ACADIA Pharmaceuticals (ACAD) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues reached $242 million, up 46% year-over-year, driven by strong growth in NUPLAZID and DAYBUE franchises.

• NUPLAZID net sales were $157.4 million (up 11% YoY); DAYBUE net sales were $84.6 million (up 265% YoY and 11% sequentially).

• Net income for Q2 2024 was $33.4 million ($0.20/share), a significant increase from $1.1 million ($0.01/share) in Q2 2023.

• Cash balance stood at $500.9 million as of June 30, 2024, with no debt, supporting pipeline and business development.

• Advanced clinical pipeline with ongoing Phase 3 Prader-Willi syndrome and Phase 2/3 Alzheimer's disease psychosis trials.

Financial highlights

• Q2 2024 net sales were $242 million, up from $165.2 million in Q2 2023 (46% YoY growth).

• Net income for Q2 2024 was $33.4 million; EPS was $0.20.

• R&D expenses increased to $76.2 million, mainly due to pipeline investments; SG&A rose to $117.1 million.

• Cash balance at quarter-end was $500.9 million, up from $438.9 million at 2023 year-end.

• Cost of product sales increased to $18.2 million in Q2 2024, mainly due to higher DAYBUE royalties.

Outlook and guidance

• NUPLAZID 2024 net sales guidance raised to $590–$610 million due to strong performance.

• DAYBUE 2024 net sales guidance lowered to $340–$370 million due to slower-than-expected patient growth.

• Total revenue guidance for 2024 is $930–$980 million.

• SG&A guidance narrowed to $465–$480 million; R&D to $305–$315 million.

• Year-end cash projected at $575–$625 million.