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Acadia (ACAD) Q1 Earnings Surpass Estimates, Revenues Miss
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Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported first-quarter 2024 earnings of 10 cents per share, beating the Zacks Consensus Estimate of 4 cents. In the year-ago quarter, the company had incurred a loss of 27 cents per share.
The bottom line improved year over year owing to higher product sales.
Acadia recorded total revenues of $205.8 million, which missed the Zacks Consensus Estimate of $206.9 million. Acadia’s net product revenues comprise revenues generated from the sale of its two marketed products, Nuplazid (pimavanserin) and the newly launched Daybue (trofinetide).
Total revenues surged 74% year over year, primarily driven by the contribution from Daybue and the continued growth in market share of Nuplazid.
ACAD’s first drug, Nuplazid, is approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. Acadia’s second product, Daybue, was approved by the FDA in March 2023 for the treatment of Rett syndrome in adult and pediatric patients aged two years and older.
Daybue is the first and only drug to be approved by the FDA for the given indication. The drug was launched in the United States in April 2023.
Year to date, shares of Acadia have plunged 45.3% compared with the industry’s decline of 5.9%.
Image Source: Zacks Investment Research
Quarter in Detail
Revenues from Nuplazid increased 10% year over year to $129.9 million, driven by improvements in new patient starts and higher price benefits. Nuplazid sales were in line with the Zacks Consensus Estimates of $129.9 million but missed our model estimate of $131.6 million.
Daybue recorded net product sales of $75.9 million in its third full quarter since launch, which missed the Zacks Consensus Estimate of $78.1 million as well as our model estimate of $77.2 million. Daybue sales declined 13% sequentially due to fewer bottles sold and a reduction in net price.
Research and development (R&D) expenses in the quarter were $59.7 million, down 13.7% year over year. The decrease in R&D cost was due to the Daybue commercial supply build that was expensed prior to its approval.
Selling, general and administrative (SG&A) expenses were $108 million, up 6.7% year over year. The increase in such expenses can be attributed to the annualization of Daybue expenses, along with investments to commercialize the drug outside the United States.
Acadia had cash, cash equivalents and investments worth $470.5 million as of Mar 31, 2024, compared with $438.9 million as of Dec 31, 2023.
2024 Guidance Reaffirmed
Acadia reiterated its previously provided financial guidance for 2024 in its first-quarter earnings release.
The company continues to expect Daybue sales in the range of $370-$420 million in 2024.
Revenues from Nuplazid sales are anticipated in the $560-$590 million range.
Moreover, ACAD expects its full-year R&D expenses in the band of $305-$325 million, while SG&A expenses are anticipated in the range of $455-$480 million on account of higher commercialization costs associated with the Daybue launch.
Pipeline Updates
In March 2024, Acadia announced the failure of its late-stage study evaluating Nuplazid for the treatment of negative symptoms of schizophrenia. Per the data readout from the phase III ADVANCE-2 study, treatment with pimavanserin did not achieve statistical significance in demonstrating improvement over placebo on the study’s primary endpoint of change from baseline to week 26 on the Negative Symptom Assessment-16 (NSA-16) total score. The NSA-16 scale is a widely used metric to measure change in the wide range of predominant negative symptoms that patients experience.
Based on such disappointing results, ACAD has decided not to pursue any further clinical studies with pimavanserin for schizophrenia. However, the company will continue to analyze data from the schizophrenia study of pimavanserin.
ACADIA Pharmaceuticals Inc. Price and EPS Surprise
In the past 30 days, the Zacks Consensus Estimate for Ligand’s 2024 earnings per share has remained constant at $4.56. During the same time frame, the estimate for Ligand’s 2025 earnings per share has remained constant at $5.27. Year to date, shares of LGND have gained 12.5%.
Ligand beat estimates in each of the trailing four quarters, delivering an average surprise of 56.02%.
In the past 30 days, the Zacks Consensus Estimate for ANI Pharmaceuticals’ 2024 earnings per share has risen from $4.43 to $4.44. During the same period, the Zacks Consensus Estimate for ANI Pharmaceuticals’ 2025 earnings per share has remained constant at $5.04. Year to date, shares of ANIP have climbed 19%.
ANI Pharmaceuticals beat estimates in each of the last four quarters, delivering an average surprise of 109.06%.
In the past 30 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has narrowed from $3.35 to $2.93. During the same period, the Zacks Consensus Estimate for Annovis’ 2025 loss per share has widened from $2.82 to $2.83. Year to date, shares of ANVS have plunged 74.2%.
ANVS beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 15.70%.
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Acadia (ACAD) Q1 Earnings Surpass Estimates, Revenues Miss
Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported first-quarter 2024 earnings of 10 cents per share, beating the Zacks Consensus Estimate of 4 cents. In the year-ago quarter, the company had incurred a loss of 27 cents per share.
The bottom line improved year over year owing to higher product sales.
Acadia recorded total revenues of $205.8 million, which missed the Zacks Consensus Estimate of $206.9 million. Acadia’s net product revenues comprise revenues generated from the sale of its two marketed products, Nuplazid (pimavanserin) and the newly launched Daybue (trofinetide).
Total revenues surged 74% year over year, primarily driven by the contribution from Daybue and the continued growth in market share of Nuplazid.
ACAD’s first drug, Nuplazid, is approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. Acadia’s second product, Daybue, was approved by the FDA in March 2023 for the treatment of Rett syndrome in adult and pediatric patients aged two years and older.
Daybue is the first and only drug to be approved by the FDA for the given indication. The drug was launched in the United States in April 2023.
Year to date, shares of Acadia have plunged 45.3% compared with the industry’s decline of 5.9%.
Image Source: Zacks Investment Research
Quarter in Detail
Revenues from Nuplazid increased 10% year over year to $129.9 million, driven by improvements in new patient starts and higher price benefits. Nuplazid sales were in line with the Zacks Consensus Estimates of $129.9 million but missed our model estimate of $131.6 million.
Daybue recorded net product sales of $75.9 million in its third full quarter since launch, which missed the Zacks Consensus Estimate of $78.1 million as well as our model estimate of $77.2 million. Daybue sales declined 13% sequentially due to fewer bottles sold and a reduction in net price.
Research and development (R&D) expenses in the quarter were $59.7 million, down 13.7% year over year. The decrease in R&D cost was due to the Daybue commercial supply build that was expensed prior to its approval.
Selling, general and administrative (SG&A) expenses were $108 million, up 6.7% year over year. The increase in such expenses can be attributed to the annualization of Daybue expenses, along with investments to commercialize the drug outside the United States.
Acadia had cash, cash equivalents and investments worth $470.5 million as of Mar 31, 2024, compared with $438.9 million as of Dec 31, 2023.
2024 Guidance Reaffirmed
Acadia reiterated its previously provided financial guidance for 2024 in its first-quarter earnings release.
The company continues to expect Daybue sales in the range of $370-$420 million in 2024.
Revenues from Nuplazid sales are anticipated in the $560-$590 million range.
Moreover, ACAD expects its full-year R&D expenses in the band of $305-$325 million, while SG&A expenses are anticipated in the range of $455-$480 million on account of higher commercialization costs associated with the Daybue launch.
Pipeline Updates
In March 2024, Acadia announced the failure of its late-stage study evaluating Nuplazid for the treatment of negative symptoms of schizophrenia. Per the data readout from the phase III ADVANCE-2 study, treatment with pimavanserin did not achieve statistical significance in demonstrating improvement over placebo on the study’s primary endpoint of change from baseline to week 26 on the Negative Symptom Assessment-16 (NSA-16) total score. The NSA-16 scale is a widely used metric to measure change in the wide range of predominant negative symptoms that patients experience.
Based on such disappointing results, ACAD has decided not to pursue any further clinical studies with pimavanserin for schizophrenia. However, the company will continue to analyze data from the schizophrenia study of pimavanserin.
ACADIA Pharmaceuticals Inc. Price and EPS Surprise
ACADIA Pharmaceuticals Inc. price-eps-surprise | ACADIA Pharmaceuticals Inc. Quote
Zacks Rank & Stocks to Consider
Acadia currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the drug/biotech industry are Ligand Pharmaceuticals (LGND - Free Report) , ANI Pharmaceuticals (ANIP - Free Report) and Annovis Bio (ANVS - Free Report) . While LGND sports a Zacks Rank #1 (Strong Buy), ANIP & ANVS carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, the Zacks Consensus Estimate for Ligand’s 2024 earnings per share has remained constant at $4.56. During the same time frame, the estimate for Ligand’s 2025 earnings per share has remained constant at $5.27. Year to date, shares of LGND have gained 12.5%.
Ligand beat estimates in each of the trailing four quarters, delivering an average surprise of 56.02%.
In the past 30 days, the Zacks Consensus Estimate for ANI Pharmaceuticals’ 2024 earnings per share has risen from $4.43 to $4.44. During the same period, the Zacks Consensus Estimate for ANI Pharmaceuticals’ 2025 earnings per share has remained constant at $5.04. Year to date, shares of ANIP have climbed 19%.
ANI Pharmaceuticals beat estimates in each of the last four quarters, delivering an average surprise of 109.06%.
In the past 30 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has narrowed from $3.35 to $2.93. During the same period, the Zacks Consensus Estimate for Annovis’ 2025 loss per share has widened from $2.82 to $2.83. Year to date, shares of ANVS have plunged 74.2%.
ANVS beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 15.70%.