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Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported second-quarter 2024 earnings of 20 cents per share, beating the Zacks Consensus Estimate of 16 cents. In the year-ago quarter, the company had recorded earnings of 1 cent per share.
The bottom line improved year over year owing to higher product sales.
Acadia recorded total revenues of $242 million, which beat the Zacks Consensus Estimate of $235 million. ACAD’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 jumped 46% 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 39.8% compared with the industry’s decline of 4.8%.
Image Source: Zacks Investment Research
Quarter in Detail
Revenues from Nuplazid increased 11% year over year to $157.4 million, driven by 6% growth in unit sales in second-quarter 2024 compared with the year-ago quarter. Nuplazid sales beat the Zacks Consensus Estimate of $145 million as well as our model estimate of $144.7 million.
Daybue recorded net product sales of $84.6 million in the second quarter, up 11% sequentially, driven by the growth in the drug’s unit sales. The reported figure, however, missed the Zacks Consensus Estimate of $90 million as well as our model estimate of $92.3 million.
Research and development (R&D) expenses were $76.2 million, up 30% year over year. The uptick in R&D cost was mainly due to increased costs from ACP-101, ACP-204 and other early-stage programs, partially offset by a reduction in costs associated with Acadia’s pimavanserin negative symptoms of schizophrenia program.
Selling, general and administrative (SG&A) expenses were $117.1 million, up 22% year over year. The increase in such expenses can be primarily attributed to a new consumer activation program to support the Nuplazid franchise. Increased marketing costs of Daybue in the United States, along with investments to commercialize the drug outside the United States also fueled the surge in SG&A expenses.
Acadia had cash, cash equivalents and investments worth $500.9 million as of Jun 30, 2024, compared with $470.5 million as of Mar 31, 2024.
2024 Guidance Updated
Acadia updated its financial guidance for 2024 in its second-quarter earnings release.
The company now expects Daybue sales in the range of $340-$370 million in 2024 compared with the previously guided range of $370-$420 million.
Nuplazid revenues are projected in the band of $590-$610 million, up from the previously guided range of $560-$590 million, reflecting stronger underlying demand driving recent higher unit volume.
Moreover, ACAD expects full-year R&D expenses in the band of $305-$315 million, which is narrower than the previously guided range of $305-$325 million.
On the other hand, SG&A expenses are now anticipated in the range of $465-$480 million compared with the previously guided range of $455-$480 million on account of higher commercialization costs associated with the Daybue launch.
In the past 60 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 55.3%.
ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%.
In the past 60 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2024 loss per share has narrowed from 44 cents to 43 cents. During the same time frame, the estimate for Anixa Biosciences’ 2025 loss per share has remained constant at 45 cents. Year to date, shares of ANIX have lost 17.5%.
ANIX beat estimates in three of the trailing four quarters and missed the mark once, delivering an average earnings surprise of 2.27%.
In the past 60 days, estimates for Akero Therapeutics’ 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 5.7%.
Akero’s earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%.
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Acadia (ACAD) Q2 Earnings Beat, Product Sales Drive Revenues
Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported second-quarter 2024 earnings of 20 cents per share, beating the Zacks Consensus Estimate of 16 cents. In the year-ago quarter, the company had recorded earnings of 1 cent per share.
The bottom line improved year over year owing to higher product sales.
Acadia recorded total revenues of $242 million, which beat the Zacks Consensus Estimate of $235 million. ACAD’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 jumped 46% 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 39.8% compared with the industry’s decline of 4.8%.
Image Source: Zacks Investment Research
Quarter in Detail
Revenues from Nuplazid increased 11% year over year to $157.4 million, driven by 6% growth in unit sales in second-quarter 2024 compared with the year-ago quarter. Nuplazid sales beat the Zacks Consensus Estimate of $145 million as well as our model estimate of $144.7 million.
Daybue recorded net product sales of $84.6 million in the second quarter, up 11% sequentially, driven by the growth in the drug’s unit sales. The reported figure, however, missed the Zacks Consensus Estimate of $90 million as well as our model estimate of $92.3 million.
Research and development (R&D) expenses were $76.2 million, up 30% year over year. The uptick in R&D cost was mainly due to increased costs from ACP-101, ACP-204 and other early-stage programs, partially offset by a reduction in costs associated with Acadia’s pimavanserin negative symptoms of schizophrenia program.
Selling, general and administrative (SG&A) expenses were $117.1 million, up 22% year over year. The increase in such expenses can be primarily attributed to a new consumer activation program to support the Nuplazid franchise. Increased marketing costs of Daybue in the United States, along with investments to commercialize the drug outside the United States also fueled the surge in SG&A expenses.
Acadia had cash, cash equivalents and investments worth $500.9 million as of Jun 30, 2024, compared with $470.5 million as of Mar 31, 2024.
2024 Guidance Updated
Acadia updated its financial guidance for 2024 in its second-quarter earnings release.
The company now expects Daybue sales in the range of $340-$370 million in 2024 compared with the previously guided range of $370-$420 million.
Nuplazid revenues are projected in the band of $590-$610 million, up from the previously guided range of $560-$590 million, reflecting stronger underlying demand driving recent higher unit volume.
Moreover, ACAD expects full-year R&D expenses in the band of $305-$315 million, which is narrower than the previously guided range of $305-$325 million.
On the other hand, SG&A expenses are now anticipated in the range of $465-$480 million compared with the previously guided range of $455-$480 million on account of higher commercialization costs associated with the Daybue launch.
ACADIA Pharmaceuticals Inc. Price and Consensus
ACADIA Pharmaceuticals Inc. price-consensus-chart | ACADIA Pharmaceuticals Inc. Quote
Zacks Rank & Stocks to Consider
Acadia currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Annovis Bio (ANVS - Free Report) , Anixa Biosciences (ANIX - Free Report) and Akero Therapeutics (AKRO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has remained constant at $2.46. During the same period, the consensus estimate for 2025 loss per share has narrowed from $1.95 to $1.91. Year to date, shares of ANVS have plunged 55.3%.
ANVS beat estimates in three of the trailing four quarters and missed once, delivering an average negative surprise of 1.39%.
In the past 60 days, the Zacks Consensus Estimate for Anixa Biosciences’ 2024 loss per share has narrowed from 44 cents to 43 cents. During the same time frame, the estimate for Anixa Biosciences’ 2025 loss per share has remained constant at 45 cents. Year to date, shares of ANIX have lost 17.5%.
ANIX beat estimates in three of the trailing four quarters and missed the mark once, delivering an average earnings surprise of 2.27%.
In the past 60 days, estimates for Akero Therapeutics’ 2024 loss per share have narrowed from $3.87 to $3.82. During the same period, loss per share estimates for 2025 have remained constant at $4.29. Year to date, shares of AKRO have gained 5.7%.
Akero’s earnings beat estimates in one of the trailing four quarters, missed twice and matched once, delivering an average negative surprise of 5.10%.