Acadia Pharmaceuticals (ACAD) FY2021 results: revenue $484 million, up 9.6% on the year

Acadia Pharmaceuticals Inc. (ACAD) reported revenue of $484 million for fiscal 2021, the year ended 31 December 2021, up 9.6% on the year before. Net income was -$168 million, and diluted earnings per share $-1.05. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$484 million

+9.6% on the year

FY2014FY2021

Operating margin

-35.2%

-64.9% a year earlier

FY2014FY2021

Net income

-$168 million

FY2014FY2021

Diluted EPS

-$1.05

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	484	442	339	+9.6%
Cost of revenue	19.1	10.2	11.3	+87.5%
Gross profit	473	432	328	+9.7%
Gross margin	97.8%	97.7%	96.7%
Research and development	239	319	240	-25.0%
Selling, general and administrative	396	389	326	+1.9%
Operating income	-170	-287	-247
Operating margin	-35.2%	-64.9%	-72.7%
Pre-tax income	-168	-281	-234
Income tax	0.4	0.6	0.9	-42.6%
Net income	-168	-282	-235
Net margin	-34.7%	-63.7%	-69.4%
Diluted EPS	-$1.05	-$1.79	-$1.60

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	-126	-136	-151
Capital expenditure	1.1	7.6	1.1	-85.2%
Free cash flow	-127	-144	-152
Free cash flow margin	-26.2%	-32.5%	-44.9%
Cash from investing	-71.1	193	-166
Cash from financing	18.2	81.0	372	-77.6%
Depreciation and amortisation	3.3	2.9	2.8	+14.1%
Share-based compensation	63.6	84.4	82.3	-24.6%
Diluted shares, weighted	160m	157m	n/a	+2.0%
Shares outstanding at period end	161m	160m	155m	+0.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	541	627	699	-13.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	56.1	44.5	6.4	+26.2%
Other liabilities	103	111	77.7	-7.2%
Total liabilities and equity	700	783	783	-10.5%
Fixed assets	8.0	9.2	3.2	-12.2%
Intangible assets	0.0	1.1	2.6
Investments	373	306	508	+22.0%
Cash and equivalents	147	326	190	-54.8%
Receivables	64.4	48.2	35.8	+33.4%
Inventory	14.1	9.7	6.3	+45.6%
Other assets	92.9	82.5	37.9	+12.7%
Total assets	700	783	783	-10.5%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.