ACADIA Pharmaceuticals (ACAD) Q4 2023 earnings summary

Executive summary

• FY23 revenue was $726.4M, up 40% YoY, driven by DAYBUE’s launch and 6% growth in NUPLAZID; cash flow positivity was reached during 2023.

• Priorities included expanding DAYBUE, advancing late-stage programs, and pursuing trofinetide launches in Canada, Europe, and Japan.

Financial highlights

• Q4 revenue was $231.0M, up 69% YoY, versus $136.5M in Q4 2022; FY23 revenue was $726.4M versus $517.2M in FY22.

• Q4 net income was $45.8M, or $0.28 per share, versus a $41.7M net loss, or $0.26 per share, in Q4 2022; FY23 net loss narrowed to $61.3M from $216.0M.

• FY23 R&D expense was $351.6M versus $361.6M; SG&A was $406.6M versus $369.1M.

• Q4 net income included $18.0M of non-cash stock-based compensation; FY23 net loss included $66.4M.

Outlook and guidance

• FY24 net sales guidance: DAYBUE $370M–$420M; NUPLAZID $560M–$590M, with NUPLAZID gross-to-net of 25%–29%.

• FY24 expense guidance: R&D $305M–$325M; SG&A $455M–$480M.

• ADVANCE-2 topline results were expected by the end of Q1 2024; plans included a Canada filing in Q1 2024, EU MAA filing in 1H25, and Japan regulatory engagement in 2024 for trofinetide.

• Cash balance was expected to reach $585M–$655M by YE24; sustainable and growing operating cash flow remained a priority.