ACADIA Pharmaceuticals (ACAD) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted revenues of $1.08B in 2025 (up 14% YoY) and GAAP revenues of $1.07B (up 12% YoY), with Q4 adjusted revenues of $298M (up 16% YoY) and GAAP revenues of $284M (up 9% YoY).

• Both NUPLAZID and DAYBUE delivered strong double-digit sales growth in 2025, driven by increased demand, expanded market reach, and new product launches.

• 2025 marked the first year annual revenues exceeded $1B, reflecting robust commercial execution and positioning for sustained growth.

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

• Pipeline momentum continues with multiple Phase 2 and 3 studies planned or underway, targeting large neurological and rare disease markets.

Financial highlights

• Q4 2025 non-GAAP adjusted NUPLAZID sales: $189M (+17% YoY); FY25: $692M (+15% YoY).

• Q4 2025 DAYBUE net sales: $110M (+13% YoY); FY25: $391M (+12% YoY).

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

• R&D expenses Q4: $85M (down from $101M YoY); FY25: $329M.

• SG&A Q4: $156M (up from $130M YoY); FY25: $549M.

• Year-end cash and investments: $820M.

Outlook and guidance

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

• NUPLAZID 2026 net sales expected at $760M–$790M; DAYBUE at $460M–$490M.

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

• 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 projections: NUPLAZID targeting $1B in annual sales by 2028; DAYBUE targeting $700M global net sales by 2028, with EU sales <15% of total.