Acadia's Q4 Earnings Miss, Nuplazid & Daybue Drive Revenue Growth (Revised)

Core Viewpoint - Acadia Pharmaceuticals reported mixed financial results for Q4 2024, with earnings per share missing estimates but total revenues exceeding expectations, driven by the performance of its products Nuplazid and Daybue [1][2][9]. Financial Performance - Acadia reported Q4 2024 earnings of 17 cents per share, below the Zacks Consensus Estimate of 19 cents, while GAAP earnings per share were 86 cents [1]. - Total revenues for Q4 2024 reached $259.6 million, surpassing the Zacks Consensus Estimate of $255 million, marking a 12% year-over-year increase [2][4]. - For the full year 2024, Acadia's total revenues were $957.8 million, a 32% increase year over year, exceeding the Zacks Consensus Estimate of $953.2 million [9]. Product Performance - Nuplazid generated revenues of $162.9 million in Q4 2024, a 13% increase year over year, outperforming the Zacks Consensus Estimate of $160.4 million [5]. - Daybue recorded net product sales of $96.7 million in Q4 2024, an 11% year-over-year increase, also beating the Zacks Consensus Estimate of $94.4 million [6]. Expenses - Research and development (R&D) expenses for Q4 2024 were $100.7 million, up 51% year over year, primarily due to increased costs from clinical-stage programs [7]. - Selling, general and administrative (SG&A) expenses were $130.1 million, a 17% increase year over year, attributed to higher marketing costs for Nuplazid and Daybue [8]. Financial Outlook - For 2025, Acadia expects total revenues from U.S. sales to be between $1.030 billion and $1.095 billion, with Nuplazid sales projected at $650 million to $690 million and Daybue sales expected to be between $380 million and $405 million [10]. - R&D expenses for 2025 are projected to be between $310 million and $330 million, while SG&A expenses are expected to range from $535 million to $565 million [12]. Regulatory and Development Updates - Acadia has a regulatory filing for Daybue in the EU under review, with approval expected in Q1 2026 [13]. - The company plans to enroll the last patient in the phase III COMPASS PWS study for ACP-101 in Q4 2025, with top-line data anticipated in H1 2026 [14]. - Acadia is also preparing to initiate a mid-stage study for ACP-204 targeting Alzheimer's disease psychosis in Q1 2026 [15]. - The company signed a license agreement with Saniona to develop ACP711 for essential tremor, with plans for a mid-stage study in 2026 [16][17].