Acadia Pharmaceuticals Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 6 May 2026: press release. Guidance figures: 5 kept. The quarter’s numbers.

Key takeaways

Total revenue rose 10%: Total revenues were $268 million, up 10% from $244 million a year earlier and up 11% from the non-GAAP adjusted $242 million. Only NUPLAZID and DAYBUE product sales made up the total. Source
DAYBUE sales grew 20%: DAYBUE net product sales were $101 million, up 20% from $85 million in the first quarter of 2025. Source
DAYBUE STIX full launch underway: The full U.S. launch of the DAYBUE STIX powder formulation is underway following the focused launch period. Source
SG&A rose $45 million on field investment: SG&A was $171 million, against $126 million a year earlier. Management attributed the increase to investments supporting NUPLAZID and DAYBUE growth. Source
Cash and investments rose to $851 million: Cash, cash equivalents and investment securities were $851 million at March 31, 2026, against $820 million at December 31, 2025. Source
Remlifanserin readout still on track: Phase 2 topline results for remlifanserin in Alzheimer's disease psychosis remain on track for August to October 2026. Source
Full-year 2026 guidance reaffirmed: Management reaffirmed the 2026 guidance first provided on February 25, 2026, covering revenue, product sales, R&D and SG&A. Source

“We are very encouraged by the early enthusiasm for DAYBUE STIX, which is now broadly available in the U.S., and by the initial uptake during our focused launch.”
Catherine Owen Adams, Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Total revenues Source	Full year 2026	$1.22 to $1.28 billion	Kept
NUPLAZID net product sales Source	Full year 2026	$760 to $790 million	Kept
DAYBUE net product sales Source	Full year 2026	$460 to $490 million	Kept
R&D expense Source	Full year 2026	$385 to $410 million	Kept
SG&A expense Source	Full year 2026	$660 to $700 million	Kept

What changed from last quarter

New: Enrollment in the trofinetide trial in Japan was accelerated, and topline timing was set at September to November 2026. Source

Results and growth drivers

Total revenue rose 10%: Total revenues were $268 million, up 10% from $244 million a year earlier and up 11% from the non-GAAP adjusted $242 million. Only NUPLAZID and DAYBUE product sales made up the total. Source
Net income fell to $4 million: Net income was $4 million, or $0.02 per diluted share, against $19 million, or $0.11 per diluted share, in the first quarter of 2025. Source
Operating result turned to loss: Loss from operations was $4.6 million, against operating income of $19.3 million a year earlier. Total operating expenses were $272.7 million. Source

Segments and products

DAYBUE sales grew 20%: DAYBUE net product sales were $101 million, up 20% from $85 million in the first quarter of 2025. Source
NUPLAZID sales rose 5%: NUPLAZID GAAP net product sales were $167 million, up 5% from $160 million. Against the non-GAAP adjusted $157 million for the first quarter of 2025, the increase was 6%. Source
IRA rebate estimate adjusted in non-GAAP: Non-GAAP figures adjust for a change in estimate on NUPLAZID IRA rebate accruals. The prior-year NUPLAZID figure was adjusted from $159.7 million to $157.4 million. Source

“As we look ahead, we remain focused on advancing our deep, differentiated pipeline, with remlifanserin representing a key value driver as we approach expected Phase 2 topline data in Alzheimer’s disease psychosis later this year.”
Catherine Owen Adams, Chief Executive Officer

Products and customers

DAYBUE STIX full launch underway: The full U.S. launch of the DAYBUE STIX powder formulation is underway following the focused launch period. Source
About 30% of STIX patients new or returning: Roughly 30% of STIX patients are either treatment-naive or returning after previously stopping the liquid formulation. Source

Costs and operating expenses

SG&A rose $45 million on field investment: SG&A was $171 million, against $126 million a year earlier. Management attributed the increase to investments supporting NUPLAZID and DAYBUE growth. Source
R&D spend held near prior level: Research and development expense was $77 million, against $78 million in the first quarter of 2025. Source
Cost of product sales increased: Cost of product sales was $24.8 million, against $20.4 million a year earlier. The statement footnotes that this line includes license fees and royalties. Source

“We are reaffirming our full year guidance and remain confident in our ability to deliver long‑term value for both patients and shareholders.”
Catherine Owen Adams, Chief Executive Officer

Cash and balance sheet

Cash and investments rose to $851 million: Cash, cash equivalents and investment securities were $851 million at March 31, 2026, against $820 million at December 31, 2025. Source
Receivables grew from year-end: Accounts receivable, net was $135.4 million at March 31, 2026, against $121.5 million at December 31, 2025. Source
Diluted share count increased: Weighted average diluted shares were 172.7 million, against 167.7 million in the first quarter of 2025. Source

Pipeline, guidance and timing

Remlifanserin readout still on track: Phase 2 topline results for remlifanserin in Alzheimer's disease psychosis remain on track for August to October 2026. Source
Japan trofinetide trial timing set: Enrollment in the Japan trofinetide trial accelerated, and topline results are now anticipated for September to November 2026. Source
Full-year 2026 guidance reaffirmed: Management reaffirmed the 2026 guidance first provided on February 25, 2026, covering revenue, product sales, R&D and SG&A. Source

Coming up, as management said on 6 May 2026

Remlifanserin Phase 2 readout: Topline results from the Phase 2 remlifanserin study in Alzheimer's disease psychosis are expected between August and October 2026. Source
Japan trofinetide topline results: Topline results from the trofinetide trial in Japan are now anticipated in the September to November 2026 timeframe. Source

Figures management reported

Figure	Reported
NUPLAZID net product sales (GAAP) Source	$167 million
DAYBUE net product sales Source	$101 million
Research and development expense Source	$77 million
Remlifanserin Phase 2 topline timing (Alzheimer's disease psychosis) Source	August to October 2026
Trofinetide Japan trial topline timing Source	September to November 2026

Earlier plans management reported on

Not stated: Management reaffirmed the full-year 2026 guidance ranges in this quarter's release. Source
On track: Management states the remlifanserin Phase 2 topline readout timing remains on track. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Acadia Pharmaceuticals Reports First Quarter 2026 Financial Results and Reaffirms 2026 Financial Guidance

First quarter DAYBUE® GAAP net sales of $101 million, up 20% year-over-year; Successful Launch of DAYBUE STIX Underway
First quarter NUPLAZID®GAAP net sales of $167 million, up 6% year-over-year on a non-GAAP adjusted basis
Reaffirms expectation for topline results from the Phase 2 remlifanserin study in Alzheimer’s disease psychosis between August and October 2026

SAN DIEGO, CA, May 6, 2026 - Acadia Pharmaceuticals Inc. (Nasdaq: ACAD), today announced its financial results for the first quarter ended March 31, 2026.

“Acadia delivered a solid first quarter of 2026 with total revenues of $268 million, driven by a strong start from DAYBUE, which generated sales of $101 million,” said Catherine Owen Adams, Chief Executive Officer. “We are very encouraged by the early enthusiasm for DAYBUE STIX, which is now broadly available in the U.S., and by the initial uptake during our focused launch. NUPLAZID generated sales of $167 million, supported by strong new referrals and underlying demand, with performance strengthening as the quarter progressed. As we look ahead, we remain focused on advancing our deep, differentiated pipeline, with remlifanserin representing a key value driver as we approach expected Phase 2 topline data in Alzheimer’s disease psychosis later this year. We are reaffirming our full year guidance and remain confident in our ability to deliver long‑term value for both patients and shareholders.”

Company Updates

Full launch of DAYBUE STIX (trofinetide) in the U.S. is underway, with ~30% of STIX patients being either treatment-naive or returning after previously discontinuing the liquid formulation.

Phase 2 topline results readout from the remlifanserin Alzheimer’s disease psychosis study remains on track for August to October 2026 timeframe.

Accelerated enrollment in the trofinetide clinical trial in Japan, with topline results now anticipated in the September to November 2026 timeframe.

Delphi expert consensus panel recently recommended DAYBUE as part of the standard of care for eligible patients with Rett syndrome.

Financial Results

Revenues

GAAP total revenues, comprised of net product sales from NUPLAZID and DAYBUE, were $268 million for the first quarter of 2026, up 10% as compared to GAAP total revenues of $244 million in the first quarter of 2025, and up 11% as compared to non-GAAP adjusted total revenues of $242 million in the first quarter of 2025.

GAAP net product sales of NUPLAZID were $167 million for the first quarter of 2026, up 5% compared to GAAP net product sales of $160 million for the first quarter of 2025, and up 6% as compared to non-GAAP adjusted net product sales of $157 million for the first quarter of 2025.

Net product sales of DAYBUE were $101 million for the first quarter of 2026, an increase of 20% as compared to $85 million for the first quarter of 2025.

A reconciliation of NUPLAZID non‑GAAP adjusted net sales and non‑GAAP adjusted total revenues is provided in Table 1. A description of these adjustments is included under ‘Non-GAAP Financial Measures.’

Research and Development

Research and development expenses for the first quarter of 2026 were $77 million, compared to $78 million for the same period of 2025.

Selling, General and Administrative

Selling, general and administrative expenses for the first quarter of 2026 were $171 million, compared to $126 million for the same period of 2025. The increase in selling, general and administrative expenses during the first quarter was primarily driven by increased investments to support continued growth of NUPLAZID and DAYBUE.

Net Income

For the first quarter of 2026, Acadia reported net income of $4 million, or $0.02 per diluted share, compared to a net income of $19 million, or $0.11 per diluted share, for the same period in 2025.

Cash and Investments

At March 31, 2026, Acadia’s cash, cash equivalents, and investment securities totaled $851 million, compared to $820 million at December 31, 2025.

Full Year 2026 Financial Guidance (GAAP):

Acadia is reaffirming its 2026 guidance as first provided on February 25, 2026:

Total revenues of $1.22 to $1.28 billion

NUPLAZID net product sales in the range of $760 to $790 million.

DAYBUE net product sales in the range of $460 to $490 million.

R&D expense in the range of $385 to $410 million.

SG&A expense in the range of $660 to $700 million.

Conference Call and Webcast Information

Acadia will host a conference call to discuss the first quarter 2026 results today, Wednesday, May 6, 2026 at 1:30 p.m. PT/4:30 p.m. ET. The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call.

About NUPLAZID® (pimavanserin)

Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID.

About DAYBUE® (trofinetide)

Trofinetide is a synthetic version of a naturally occurring molecule known as the tripeptide glycine-proline-glutamate (GPE). The mechanism by which trofinetide exerts therapeutic effects in patients with Rett syndrome is unknown. Trofinetide was approved for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older by the U.S. Food and Drug Administration in March 2023 under the trade name DAYBUE or DAYBUE STIX.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

Non-GAAP Financial Measures

This press release contains the following financial measures that that do not comply with U.S. generally accepted accounting principles (GAAP): non-GAAP adjusted net sales for NUPLAZID for the first quarter of 2025 and non-GAAP adjusted total revenues for the first quarter of 2025. In preparing these non-GAAP financial results, the Company includes adjustments made to reflect the impact of a change in estimate related to NUPLAZID IRA rebate accruals. Please refer to our press release dated February 25, 2026, for additional details. These non-GAAP financial measures complement GAAP results and are used by management to analyze financial performance and evaluate period-to-period changes. Management believes these non-GAAP financial measures are useful to investors and other users of the Company’s financial statements to facilitate period-to-period comparability. These non-GAAP financial measures are not meant to be considered as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are unlikely to be comparable with non-GAAP disclosures released by other companies.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact and can be identified by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential,” “guidance,” “continue” and similar expressions (including the negative thereof) intended to identify forward-looking statements. Forward-looking statements contained in this press release, include, but are not limited to, statements about: (i) our business strategy, objectives and opportunities, including support for and innovations in our pipeline assets and business development opportunities, DAYBUE sales growth, interest in DAYBUE STIX, and potential for enhanced shareholder value; (ii) plans for, including timing, development and progress of commercialization or regulatory timelines for our products, including NUPLAZID and DAYBUE, and our product candidates; (iii) benefits to be derived from and efficacy of our products, including the potential advantages of our products; (iv) the timing and conduct of our clinical trials; and (v) our estimates regarding our future financial performance, profitability, capital requirements or expenses, including our full year 2026 financial guidance. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to: our dependency on the continued successful commercialization of our products and our ability to maintain or increase sales of our products; our plans to continue commercial growth; the costs of our commercialization plans and development programs, and the financial impact or revenues from any commercialization we undertake; our ability to obtain necessary regulatory approvals for our product candidates and, if and when approved, market acceptance of our products; the risks associated with clinical trials and their outcomes, including risks of unsuccessful enrollment and negative or inconsistent results; our dependence on third-party collaborators, clinical research organizations, manufacturers, suppliers and distributors; the impact of competitive products and therapies; our ability to generate or obtain the necessary capital to fund our operations; our ability to grow, equip and train our specialized sales forces; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; and our ability to continue to stay in compliance with applicable laws and regulations. Given the risks and uncertainties, you should not place undue reliance on these forward-looking statements. For a discussion of these and other risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ, please refer to our annual report on Form 10-K for the year ended December 31, 2025 as well as our subsequent filings with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein are made as of the date hereof, and we undertake no obligation to update them after this date, except as required by law.

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

	Three Months Ended March 31,
	2026	2025
Revenues
Product sales, net	$268,062	$244,317
Total revenues	268,062	244,317
Operating expenses
Cost of product sales (1)(2)	24,791	20,392
Research and development	76,868	78,265
Selling, general and administrative	171,019	126,370
Total operating expenses	272,678	225,027
(Loss) income from operations	(4,616)	19,290
Interest income, net	8,055	7,901
Other income	542	588
Income before income taxes	3,981	27,779
Income tax expense	344	8,792
Net income	$3,637	$18,987
Earnings per share:
Basic	$0.02	$0.11
Diluted	$0.02	$0.11
Weighted average common shares outstanding:
Basic	170,517	166,808
Diluted	172,706	167,668
Includes license fees and royalties
Includes the following stock-based compensation expense
Cost of product sales	$328	$334
Research and development	$4,142	$3,433
Selling, general and administrative	$10,228	$7,613

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	March 31, 2026	December 31, 2025
	(unaudited)
Assets
Cash, cash equivalents and investment securities	$851,458	$819,686
Accounts receivable, net	135,350	121,457
Interest and other receivables	13,034	26,774
Inventory	31,574	34,670
Prepaid expenses	64,600	59,526
Total current assets	1,096,016	1,062,113
Property and equipment, net	14,652	7,511
Operating lease right-of-use assets	46,274	47,354
Intangible assets, net	106,171	108,893
Restricted cash	7,846	7,845
Long-term inventory	80,719	76,704
Deferred tax assets	249,624	249,879
Other assets	3,928	3,896
Total assets	$1,605,230	$1,564,195
Liabilities and stockholders’ equity
Accounts payable	$12,246	$10,903
Accrued liabilities	293,278	266,211
Total current liabilities	305,524	277,114
Operating lease liabilities	39,003	40,554
Other long-term liabilities	12,637	19,137
Total liabilities	357,164	336,805
Total stockholders’ equity	1,248,066	1,227,390
Total liabilities and stockholders’ equity	$1,605,230	$1,564,195

Table 1. ACADIA PHARMACEUTICALS INC.

NON-GAAP RECONCILIATION

(in millions)

(Unaudited)

	1Q25	1Q26
GAAP NUPLAZID Net Sales	$159.7	$166.9
Allocation of 2025 Amount	$(2.3)	$ -
Non-GAAP Adjusted NUPLAZID Net Sales	$157.4	$166.9
DAYBUE Net Sales	$84.6	$101.2
Non-GAAP Adjusted Total Revenues	$242.0	$268.1

1. Prange EO, Beisang A, Pehlivan D, et al. Expert Consensus on Real-World Use of Trofinetide for Rett Syndrome Using a Modified Delphi Method. Ann Child Neurol. 2026; 4:38-51

Contacts
Al Kildani
(858) 261-2872 ir@acadia-pharm.com
Jessica Tieszen
(858) 261-2950 ir@acadia-pharm.com
Deb Kazenelson (818) 395-3043 media@acadia-pharm.com
References