ACADIA Pharmaceuticals Inc. ( (ACAD) ) has released its Q3 earnings. Here is a breakdown of the information ACADIA Pharmaceuticals Inc. presented to its investors.
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Acadia Pharmaceuticals Inc., based in San Diego, specializes in developing and commercializing innovative therapies in the neuroscience sector, focusing on treatments for neuropsychiatric symptoms in central nervous system disorders.
In its third-quarter earnings report for 2024, Acadia Pharmaceuticals announced a significant 18% increase in total revenues, reaching $250.4 million. The company highlighted the successful performance of its leading products, NUPLAZID and DAYBUE, and outlined strategic updates regarding its awareness campaigns and regulatory achievements.
Key financial highlights from the report include a year-over-year increase of 10% in NUPLAZID net product sales, amounting to $159.2 million, and a 36% rise in DAYBUE sales, totaling $91.2 million. The company also saw a reduction in research and development expenses, attributed mainly to prior large payments, while selling and administrative costs rose due to increased marketing efforts. Acadia reported a net income of $32.8 million for the quarter, a substantial improvement from the previous year’s loss.
Strategically, Acadia launched an awareness campaign with actor Ryan Reynolds to highlight Parkinson’s-related symptoms and received Health Canada’s approval for DAYBUE, marking a key milestone as the first approved treatment for Rett syndrome in Canada. Additionally, the company entered into an agreement to sell a Rare Pediatric Disease Priority Review Voucher for $150 million.
Looking forward, Acadia’s management remains optimistic, projecting total revenues between $940 to $960 million for 2024 and emphasizing the potential to reach $1 billion in annualized sales in 2025. The company continues to focus on expanding its product portfolio and enhancing shareholder value through strategic initiatives and pipeline advancements.
