ACADIA Pharmaceuticals Inc. Reports Strong Revenue Growth in Q4 and Full Year 2023
Total Net Product Sales: $726.4 million in 2023, marking a 40% increase year-over-year.
DAYBUE Net Product Sales: $87.1 million in Q4 and $177.2 million for the full year 2023 post-launch.
NUPLAZID Net Product Sales: $143.9 million in Q4, contributing to $549.2 million for the full year, a 6% increase from 2022.
Net Income: Reported $45.8 million in Q4, a significant improvement from a net loss of $41.7 million in the same period last year.
Research and Development: R&D expenses decreased to $66.7 million in Q4 from $75.7 million in Q4 of 2022.
Cash Position: Cash, cash equivalents, and investment securities totaled $438.9 million as of December 31, 2023.
2024 Financial Guidance: DAYBUE sales projected between $370 to $420 million, and NUPLAZID sales between $560 to $590 million.
On February 27, 2024, ACADIA Pharmaceuticals Inc (NASDAQ:ACAD) released its 8-K filing, announcing its financial results for the fourth quarter and full year ended December 31, 2023. The biotechnology company, known for developing and commercializing products for central nervous system disorders, reported a significant 40% increase in total net product sales for the year, amounting to $726.4 million. This growth was primarily driven by the successful launch of DAYBUE (trofinetide), a treatment for Rett syndrome, which contributed $177.2 million to the annual sales.
Financial Performance and Operational Highlights
ACADIA's fourth quarter saw DAYBUE net product sales reach $87.1 million, while NUPLAZID (pimavanserin), the company's established product for Parkinson's disease psychosis, generated $143.9 million in the same period. The full year net product sales for NUPLAZID were $549.2 million, a 6% increase from the previous year, reflecting growth in unit sales and a higher average net selling price.
Steve Davis, Chief Executive Officer of ACADIA, highlighted the transformative year for the company, with the DAYBUE launch and growth in the NUPLAZID franchise positioning ACADIA for continued success. The company also advanced its pipeline with the initiation of Phase 3 trials for ACP-101 in Prader-Willi syndrome and a Phase 2/3 program for ACP-204 in Alzheimer's disease psychosis.
Financial Details and Future Outlook
Research and development expenses for Q4 2023 decreased to $66.7 million from $75.7 million in the same period of 2022, mainly due to a reduction in commercial supply build expenses for trofinetide. Selling, general, and administrative expenses increased to $111.5 million in Q4 2023, up from $104.4 million in Q4 2022, primarily due to costs associated with the DAYBUE launch.
ACADIA reported a net income of $45.8 million in Q4 2023, a substantial improvement from a net loss of $41.7 million in Q4 2022. However, the full year 2023 resulted in a net loss of $61.3 million, which was still a notable improvement from the net loss of $216.0 million in 2022. The company's cash, cash equivalents, and investment securities stood strong at $438.9 million as of December 31, 2023.
Looking ahead, ACADIA provided financial guidance for 2024, projecting DAYBUE net product sales in the range of $370 to $420 million and NUPLAZID net product sales between $560 to $590 million. The company anticipates GAAP R&D expenses to be between $305 to $325 million and GAAP SG&A expenses in the range of $455 to $480 million.
ACADIA's performance in 2023, particularly the successful launch of DAYBUE and the steady growth of NUPLAZID, underscores the company's potential in the biotechnology industry. The focus on central nervous system disorders and a strong pipeline of products set a positive trajectory for ACADIA's future growth and innovation.
For more detailed information, investors and interested parties are encouraged to listen to the conference call and webcast discussing the Q4 and full year 2023 results, which is available on ACADIA's website.
Explore the complete 8-K earnings release (here) from ACADIA Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
