ACADIA Pharmaceuticals (ACAD) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted total revenues of $1.08 billion in 2025, up 14% year-over-year, and $298 million in Q4, up 16% year-over-year, marking the first time annual revenues exceeded $1 billion, driven by strong NUPLAZID and DAYBUE sales.

• NUPLAZID and DAYBUE both delivered strong double-digit sales growth, supported by commercial execution, expanded field teams, and increased market reach.

• Robust R&D pipeline with four unique molecules targeting large addressable neurological and rare disease markets, with multiple Phase 2 and 3 studies planned or underway and a combined peak sales potential of $11 billion.

• New DAYBUE STIX (powder formulation) approved and launched in December 2025, aiming to further penetrate the Rett syndrome market, with broader launch planned for early Q2 2026.

• Net income for Q4 2025 was $274 million, including a $250 million non-cash tax benefit; full-year net income was $391 million.

Financial highlights

• Adjusted NUPLAZID net sales were $189 million in Q4 (up 17% YoY) and $692 million for the year (up 15% YoY); volume growth was 13% in Q4 and 9% for the year.

• DAYBUE net sales reached $110 million in Q4 (up 13% YoY) and $391 million for the year (up 12% YoY); volume growth was 12% for the year.

• GAAP total revenues were $284 million in Q4 and $1.07 billion for the year.

• R&D expenses were $85 million in Q4, down from $101 million YoY; full-year R&D expenses were $329 million.

• SG&A expenses were $156 million in Q4, up from $130 million YoY; full-year SG&A expenses were $549 million.

• Cash and investments at year-end were $820 million.

• Q4 2025 EPS (diluted): $1.60 (+86% YoY); FY25 EPS: $2.30 (+69% YoY).

Outlook and guidance

• 2026 total revenue guidance: $1.22–$1.28 billion.

• NUPLAZID 2026 net sales expected at $760–$790 million (10–14% growth over 2025); DAYBUE 2026 net sales expected at $460–$490 million (18–25% growth over 2025).

• Gross to net for both brands expected at 22–24% in 2026.

• R&D expense guidance for 2026: $385–$410 million; SG&A: $660–$700 million.

• Anticipates full launch of DAYBUE STIX in early Q2 2026 and Phase 2 remlifanserin study results in Alzheimer's disease psychosis between August and October 2026.

• Long-term targets: NUPLAZID net sales of $1 billion and DAYBUE global net sales of $700 million by 2028.