Acadia Pharmaceuticals Inc.

acadia.com

What Do They Do?

Sells NUPLAZID for Parkinson’s disease psychosis to specialty pharmacies and distributors and DAYBUE for Rett syndrome through a wholesale distributor; develops treatments for neurological and rare diseases.

How Do They Make Money?

The company sells NUPLAZID and DAYBUE through specialty pharmacies and distributors; the sale is counted on delivery, and customers typically pay 31 to 35 days after shipment.

FY2025 revenue

Who Are Their Customers?

NUPLAZID goes to specialty pharmacies, which dispense it to patients, and specialty distributors, which supply facilities and pharmacies. DAYBUE is sold through a single U.S. wholesale distributor and through third-party distributors outside the United States.

Do Revenues Turn Into Profits?

Yes. It kept 36 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

10% of revenue

▼ −55% vs FY2024 ($230.8M, 24%)

Net income, FY2025

36% of revenue

▲ +73% vs FY2024 ($226.5M, 24%)

Free cash flow, FY2025

10% of revenue

▼ −33% vs FY2024 ($157.2M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +16%; vs $264.6M in Q2 FY2025
Net income: ▲ +18%; vs $26.7M in Q2 FY2025

Aug 4, 2026 Raised 2026 revenue guidance Total revenue outlook increased to $1.24 to $1.30 billion, with DAYBUE guidance raised and NUPLAZID guidance reaffirmed.

Growing. Revenue grew 2.2x in 4 years, from $484.1M in FY2021 to $1.1B in FY2025, about 22% a year.

DAYBUE became a marketed treatment The older report described trofinetide as a drug awaiting a decision on its application; the latest says DAYBUE is an approved treatment for Rett syndrome and is being shipped commercially.

Trofinetide rights expanded The older report described a North American license for trofinetide; the latest says the license also covers rights outside North America and rights to another development candidate worldwide.

Stopped testing pimavanserin for schizophrenia The older report described clinical testing of pimavanserin for negative symptoms of schizophrenia; the latest says the study missed its main goal and the company does not plan further work in that or other indications.

Who Do They Compete With?

Competes with UCB, Taysha Gene Therapies, Neurogene, and Unravel Bio

Comments