1 2025 was $19.0 million ($0.11 per share), up from $16.6 million ($0.10 per share) in Q1 2024.

• DAYBUE achieved record patient growth, with 954 unique patients receiving shipments and improved persistency and reduced discontinuations.

• R&D and SG&A expenses increased to support pipeline and commercial expansion, with cash balance at $681.6 million at quarter end.

• First DAYBUE shipment made to a Rett syndrome patient in the EU under managed access program.

Financial highlights

• Total Q1 2025 revenue: $244.3 million, up 19% year-over-year; NUPLAZID: $159.7 million (+23%); DAYBUE: $84.6 million (+11%).

• Net income: $19.0 million (+14% YoY); EPS: $0.11 (diluted), up from $0.10 in Q1 2024.

• R&D expenses: $78.3 million (up from $59.7 million); SG&A: $126.4 million (up from $108.0 million).

• Cash, cash equivalents, and investments: $681.6 million as of March 31, 2025, down from $756.0 million at year-end 2024.

• Positive operating cash flow, with $98.8 million paid to Neuren Pharmaceuticals for PRV sale and milestone.

Outlook and guidance

• 2025 total revenue guidance reiterated at $1.03–$1.095 billion (U.S. only); NUPLAZID net sales expected at $650–$690 million, DAYBUE at $380–$405 million.

• R&D expense guidance raised to $330–$350 million due to accelerated ACP-101 Phase 3 study; SG&A expense guidance maintained at $535–$565 million.

• Topline results for COMPASS PWS Phase 3 study now expected early Q4 2025.

• Expect increases in DAYBUE unique patients, bottle volumes, and net price throughout 2025.

• Substantial U.S. inventory for both products mitigates tariff risks.