ACADIA Pharmaceuticals Inc. Reports Record Revenues in Q3 2023
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) reported record revenues in Q3 2023, driven by the strong launch of DAYBUE and growth in the NUPLAZID franchise.
Net product sales of DAYBUE and NUPLAZID reached $66.9 million and $144.8 million respectively.
The company reported a net loss of $65.2 million, or $0.40 per common share, for Q3 2023.
ACADIA's cash, cash equivalents and investment securities totaled $345.9 million as of September 30, 2023.
ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported record product revenue, highlighting the successful launch of DAYBUE for the treatment of Rett syndrome and market share growth for the NUPLAZID franchise.
Financial Highlights
Total revenues, comprised of net product sales from NUPLAZID and DAYBUE, were $211.7 million for the three months ended September 30, 2023. Net product sales of NUPLAZID were $144.8 million, marking an increase of approximately $14 million year over year. Net product sales of DAYBUE were $66.9 million for the quarter, marking the first full quarter of commercialization of DAYBUE following its launch on April 17, 2023.
Operating Expenses and Net Loss
Research and development expenses for Q3 2023 were $157.0 million, compared to $81.3 million for the same period in 2022. Selling, general and administrative expenses for the quarter were $97.9 million, compared to $78.1 million for the same period in 2022. The company reported a net loss of $65.2 million, or $0.40 per common share, for Q3 2023, compared to a net loss of $27.2 million, or $0.17 per common share, for the same period in 2022.
Cash and Investments
As of September 30, 2023, ACADIA's cash, cash equivalents and investment securities totaled $345.9 million, compared to $416.8 million at the end of 2022.
Financial Guidance
For the fourth quarter of 2023, ACADIA expects DAYBUE net sales to be in the range of $80 to $87.5 million. For the full year 2023, the company expects NUPLAZID net sales to be in the range of $537.5 to $545 million.
Company Overview
ACADIA is advancing breakthroughs in neuroscience to elevate life. The company developed and commercialized the first and only approved therapies for hallucinations and delusions associated with Parkinsons disease psychosis and for the treatment of Rett syndrome. ACADIA's clinical-stage development efforts are focused on treating the negative symptoms of schizophrenia, Prader-Willi syndrome, Alzheimers disease psychosis and neuropsychiatric symptoms in central nervous system disorders.
Explore the complete 8-K earnings release (here) from ACADIA Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
