ACADIA Pharmaceuticals (ACAD) Q3 2024 earnings summary

Executive summary

• Achieved $250.4 million in Q3 2024 total revenue, annualizing to over $1 billion, with 18% year-over-year growth driven by DAYBUE and NUPLAZID franchises.

• Net income for Q3 2024 was $32.8 million ($0.20 per share), a turnaround from a net loss of $65.2 million in Q3 2023.

• Cash, cash equivalents, and investment securities totaled $565.3 million at September 30, 2024.

• CEO transition occurred in September 2024, with Catherine Owen Adams appointed as the new CEO, bringing 30+ years of pharma experience.

• Focused on expanding DAYBUE and NUPLAZID, advancing late-stage pipeline assets, and pursuing business development.

Financial highlights

• Q3 2024 net sales reached $250.4 million, up 18% year-over-year; NUPLAZID net sales were $159.2 million (up 10% YoY), DAYBUE net sales were $91.2 million (up 36% YoY, 8% sequentially).

• Net income of $32.8 million, compared to a net loss of $65.2 million in Q3 2023; EPS of $0.20 vs. $(0.40) last year.

• R&D expenses decreased to $66.6 million (from $157 million in Q3 2023); SG&A increased to $133.3 million (from $97.9 million in Q3 2023).

• Gross to net for NUPLAZID was 24.9% in Q3; cost of product sales was $18.9 million (8% of sales).

• Cash balance at quarter-end was $565.3 million, up from $438.9 million at year-end 2023.

Outlook and guidance

• 2024 DAYBUE net sales guidance narrowed to $340–$350 million; NUPLAZID net sales guidance raised to $600–$610 million.

• Full-year NUPLAZID gross-to-net guidance set at 26%–27%.

• R&D expense guidance reduced to $280–$290 million; SG&A increased to $480–$495 million.

• Cash guidance raised to $600–$640 million, excluding PRV sale proceeds.

• Total revenue guidance for 2024 revised to $940–$960 million.