ACADIA Pharmaceuticals (ACAD) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales reached $250.4 million, up 18% year-over-year, driven by strong growth in both DAYBUE and NUPLAZID franchises.

• Both DAYBUE and NUPLAZID are tracking to over $1 billion in annualized sales, with DAYBUE now approved in the U.S. and Canada for Rett syndrome.

• Net income for Q3 2024 was $32.8 million ($0.20 per share), a turnaround from a net loss of $65.2 million in Q3 2023.

• Cash, cash equivalents, and investment securities totaled $565.3 million at September 30, 2024.

• CEO transition occurred in September 2024, with Catherine Owen Adams appointed as the new CEO.

Financial highlights

• DAYBUE net sales were $91.2 million in Q3, up 36% year-over-year and 8% sequentially; NUPLAZID net sales were $159.2 million, up 10% year-over-year.

• Gross to net for NUPLAZID was 24.9% in Q3; FY24 guidance is 26–27%.

• R&D expenses decreased to $66.6 million from $157 million year-over-year, reflecting lower business development costs.

• SG&A expenses rose to $133.3 million, mainly due to NUPLAZID consumer campaigns and CEO transition costs.

• Net income for Q3 2024 was $32.8 million, compared to a net loss of $65.2 million in Q3 2023; EPS of $0.20 vs. $(0.40) last year.

Outlook and guidance

• 2024 DAYBUE net sales guidance narrowed to $340–$350 million; NUPLAZID to $600–$610 million.

• Total revenue guidance for 2024 revised to $940–$960 million.

• R&D expense guidance reduced to $280–$290 million; SG&A increased to $480–$495 million.

• Cash guidance raised to $600–$640 million, excluding anticipated PRV sale proceeds.

• Growth expected in both franchises in 2025, with DTC campaign benefits for NUPLAZID mainly realized next year.