Acadia Pharmaceuticals (ACAD) FY2022 results: revenue $517 million, up 6.8% on the year

Acadia Pharmaceuticals Inc. (ACAD) reported revenue of $517 million for fiscal 2022, the year ended 31 December 2022, up 6.8% on the year before. Net income was -$216 million, and diluted earnings per share $-1.34. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$517 million

+6.8% on the year

FY2015FY2022

Operating margin

-43.2%

-35.2% a year earlier

FY2015FY2022

Net income

-$216 million

FY2015FY2022

Diluted EPS

-$1.34

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	517	484	442	+6.8%
Cost of revenue	10.2	19.1	10.2	-46.9%
Gross profit	507	473	432	+7.1%
Gross margin	98.0%	97.8%	97.7%
Research and development	362	239	319	+51.0%
Selling, general and administrative	369	396	389	-6.8%
Operating income	-224	-170	-287
Operating margin	-43.2%	-35.2%	-64.9%
Pre-tax income	-213	-168	-281
Income tax	2.5	0.4	0.6	+621.1%
Net income	-216	-168	-282
Net margin	-41.8%	-34.7%	-63.7%
Diluted EPS	-$1.34	-$1.05	-$1.79

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	-114	-126	-136
Capital expenditure	0.0	1.1	7.6
Free cash flow	-114	-127	-144
Free cash flow margin	-22.0%	-26.2%	-32.5%
Cash from investing	73.2	-71.1	193
Cash from financing	8.2	18.2	81.0	-54.9%
Depreciation and amortisation	2.0	3.3	2.9	-39.4%
Share-based compensation	68.2	63.6	84.4	+7.2%
Diluted shares, weighted	162m	160m	157m	+0.7%
Shares outstanding at period end	162m	161m	160m	+0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	400	541	627	-26.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	52.7	56.1	44.5	-6.1%
Other liabilities	135	103	111	+30.7%
Total liabilities and equity	588	700	783	-16.0%
Fixed assets	6.0	8.0	9.2	-25.2%
Intangible assets	0.0	0.0	1.1
Investments	302	373	306	-19.1%
Cash and equivalents	115	147	326	-22.1%
Receivables	62.2	64.4	48.2	-3.4%
Inventory	11.6	14.1	9.7	-18.0%
Other assets	91.2	92.9	82.5	-1.8%
Total assets	588	700	783	-16.0%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.