Acadia Pharmaceuticals Reports First Quarter 2023 Financial Results, Reiterates 2023 Guidance

Strategic Insights -

Acadia Pharmaceuticals Inc. announced its financial results for the first quarter of 2023, showcasing strong growth in NUPLAZID sales and a decrease in research and development expenses. The Company's net loss for the quarter decreased to $43.0 million, or $0.27 per common share, compared to a net loss of $113.1 million, or $0.70 per common share, for the same period in 2022. The difference was primarily due to the $60 million upfront payment made to Stoke Therapeutics for a license and collaboration agreement.

Key Takeaways:

  • NUPLAZID net sales increased by 3% to $118.5 million in the first quarter of 2023, driven by a 2% year-over-year increase in demand growth and a 2% decline in overall sell-in volume.
  • Research and development expenses decreased by 46% to $69.1 million, mainly due to a $60 million upfront payment made to Stoke Therapeutics in the first quarter of 2022.
  • Selling, general, and administrative expenses remained relatively steady at $101.2 million, with a reduction in spend in the PDP commercial franchise offset by investments in the DAYBUE launch.
  • Acadia's cash, cash equivalents, and investment securities totaled $402.9 million at March 31, 2023, down from $416.8 million at December 31, 2022.
  • The Company is reiterating its 2023 guidance for NUPLAZID net sales in the range of $520 to $550 million, R&D expense in the range of $235 to $255 million, and SG&A expense in the range of $360 to $380 million.
  • Acadia is nearing the completion of enrollment in the Phase 3 program for pimavanserin as a potential treatment for the negative symptoms of schizophrenia, with top-line results expected in early 2024.

Statistics:

  • Net sales of NUPLAZID increased by 3% to $118.5 million in the first quarter of 2023.
  • Research and development expenses decreased by 46% to $69.1 million.
  • Selling, general, and administrative expenses remained relatively steady at $101.2 million.
  • Acadia's cash, cash equivalents, and investment securities totaled $402.9 million at March 31, 2023.
  • The Company expects to spend approximately $20 million on stock-based compensation expenses in 2023.
  • The net loss for the quarter was $43.0 million, or $0.27 per common share.

Sources:

  • (1) Acadia Pharmaceuticals Inc., Data on file. Study Report 2566-026. 2010.
  • (2) Acadia Pharmaceuticals Inc., Press Release dated May 8, 2023.
  • (3) Acadia Pharmaceuticals Inc., Annual Report on Form 10-K for the year ended December 31, 2022.
  • (4) Cybernet Data Systems, Inc., COMTEX_432095714/2254/2023-05-08T23:49:45.