ACADIA Pharmaceuticals (ACAD) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Business overview and strategy

• Focuses on high unmet medical needs with two commercial products: Nuplazid for Parkinson's disease psychosis and Daybue for Rett syndrome, both cash flow positive.

• Maintains a strong balance sheet and leverages two late-stage programs, including one for Prader-Willi syndrome.

• Pipeline includes a next-generation 5-HT2A blocker in Phase II/III for Alzheimer's disease psychosis, targeting a much larger market than Parkinson's psychosis.

• Business development is a key pillar, with ongoing focus on neuropsychiatric and rare disease franchises.

• Strategic shift anticipated toward greater emphasis on rare diseases over time.

Daybue launch and market penetration

• Initial launch saw rapid demand due to pre-launch payer engagement, resulting in accelerated patient access.

• Over 750 physicians have prescribed Daybue, with strong penetration in Centers of Excellence, high-volume institutions, and community practices.

• Current focus is on increasing penetration in high-volume institutions and maximizing reach in COEs.

• Real-world evidence study (LOTUS) is ahead of plan, providing valuable data to inform medical and caregiver communities.

• Despite high awareness, only about 30% of eligible patients have initiated treatment, consistent with rare disease analogs.

Financial guidance and performance

• Tracking just below midpoint of guidance, with more perceived upside than downside for the year.

• Key revenue drivers are patient numbers on therapy and product utilization, with gross adds and discontinuations as major variables.

• Long-term performance indicators remain intact, supporting optimism for Daybue's future.