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Total Revenue: $278.6 million, up 11% year over year.

DAYBUE Net Sales: $101.1 million, marking the highest revenue and prescription volume since launch.

NUPLAZID Net Sales: $177.5 million, representing a 12% year-over-year growth.

Gross-to-Net Adjustment for DAYBUE: 22%.

Gross-to-Net Adjustment for NUPLAZID: 25%.

R&D Expenses: $87.8 million, up from $66.6 million in the previous year.

SG&A Expenses: $133.4 million, flat compared to the prior year.

Cash Balance: $847 million at the end of the quarter.

Full-Year 2025 Guidance for NUPLAZID: Raised to $685 million to $695 million.

Full-Year 2025 Guidance for DAYBUE: Adjusted to $385 million to $400 million.

Full-Year 2025 R&D Expense Guidance: $335 million to $345 million.

Full-Year 2025 SG&A Expense Guidance: $540 million to $555 million.

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Release Date: November 05, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) reported total revenues of $278.6 million for the third quarter, marking an 11% increase from the previous year.

DAYBUE achieved its highest net sales in a single quarter at $101.1 million, with over 1,000 unique patients globally receiving the treatment.

NUPLAZID delivered record net sales of $177.5 million, representing a 12% year-over-year growth driven by a 9% increase in volume.

The company initiated a Phase 2 study for ACP-204 in Lewy Body Dementia Psychosis and a Phase 3 study of trofinetide in Japan, indicating strong pipeline progress.

ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) ended the quarter with $847 million in cash, up from $762 million at the end of the second quarter, showcasing strong financial health.

Despite progress, DAYBUE's market penetration remains relatively low at about 40% in the US and only 27% in the community setting.

Penetration among patients older than 11 years is significantly lower, indicating a potential challenge in expanding the treatment's reach.

The company faces increased R&D expenses, which rose to $87.8 million in the third quarter, primarily due to higher clinical trial expenses.

ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) had a disappointing outcome in their Prader-Willi syndrome study, which did not meet expectations.

The company is making significant investments in expanding its field force, which could increase operational costs and impact short-term profitability.

Q: How is the expanded NUPLAZID client-facing force organized, and which areas have the most growth potential? A: Thomas Garner, Chief Commercial Officer, explained that the expansion, planned for Q1 next year, focuses on both community and long-term care (LTC) settings. Growth is seen across all channels, with a slight percentage increase in community investments. The expansion aims to optimize prescription pull-through wherever new NUPLAZID scripts are generated.

Q: What is considered a clinically meaningful score on the SAPS HD scale for ACP-204, and why is this scale used? A: Elizabeth Thompson, Executive Vice President and Head of Research and Development, stated that SAPS HD is a well-understood endpoint from previous trials. The Phase 2 study is powered for a moderate effect size of 0.4. The trial aims to assess efficacy and ensure the drug's appropriateness for Alzheimer's patients, focusing on avoiding adverse effects like sedation and motor issues.

Q: How do you anticipate DAYBUE's new patient starts will trend, and when will the Phase 2 trial in ADP finish enrollment? A: Thomas Garner noted that DAYBUE saw its highest referral rate since launch, with growth expected to continue into 2026. Elizabeth Thompson added that Phase 2 enrollment for ADP is expected to complete around Q2, with top-line results anticipated mid-year.

Q: Can you discuss the study conduct for ACP-204 and any insights from the blinded safety data? A: Elizabeth Thompson reported satisfaction with the study's progress and patient verification processes. A DSM-V monitors safety, and no concerning signals have emerged. However, she refrained from commenting on ongoing blinded data.

Q: What are your thoughts on the $2.5 billion and $12 billion peak sales guidance provided at your R&D Day? A: Catherine Owen Adams, CEO, stated that the peak sales aspiration is now $11 billion, adjusted for the ACP-101 program's failure. The commercial brands, NUPLAZID and DAYBUE, are expected to achieve $1.5 billion to $2 billion, with more clarity to be provided next year.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.