ACADIA Pharmaceuticals(ACAD) - 2025 Q3 - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company reported total revenues of $278.6 million for Q3 2025, an increase of 11% year-over-year [4][21] - Debut achieved net sales of $101.1 million, also up 11% year-over-year, attributed entirely to volume growth [21] - Nuplazid delivered net sales of $177.5 million, marking a 12% year-over-year growth, with 9% of that growth coming from volume [11][21] - R&D expenses rose to $87.8 million from $66.6 million year-over-year, primarily due to higher clinical trial expenses [21] - SG&A expenses remained flat at $133.4 million compared to the previous year [21] - The company ended the quarter with $847 million in cash, up from $762 million at the end of Q2 2025 [22] Business Line Data and Key Metrics Changes - Debut generated $101.1 million in net sales, with the highest prescription volume since its launch, reaching over 1,000 unique patients globally [5][7] - Nuplazid's net sales of $177.5 million represented the strongest sales quarter ever, with a 21% increase in referrals year-over-year [11][12] - The number of unique prescribers for Debut increased to 956, with community-based physicians accounting for 74% of new prescriptions [8][9] Market Data and Key Metrics Changes - Market penetration for Debut remains low at approximately 40% in the U.S. and 27% in community settings, indicating significant growth opportunities [9] - The U.S. PDP market represents a substantial opportunity, with around 1 million Parkinson's patients, half of whom may experience hallucinations and delusions [12][13] Company Strategy and Development Direction - The company is making strategic investments in expanding its salesforce by 30% starting in Q1 2026 to capture growth opportunities for Nuplazid [14][30] - The focus is on advancing the pipeline of novel product candidates, with recent phase two and phase three trials initiated [6][16] - The company aims to achieve over $1 billion in total revenues by the end of 2025, positioning itself for continued growth into 2026 and beyond [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability and growth trajectory driven by new sales teams for Debut, with strong patient engagement metrics [24] - The company anticipates continued growth in patient counts through Q4 2025 and into 2026, supported by the expansion of its field force [44] - Management highlighted the importance of real-world evidence in discussions with European payers to ensure the value of Debut is recognized [91] Other Important Information - The company is actively pursuing international expansion efforts, with ongoing regulatory processes in the EU for terfenatide and successful initiation of phase three studies in Japan [18][19] - The company remains committed to advancing its robust pipeline, with multiple programs progressing through key stages of development [19] Q&A Session Summary Question: How is the expanded New Plasid client-facing force organized? - The expansion focuses on both newly activated prescribers and community versus long-term care facilities, with growth seen across all channels [27][30] Question: What is the expected clinically meaningful score on the SAPS HD score for ACP204? - The company is looking for a moderate effect size of 0.4 on SAPS HD, which is deemed appropriate for the patient population [33][36] Question: How will the company ensure quick script uptake after a potential positive CHMP opinion for Debut? - The company is preparing for launch readiness in Europe, starting with Germany, and has already opened compassionate use programs in multiple countries [63][65] Question: What are the drivers behind the higher average net selling price for New Plasid? - The pricing is aligned with inflation rates, primarily due to the majority of sales being for Medicare-based patients [58][60] Question: Why is now the right time to add to the field force for New Plasid? - The decision is based on observed momentum in referrals and the need to capitalize on new prescribers outside the core target base [80][82]