ACADIA Pharmaceuticals(ACAD) - 2024 Q4 - Annual Results

Financial Performance - Total net product sales for 2024 reached $957.8 million, reflecting a 32% revenue growth compared to the previous year[1] - Fourth quarter net product sales of DAYBUE™ (trofinetide) were $96.7 million, with full year sales of $348.4 million[1] - Fourth quarter net product sales of NUPLAZID® (pimavanserin) were $162.9 million, totaling $609.4 million for the full year 2024, marking an 11% increase from 2023[1][5] - Total revenues for Q4 2024 reached $259.6 million, a 12.4% increase from $231.0 million in Q4 2023[21] - Acadia reported a net income of $143.7 million for Q4 2024, or $0.86 per share, compared to a net income of $45.8 million, or $0.28 per share, in Q4 2023[9] - Net income for Q4 2024 was $143.7 million, compared to a net income of $45.8 million in Q4 2023, representing a significant increase of 213.5%[21] - Basic earnings per share for Q4 2024 were $0.86, compared to $0.28 in Q4 2023, representing a 207.1% increase[21] - The company reported a gain on the sale of a non-financial asset of $146.5 million in Q4 2024, which significantly impacted the overall financial performance[21] Expenses - Research and development expenses for Q4 2024 were $100.7 million, compared to $66.7 million in Q4 2023, while total R&D expenses for 2024 were $303.2 million[7] - Selling, general and administrative expenses for Q4 2024 were $130.1 million, up from $111.5 million in Q4 2023, with full year expenses totaling $488.4 million[8] - Research and development expenses increased to $100.7 million in Q4 2024, up from $66.7 million in Q4 2023, reflecting a 50.9% rise[21] - Total operating expenses decreased to $106.1 million in Q4 2024 from $196.1 million in Q4 2023, a reduction of 45.9%[21] Guidance and Future Plans - Full year 2025 total revenue guidance is set between $1.03 billion and $1.095 billion, with DAYBUE net sales guidance of $380 to $405 million and NUPLAZID net sales guidance of $650 to $690 million[1][18] - Acadia plans to expand its DAYBUE field force in the U.S. and build its EU commercial team in anticipation of launching trofinetide in Europe next year[2] Assets and Equity - Cash, cash equivalents, and investment securities totaled $756.0 million as of December 31, 2024, compared to $438.9 million at the end of 2023[12] - Cash, cash equivalents, and investment securities increased to $756.0 million as of December 31, 2024, compared to $438.9 million at the end of 2023, marking a 72.4% increase[23] - Total assets grew to $1.19 billion in 2024, up from $749.0 million in 2023, indicating a 58.6% increase[23] - Total stockholders' equity rose to $732.8 million in 2024, compared to $431.8 million in 2023, reflecting an increase of 69.8%[23] Liabilities - Total liabilities increased to $455.0 million in 2024 from $317.2 million in 2023, a rise of 43.5%[23] Regulatory and Market Developments - The marketing authorization application for trofinetide was submitted to the European Medicines Agency (EMA) in January 2025, with expected approval in Q1 2026[3]