Full Press Release Details
Acadia Pharmaceuticals Reports Third Quarter 2025 Financial Results and Operating Overview
- Third quarter total revenues of $278.6 million, up 11% year-over-year
- Narrowing and raising high end of NUPLAZID net product sales guidance to $685 to $695 million
- Updating DAYBUE net product sales guidance to $385 to $400 million
SAN DIEGO, CA, November 5, 2025 Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced its financial results for the third quarter ended September 30, 2025.
Acadia delivered another strong quarter, generating total revenue of $278.6 million, said Catherine Owen Adams, Chief Executive Officer. NUPLAZID achieved record sales of $177.5 million representing a significant inflection driven by an acceleration in new prescriptions. DAYBUE delivered $101.1 million in sales, driven by the expansion of our field force and contribution from named patient supply programs outside the U.S. As we enter the final quarter of the year, we are well positioned to achieve our objectives of continued commercial growth, to surpass $1 billion in 2025 sales, and to drive meaningful progress across our pipeline.
-Third quarter NUPLAZID (pimavanserin) net product sales of $177.5 million, up 12% year-over-year.
-Third quarter DAYBUE (trofinetide) net product sales of $101.1 million, up 11% year-over-year.
-Continued to advance the Company's pipeline with the initiation of a Phase 2 study of ACP-204 for Lewy Body Dementia Psychosis and a Phase 3 trial of trofinetide for Rett syndrome in Japan.
-Catherine Owen Adams appointed as Chairperson of the BIO (Biotechnology Innovation Organization) Emerging Companies section, and member of the Executive Committee.
-Appointed Konstantina Katcheves as Senior Vice President, Chief Business and Strategy Officer, bringing experience in global business development and strategic partnerships to lead its business development efforts as Acadia expands its pipeline and pursues high-impact growth opportunities.
Total revenues comprising of net product sales from NUPLAZID and DAYBUE were $278.6 million, up 11% from the third quarter of 2024.
Net product sales of NUPLAZID were $177.5 million in the third quarter of 2025, an increase of 12% as compared to $159.2 million for the third quarter of 2024. The 12% year-over-year increase in net product sales of NUPLAZID included 9% volume growth and a higher average net selling price in 2025 compared to 2024.
Net product sales of DAYBUE were $101.1 million for the third quarter of 2025, an increase of 11% as compared to $91.2 million for the third quarter of 2024. The increase in net product sales of DAYBUE was all attributable to the growth in unit sales as the Company shipped to over 1,000 unique patients, including patients outside the U.S.
Research and Development
Research and development expenses were $87.8 million, compared to $66.6 million for the three months ended September 30, 2025, and 2024, respectively. The increase was primarily due to increased clinical trial and personnel expenses.
Selling, General and Administrative
Selling, general and administrative expenses were $133.4 million and $133.3 million for the three months ended September 30, 2025, and 2024, respectively.
For the three months ended September 30, 2025, Acadia reported net income of $71.8 million, or $0.42 per diluted share, compared to net income of $32.8 million, or $0.20 per common share, for the same period in 2024. The increase in net income reflects both an increase in pre-tax income, and a tax benefit recognized in the third quarter of 2025. The tax benefit primarily resulted from a one-time impact from the One Big Beautiful Bill Act, enacted during the third quarter of 2025, which provides immediate expensing of domestic R&D spending.
Cash and Investments
At September 30, 2025, Acadia's cash, cash equivalents and investment securities totaled $847.0 million, compared to $756.0 million at December 31, 2024.
Full Year 2025 Financial Guidance
Acadia is updating its 2025 guidance:
-Total Revenues in the range of $1.070 to $1.095 billion, compared with the prior guidance range of $1.045 to $1.095 billion*.
-NUPLAZID net product sales in the range of $685 to $695 million, compared with the prior guidance range of $665 to $690 million.
-DAYBUE net product sales in the range of $385 to $400 million, compared with the prior guidance range of $380 to $405 million*.
-R&D expense in the range of $335 to $345 million, compared with the prior guidance range of $330 to $350 million.
-SG&A expense in the range of $540 to $555 million, compared with the prior guidance range of $535 to $565 million.
* Updated guidance includes revenues from U.S. net product sales and named patient supply programs outside the U.S., whereas prior guidance included only U.S. net product sales.
Conference Call and Webcast Information
Acadia will host a conference call to discuss the third quarter 2025 results today, Wednesday, November 5, 2025 at 1:30 p.m. PT/4:30 p.m. ET. The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call.
About NUPLAZID (pimavanserin)
Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID.
About DAYBUE (trofinetide)
Trofinetide is a synthetic version of a naturally occurring molecule known as the tripeptide glycine-proline-glutamate (GPE). The mechanism by which trofinetide exerts therapeutic effects in patients with Rett syndrome is unknown. Trofinetide was approved for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older by the U.S. Food and Drug Administration in March 2023 under the trade name DAYBUE.
About Acadia Pharmaceuticals
Forward-Looking Statements
This press release 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, potential, guidance, continue and similar expressions (including the negative thereof) intended to identify forward-looking statements. Forward-looking statements contained in this press release, include, but are not limited to, statements about: (i) our business strategy, objectives and opportunities, including support for and innovations in our pipeline assets and business development opportunities, DAYBUE sales growth, expansion of our NUPLAZID sales force in the U.S., and potential for enhanced shareholder value; (ii) plans for, including timing, development and progress of commercialization or regulatory timelines for our products, including NUPLAZID and DAYBUE, and our product candidates; (iii) benefits to be derived from and efficacy of our products, including the potential advantages of our products; (iv) the timing and conduct of our clinical trials; (v) our estimates regarding our future financial performance, profitability, capital requirements or expenses, including our revised full year 2025 financial guidance, and (vi) our ability to successfully complete additional business development transactions.
Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to: our dependency on the continued successful commercialization of our products and our ability to maintain or increase sales of our products; our plans to continue commercial growth; the costs of our commercialization plans and development programs, and the financial impact or revenues from any commercialization we undertake; our ability to obtain necessary regulatory approvals for our product candidates and, if and when approved, market acceptance of our products; the risks associated with clinical trials and their outcomes, including risks of unsuccessful enrollment and negative or inconsistent results; our dependence on third-party collaborators, clinical research organizations, manufacturers, suppliers and distributors; the impact of competitive products and therapies; our ability to generate or obtain the necessary capital to fund our operations; our ability to grow, equip and train our specialized sales forces; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; and our ability to continue to stay in compliance with applicable laws and regulations. Given the risks and uncertainties, you should not place undue reliance on these forward-looking statements. For a discussion of these and other risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ, please refer to our annual report on Form 10-K for the year ended December 31, 2024 as well as our subsequent filings with the Securities and Exchange Commission from time to time, including our quarterly report on Form 10-Q for the quarter ended September 30, 2025. The forward-looking statements contained herein are made as of the date hereof, and we undertake no obligation to update them after this date, except as required by law.
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Product sales, net | $ | 278,633 | $ | 250,401 | $ | 787,516 | $ | 698,195 | ||||||||
| Total revenues | 278,633 | 250,401 | 787,516 | 698,195 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of product sales (1)(2) | 21,647 | 18,857 | 62,773 | 60,038 | ||||||||||||
| Research and development (2) | 87,829 | 66,606 | 244,045 | 202,518 | ||||||||||||
| Selling, general and administrative (2) | 133,401 | 133,294 | 393,278 | 358,348 | ||||||||||||
| Total operating expenses | 242,877 | 218,757 | 700,096 | 620,904 | ||||||||||||
| Income from operations | 35,756 | 31,644 | 87,420 | 77,291 | ||||||||||||
| Interest income, net | 8,246 | 6,586 | 23,390 | 18,451 | ||||||||||||
| Other income | 593 | 576 | 1,775 | 1,248 | ||||||||||||
| Income before income taxes | 44,595 | 38,806 | 112,585 | 96,990 | ||||||||||||
| Income tax (benefit) expense | (27,184 | ) | 6,041 | (4,847 | ) | 14,281 | ||||||||||
| Net income | $ | 71,779 | $ | 32,765 | $ | 117,432 | $ | 82,709 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.43 | $ | 0.20 | $ | 0.70 | $ | 0.50 | ||||||||
| Diluted | $ | 0.42 | $ | 0.20 | $ | 0.69 | $ | 0.50 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 168,836 | 165,974 | 167,837 | 165,443 | ||||||||||||
| Diluted | 170,650 | 166,178 | 169,156 | 166,136 | ||||||||||||
| (1) Includes license fees and royalties | ||||||||||||||||
| (2) Includes the following stock-based compensation expense | ||||||||||||||||
| Cost of product sales | $ | 372 | $ | 383 | $ | 724 | $ | 898 | ||||||||
| Research and development | $ | 4,312 | $ | 3,863 | $ | 12,222 | $ | 11,705 | ||||||||
| Selling, general and administrative | $ | 8,496 | $ | 21,918 | $ | 25,954 | $ | 43,996 |
ACADIA PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2025 | December 31, 2024 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash, cash equivalents and investment securities | $ | 847,019 | $ | 755,993 | ||||
| Accounts receivable, net | 115,850 | 98,739 | ||||||
| Interest and other receivables | 23,588 | 5,956 | ||||||
| Inventory | 29,097 | 21,949 | ||||||
| Prepaid expenses | 60,868 | 55,681 | ||||||
| Total current assets | 1,076,422 | 938,318 | ||||||
| Property and equipment, net | 3,708 | 4,215 | ||||||
| Operating lease right-of-use assets | 49,673 | 46,571 | ||||||
| Intangible assets, net | 111,615 | 119,782 | ||||||
| Restricted cash | 9,471 | 8,770 | ||||||
| Long-term inventory | 76,888 | 69,741 | ||||||
| Other assets | 2,994 | 359 | ||||||
| Total assets | $ | 1,330,771 | $ | 1,187,756 | ||||
| Liabilities and stockholders' equity | ||||||||
| Accounts payable | $ | 21,747 | $ | 16,192 | ||||
| Accrued liabilities | 334,837 | 378,678 | ||||||
| Total current liabilities | 356,584 | 394,870 | ||||||
| Operating lease liabilities | 43,026 | 42,037 | ||||||
| Other long-term liabilities | 13,889 | 18,056 | ||||||
| Total liabilities | 413,499 | 454,963 | ||||||
| Total stockholders' equity | 917,272 | 732,793 | ||||||
| Total liabilities and stockholders' equity | $ | 1,330,771 | $ | 1,187,756 |
Acadia Pharmaceuticals Inc.
Acadia Pharmaceuticals Inc.
Acadia Pharmaceuticals Inc.