ACADIA Pharmaceuticals (ACAD) Q4 2020 earnings summary

Executive summary

• 2020 revenue growth was led by NUPLAZID, while operating losses widened as R&D and commercial investment increased; pipeline expansion focused on DRP, schizophrenia, Rett syndrome and pain.

• NUPLAZID generated $441.8 million in net sales, up 30% YoY; the DRP application later received an FDA Complete Response Letter in April 2021.

Financial highlights

• Total revenue was $441.8 million in 2020 versus $339.1 million in 2019; NUPLAZID unit sales grew ~18%, with a higher average gross selling price also contributing.

• Net loss widened to $281.6 million from $235.3 million; operating loss was $286.6 million versus $246.5 million.

• R&D expense rose to $319.1 million from $240.4 million, including $52.8 million of CerSci upfront consideration and transaction costs and a $10.0 million Vanderbilt upfront payment.

• SG&A increased to $388.7 million from $325.6 million, driven by advertising, DRP launch preparation and personnel costs.

Outlook and guidance

• Cash, cash equivalents and investment securities were expected to fund planned operations through at least the next 12 months; operating losses were expected to continue for the next few years.

• R&D spending was expected to remain substantial, with increased investment across pimavanserin, trofinetide, ACP-044 and ACP-319; SG&A was also expected to rise for potential DRP launch preparation.

• Top-line LAVENDER Phase 3 results were expected in Q4 2021; ACP-044 Phase 2 acute-pain and osteoarthritis studies were planned for Q1 and Q2 2021, respectively.

• The DRP sNDA had an FDA target action date of April 3, 2021; FDA issued a Complete Response Letter in April 2021, with plans to engage the agency on a path toward approval.