Acadia Pharmaceuticals (ACAD) FY2023 results: revenue $726 million, up 40.4% on the year

Acadia Pharmaceuticals Inc. (ACAD) reported revenue of $726 million for fiscal 2023, the year ended 31 December 2023, up 40.4% on the year before. Net income was -$61 million, and diluted earnings per share $-0.37. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$726 million

+40.4% on the year

FY2016FY2023

Operating margin

-10.1%

-43.2% a year earlier

FY2016FY2023

Net income

-$61 million

FY2016FY2023

Diluted EPS

-$0.37

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	726	517	484	+40.4%
Cost of revenue	41.6	10.2	19.1	+309.6%
Gross profit	685	507	473	+35.1%
Gross margin	94.3%	98.0%	97.8%
Research and development	352	362	239	-2.8%
Selling, general and administrative	407	369	396	+10.2%
Operating income	-73.4	-224	-170
Operating margin	-10.1%	-43.2%	-35.2%
Pre-tax income	-51.0	-213	-168
Income tax	10.2	2.5	0.4	+305.0%
Net income	-61.3	-216	-168
Net margin	-8.4%	-41.8%	-34.7%
Diluted EPS	-$0.37	-$1.34	-$1.05

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	16.7	-114	-126
Capital expenditure	0.1	0.0	1.1
Free cash flow	16.7	-114	-127
Free cash flow margin	2.3%	-22.0%	-26.2%
Cash from investing	32.0	73.2	-71.1	-56.3%
Cash from financing	25.1	8.2	18.2	+206.5%
Depreciation and amortisation	5.6	2.0	3.3	+174.0%
Share-based compensation	66.4	68.2	63.6	-2.6%
Diluted shares, weighted	164m	162m	160m	+1.3%
Shares outstanding at period end	165m	162m	161m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	432	400	541	+7.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	47.8	52.7	56.1	-9.3%
Other liabilities	269	135	103	+100.0%
Total liabilities and equity	749	588	700	+27.4%
Fixed assets	4.6	6.0	8.0	-23.4%
Intangible assets	65.5	0.0	0.0
Investments	250	302	373	-17.1%
Cash and equivalents	189	115	147	+64.3%
Receivables	98.3	62.2	64.4	+58.0%
Inventory	40.4	11.6	14.1	+249.9%
Other assets	101	91.2	92.9	+11.0%
Total assets	749	588	700	+27.4%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.