Summary of ACADIA Pharmaceuticals FY Conference Call Company Overview - **Company**: ACADIA Pharmaceuticals (NasdaqGS:ACAD) - **Date of Conference**: March 02, 2026 Key Financial Projections - **Revenue Guidance for 2028**: Projected net sales of **$1.7 billion** - **NUPLAZID**: $1 billion - **Daybue**: $700 million - **Growth Rate for NUPLAZID**: Expected **12% growth** in 2026 and similar in 2027 - **Growth Rate for Daybue**: Expected **20% growth** in the current year [7][13][15] Product Performance and Strategies NUPLAZID - **Fourth Quarter Growth**: Reported **18% growth** in MBRXs (monthly active patients) [13] - **Marketing Strategy**: Focused on direct consumer campaigns and an expanded field force, increasing targets from **7,000 to 11,000 physicians** [13][21] - **Field Force Expansion**: Increased by **30%**, expected to impact growth in the latter half of the year [13][14] Daybue - **Current Market Penetration**: Approximately **27%** in the community setting, expected to rise to the early **30s** by year-end [15][198] - **New Product Launch**: DAYBUE STIX, a new formulation aimed at improving patient adherence and flexibility [15][16] - **Expected Incremental Patients**: Approximately **400 additional patients** expected to be unlocked through the new formulation by 2028 [212] Pipeline Developments Remlifanserin (204) - **Phase 2 Data Timeline**: Expected between **August and October** [37] - **Study Design**: Focused on Alzheimer's disease psychosis with a primary endpoint of SAPS H&D at week 6 [51][52] - **Patient Population**: Enrolling around **300 patients** [53] Clinical Rationale - **Biological Rationale**: Targeting serotonin signaling disruption in Lewy body dementia and Alzheimer's disease psychosis [182] - **Clinical Evidence**: Previous studies with pimavanserin support the mechanism for remlifanserin [183][194] Regulatory and Market Challenges - **CHMP Negative Opinion**: Received a negative trend vote regarding Daybue, citing concerns over the clinical meaningfulness of endpoints [225][226] - **Reexamination Process**: Plans to apply for reexamination within the next few weeks, with a timeline of about **120 days** for review and decision [257][258] Other Pipeline Programs ACP-211 - **Differentiation from IV Ketamine**: ACP-211 is orally bioavailable and aims to provide a better patient experience with lower dissociation levels [275] - **Phase 2 Study Design**: Double-blind, randomized, placebo-controlled trial with a primary endpoint of MADRS scale at 4 weeks [288][289] Conclusion - ACADIA Pharmaceuticals is positioning itself for significant growth through its existing products and pipeline developments, while navigating regulatory challenges and expanding its market reach through innovative formulations and strategic marketing efforts.

Financial Data and Key Metrics Changes - ACADIA reported adjusted total revenues of $298 million in Q4 2025, a 16% increase from the prior year, and annual revenues exceeded $1 billion for the first time, reaching $1.08 billion, representing a 14% growth from the previous year [6][24] - Adjusted NUPLAZID net sales were $189 million in Q4 and $692 million for the full year, reflecting a 17% and 15% increase year-over-year, respectively [7][26] - DAYBUE achieved net product sales of $110 million in Q4 and $391 million for the full year, representing 13% and 12% year-over-year growth, respectively [8][27] Business Line Data and Key Metrics Changes - NUPLAZID's volume growth was 13% in Q4 and 9% for the full year, with new prescriptions growing 18% year-over-year in Q4 [13][15] - DAYBUE's sales growth was driven by expanded reach into community physician settings and international patient supply programs [8][18] - The launch of DAYBUE STIX, a new powder formulation, is generating significant interest and is expected to unlock additional patient opportunities [17][19] Market Data and Key Metrics Changes - The company expects NUPLAZID net sales of $760 million to $790 million in 2026, indicating a growth of 10% to 14% over 2025 [7][29] - DAYBUE is projected to achieve global net sales between $460 million and $490 million in 2026, representing an 18% to 25% growth over 2025 [9][30] Company Strategy and Development Direction - ACADIA aims to achieve blockbuster status for NUPLAZID with $1 billion in net sales by 2028, supported by strong commercial execution and pipeline advancements [7][32] - The company is committed to advancing access to trofinetide in the EU despite recent regulatory challenges, with plans for reexamination [9][22] - The R&D pipeline includes four unique molecules targeting large addressable markets with a combined peak sales potential of $11 billion [11][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of both NUPLAZID and DAYBUE, with expectations for continued strong performance in 2026 and beyond [6][32] - The company highlighted the importance of upcoming milestones, including phase 2 study results for remlifanserin, which could significantly impact long-term growth [20][32] Other Important Information - The company reported a one-time non-cash income tax benefit of approximately $250 million due to the release of the valuation allowance on deferred tax assets [28] - Cash balance at the end of 2025 was $820 million, providing flexibility for future growth initiatives [28] Q&A Session Summary Question: How should we think about ramp to your 2028 global net sales targets? - Management indicated confidence in achieving low to mid-teens growth for NUPLAZID and low 20% growth for DAYBUE, projecting a CAGR of about 16% through 2028 [36][37] Question: What does good remlifanserin ADP data look like later this year? - Management is looking for evidence of efficacy and a good safety profile, with a focus on compliance and ease of use for patients [44][47] Question: Can you provide insights on DAYBUE's persistency and patient compliance? - Discontinuation rates remain low in the single-digit range, and the company is optimistic about growth driven by the new STIX formulation [52][56] Question: What are the specific concerns regarding the EU opinion for DAYBUE? - Management anticipates questions related to the relevance of endpoints and clinical meaningfulness, and plans to address these in the re-examination process [61][66]

Financial Data and Key Metrics Changes - Acadia reported adjusted total revenues of $298 million in Q4 2025, a 16% increase from the prior year, and annual revenues exceeded $1 billion for the first time, reaching $1.08 billion, representing a 14% growth from the previous year [6][24] - Adjusted NUPLAZID net sales were $189 million in Q4, up 17% year-over-year, and $692 million for the full year, up 15% [7][27] - DAYBUE achieved net product sales of $110 million in Q4, representing a 13% year-over-year increase, and $391 million for the full year, up 12% [8][28] Business Line Data and Key Metrics Changes - NUPLAZID's volume growth was 13% in Q4 and 9% for the full year, with new prescriptions growing 18% year-over-year in Q4 [13][15] - DAYBUE's sales growth was driven by expanded reach into community physician settings and international patient supply programs [8][19] - DAYBUE STIX, a new powder formulation, is generating significant interest and is expected to unlock additional patient opportunities [17][19] Market Data and Key Metrics Changes - The U.S. market for NUPLAZID and DAYBUE continues to show strong demand, with 76% of new DAYBUE prescriptions originating from community-based physicians [16][19] - DAYBUE Liquid is now approved in three international markets, including Israel, expanding Acadia's global footprint [18] Company Strategy and Development Direction - Acadia aims for NUPLAZID to achieve blockbuster status with $1 billion in net sales by 2028, with 2026 guidance for NUPLAZID net sales between $760 million and $790 million [7][30] - The company is focused on expanding its R&D pipeline, with several key studies and potential new product launches planned [20][23] - Acadia is committed to advancing access to trofinetide in the EU despite recent regulatory challenges [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, supported by strong commercial execution and a robust pipeline [6][33] - The anticipated phase II readout of remlifanserin in Alzheimer's disease psychosis is expected to be a significant milestone for the company [11][33] - The company is well-positioned for sustained growth and value creation, with a strong balance sheet allowing for business development opportunities [33] Other Important Information - The company reported a one-time non-cash income tax benefit of approximately $250 million due to the release of a valuation allowance on deferred tax assets [29] - R&D expenses for 2026 are expected to be between $385 million and $410 million, reflecting increased clinical and personnel costs [31][32] Q&A Session Summary Question: How should we think about ramp to your 2028 global net sales targets? - Management expects low to mid-teens growth for NUPLAZID and low 20% growth for DAYBUE, projecting a CAGR of about 16% through 2028 [36][37] Question: What does good remlifanserin ADP data look like later this year? - The focus is on showing efficacy and a good safety profile, with a moderate effect size powered for the primary endpoint [43][47] Question: Can you provide insights on DAYBUE's persistency and patient compliance? - Discontinuation rates remain in the low single-digit range, and the business is stabilizing with a focus on growth through community expansion [51][53] Question: What is the timeline for the upcoming phase III trial in ADP? - The transition from phase II to phase III enrollment is expected later this year, with operationally seamless execution [61] Question: How does remlifanserin differentiate from COBENFY? - Mechanistically, remlifanserin and COBENFY approach psychosis differently, with remlifanserin expected to have a favorable safety profile [67][68]

Financial Data and Key Metrics Changes - The company reported adjusted total revenues of $298 million in Q4 2025, a 16% increase from the prior year, and annual revenues exceeded $1 billion for the first time, reaching $1.08 billion, representing a 14% growth from the previous year [5][24] - Adjusted NUPLAZID net sales were $189 million in Q4 and $692 million for the full year, reflecting a 17% and 15% increase year-over-year, respectively [6][26] - DAYBUE achieved net product sales of $110 million in Q4 and $391 million for the full year, representing 13% and 12% year-over-year growth, respectively [7][27] Business Line Data and Key Metrics Changes - NUPLAZID's volume growth was 13% in Q4 and 9% for the full year, with new prescriptions growing 18% year-over-year in Q4 [11][12] - DAYBUE's sales growth was driven by expanded reach into community physician settings and international patient supply programs [7][17] - The company expects NUPLAZID net sales of $760 million to $790 million in 2026, indicating 10%-14% growth over 2025 [6][29] Market Data and Key Metrics Changes - The company anticipates global net sales for DAYBUE between $460 million and $490 million in 2026, driven by the launch of DAYBUE STIX and continued growth in named patient supply programs [8][30] - The company projects 2028 global net sales for DAYBUE of $700 million, with EU sales representing less than 15% of the total [9] Company Strategy and Development Direction - The company is focused on advancing its R&D pipeline, with several key catalysts expected in 2026, including the phase 2 readout of remlifanserin [10][23] - The company aims to achieve blockbuster status for NUPLAZID with $1 billion in net sales by 2028 [6][14] - The company is committed to expanding access to trofinetide in the EU and has active named patient supply programs [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, supported by strong commercial execution and a robust pipeline [33] - The company anticipates continued growth in both NUPLAZID and DAYBUE, with foundational investments in SG&A expected to deliver meaningful top-line growth [29][31] - Management highlighted the importance of regulatory developments and the potential for reexamination of trofinetide in the EU [22][23] Other Important Information - The company reported a one-time non-cash income tax benefit of approximately $250 million in Q4 due to the release of the valuation allowance on deferred tax assets [28] - The cash balance at the end of 2025 was $820 million, providing flexibility for future growth initiatives [28] Q&A Session Summary Question: How should we think about ramp to your 2028 global net sales targets? - Management indicated confidence in achieving low to mid-teens growth for NUPLAZID and low 20% growth for DAYBUE, projecting a CAGR of about 16% through 2028 [35][36] Question: What does good remlifanserin ADP data look like later this year? - Management is looking for evidence of efficacy and a good safety profile, with a focus on not negatively impacting motor or cognitive functions [44][48] Question: Can you provide insight into DAYBUE's persistency and patient compliance? - Discontinuation rates remain in the low single-digit range, and the company is seeing benefits from its community expansion strategy [53][55] Question: What are the specific concerns regarding the EU opinion for DAYBUE? - Management anticipates questions related to the relevance of endpoints and clinical meaningfulness, and plans to address these in the re-examination process [62][66]

Fourth Quarter and Full Year 2025 Earnings Call February 25, 2026 Call Agenda Catherine Owen Adams Chief Executive Officer Welcome Commercial Update Tom Garner Executive Vice President, Chief Commercial Officer Elizabeth H.Z. Thompson, Ph.D. Executive Vice President, Head of Research and Development R&D Update Financial Update Mark Schneyer Executive Vice President, Chief Financial Officer Al Kildani Senior Vice President, IR and Corporate Communications CEO Opening Remarks Closing Remarks Catherine Owen Ad ...

J.P. Morgan Healthcare Conference January 13, 2026 Catherine Owen Adams Chief Executive Officer 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact and can be identified by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," ...