ACADIA Pharmaceuticals (ACAD) Q4 2024 earnings summary

Executive summary

• Achieved record revenues in Q4 and full year 2024, with total net product sales of $957.8M, up 32% year-over-year, and both Daybue and Nuplazid delivering strong growth.

• Net income for 2024 was $226.5M, reversing a net loss of $61.3M in 2023, aided by a one-time gain from the PRV sale.

• Advanced pipeline with new programs and regulatory milestones, including EU submission for trofinetide and plans for global expansion.

• Strengthened leadership team and expanded commercial capabilities, including appointment of new CCO and focus on Daybue's U.S. and international growth.

• Strong cash position at year-end 2024 with $756M, up from $438.9M, supported by operations and PRV sale.

Financial highlights

• Q4 2024 total revenue was $259.6M (+12% YoY); full year revenue reached $957.8M (+32% YoY).

• Daybue Q4 sales were $96.7M (+11% YoY, +6% sequentially); full year sales $348.4M (+97% YoY).

• Nuplazid Q4 sales were $162.9M (+13% YoY); full year sales $609.4M (+11% YoY).

• Q4 net income: $143.7M ($0.86/share); FY24 net income: $226.5M ($1.37/share), reversing prior year losses.

• One-time gain of $146.5M from PRV sale contributed to 2024 profitability.

Outlook and guidance

• 2025 total revenue guidance: $1.03–$1.095B.

• Daybue U.S. net sales expected at $380–$405M, with 9–16% YoY volume growth and gross-to-net projected at 21.5–24.5%.

• Nuplazid 2025 net sales expected at $650–$690M; gross-to-net projected at 22.5–25.5%.

• R&D expense guidance: $310–$330M; SG&A: $535–$565M.

• EMA approval for trofinetide expected Q1 2026; first ex-U.S. revenues anticipated in 2025 via managed access programs and Canadian launch.