Full Press Release Details
ACADIA Pharmaceuticals Reports
Fourth Quarter and Full Year 2017
-Fourth Quarter and Full Year 2017 Net Sales Grew to $43.6 Million
and $124.9 Million, Respectively
SAN DIEGO, CA, February 27, 2018 ACADIA
Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company
focused on the development and commercialization of innovative
medicines to address unmet medical needs in central nervous system
(CNS) disorders, today announced its financial results for the
fourth quarter and year ended December 31, 2017.
2017 results reflect the robust uptake of NUPLAZID (pimavanserin)
in the treatment of Parkinson's disease psychosis,
said Steve Davis, ACADIA's President and Chief Executive
Officer. We were also very pleased to receive Breakthrough
Therapy Designation from the FDA as we explore the utility of
pimavanserin in dementia-related psychosis, where no drug is
currently approved. This is the second Breakthrough Therapy
Designation for pimavanserin.
we look to 2018, we anticipate continued strong volume growth for
NUPLAZID. In addition, we look forward to advancing our late-stage
clinical programs in dementia-related psychosis, schizophrenia
inadequate response and schizophrenia negative symptoms, as well as
sharing the top-line results of our CLARITY study in major
depressive disorder in the second half of 2018.
national direct-to-consumer disease awareness TV ad campaign to
educate patients and caregivers about Parkinson's disease
psychosis (PD Psychosis) in November 2017.
Phase 3 HARMONY Study with pimavanserin in dementia-related
psychosis in October 2017.
Breakthrough Therapy Designation from the FDA for pimavanserin in
October 2017. This designation is for the treatment of
dementia-related psychosis.
data with pimavanserin in Alzheimer's disease psychosis at
the Clinical Trials on Alzheimer's Disease (CTAD) meeting in
Boston in November 2017.
McDevitt, Ph.D., Senior Vice President, Corporate
product sales of NUPLAZID, which was first made available for
prescription starting in May 2016, were $43.6 million for the
fourth quarter of 2017, an increase of 263% as compared to $12.0
million reported for the fourth quarter of 2016. For the year ended
December 31, 2017, ACADIA reported NUPLAZID net product sales of
$124.9 million, an increase of $107.6 million, or 622% from the
$17.3 million reported for the year ended December 31,
Research and Development
and development expenses for the fourth quarter of 2017 were $43.2
million, compared to $30.2 million for the same period of 2016. For
the year ended December 31, 2017 and 2016, research and development
expenses were $149.2 million and $99.3 million, respectively. The
increase in research and development expenses during the 2017
periods as compared to 2016 was primarily due to increased clinical
costs related to the clinical studies initiated in the fourth
quarter of each of 2016 and 2017. The company also incurred
additional personnel and related costs associated with its expanded
research and development organization during 2017 as compared to
Selling, General and Administrative
general and administrative expenses for the fourth quarter of 2017
were $66.7 million, compared to $57.7 million for the same period
of 2016. For the year ended December 31, 2017 and 2016,
selling, general and administrative expenses were $255.1 million
and $186.5 million, respectively. The increase in selling, general
and administrative expenses during the 2017 periods as compared to
2016 was primarily due to costs incurred to support ACADIA's
commercial activities for NUPLAZID, including additional personnel
and related costs, together with increased contributions to
third-party charitable foundations that support Parkinson's
fourth quarter of 2017, ACADIA reported a net loss of $68.9
million, or $0.55 per common share, compared to a net loss of $78.7
million, or $0.65 per common share, for the same period in 2016.
The net losses for the fourth quarter of 2017 and 2016
included $22.0 million and $15.4 million,
respectively, of non-cash stock-based compensation expense. For the
year ended December 31, 2017, ACADIA reported a net loss of
$289.4 million, or $2.36 per common share, compared to a net loss
of $271.4 million, or $2.34 per common share, for the same period
in 2016. The net losses for the year ended December 31, 2017
and 2016 included $75.5 million and $55.3 million,
respectively, of non-cash stock-based compensation
Cash and Investments
December 31, 2017, ACADIA's cash, cash equivalents and
investment securities totaled $341.3 million, compared to $529.0
million at December 31, 2016.
2018 Financial Guidance
expects that full-year NUPLAZID net product sales for 2018 will be
between $255 million and $270 million, with net sales for the first
quarter of 2018 between $45 million and $48 million. The company
expects to end 2018 with more than $200 million of cash, cash
equivalents and investment securities on its balance
Conference Call and Webcast Information
management will review its fourth quarter financial results and
operations via conference call and webcast later today at 5:00 p.m.
Eastern Time. The conference call may be accessed by dialing
844-821-1109 for participants in the U.S. or Canada and
830-865-2550 for international callers (reference passcode
8377668). A telephone replay of the conference call may be accessed
through March 13, 2018 by dialing 855-859-2056 for callers in the
U.S. or Canada and 404-537-3406 for international callers
(reference passcode 8377668). The conference call also will be
webcast live on ACADIA's website, www.acadia-pharm.com,
under the investors section and will be archived there through
is the first and only FDA-approved treatment for hallucinations and