Acadia Pharmaceuticals Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 4 August 2026: press release. Guidance figures: 2 raised, 1 lowered, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Total revenue grew 17 percent adjusted: Second quarter GAAP total revenues of $308 million, up 16 percent year-over-year on a GAAP basis and 17 percent on a non-GAAP adjusted basis from $265 million and $262 million respectively in Q2 2025. Source
• DAYBUE sales accelerated to 30 percent growth: DAYBUE net sales reached $125 million in Q2 2026, accelerating from 20 percent growth in Q1 to 30 percent year-over-year growth, compared to $96 million in Q2 2025. Source
• NUPLAZID grew 10 percent non-GAAP adjusted: NUPLAZID net sales of $183 million in Q2 2026, up 10 percent on a non-GAAP adjusted basis from $166 million in Q2 2025 and up 9 percent on a GAAP basis from $168 million. Source
• DAYBUE STIX uptake drove strong performance: DAYBUE STIX, launched during first quarter, achieved robust patient uptake and continued driving demand through second quarter with strong commercial execution. Source
• NUPLAZID benefited from expanded sales force: NUPLAZID momentum improved with newly expanded sales force gaining traction in field, driving strong growth in new-to-brand prescriptions. Source
• Full-year revenue guidance increased: Total revenue guidance raised to $1.24 to $1.30 billion from $1.22 to $1.28 billion, reflecting strong DAYBUE performance in first half of 2026. Source
• DAYBUE annual sales guidance raised: DAYBUE full-year net sales guidance increased to $480 to $510 million from $460 to $490 million, reflecting stronger-than-expected commercial uptake. Source
• Phase 2 enrollment completed in Alzheimer's: Completed enrollment in Phase 2 portion of RADIANT program evaluating remlifanserin for Alzheimer's disease psychosis and initiated Phase 3 screening and enrollment. Source
• FDA granted Fast Track designation: Received FDA Fast Track designation for remlifanserin for treatment of hallucinations and delusions associated with Alzheimer's disease psychosis, expediting regulatory review pathway. Source
• EMA positive opinion for DAYBU Rett syndrome: Committee for Medicinal Products for Human Use of European Medicines Agency adopted positive opinion recommending marketing authorization of DAYBU for Rett syndrome in adults and pediatric patients aged five years and older. Source
• 2028 net sales target of $1.7 billion: Management remains confident that both DAYBUE and NUPLAZID franchises are on track to achieve approximately $1.7 billion in annual net sales by 2028. Source

“Acadia delivered an outstanding second quarter, highlighted by strong commercial execution across both DAYBUE and NUPLAZID, resulting in total revenue growth of 17% year-over-year on an adjusted basis.”

Catherine Owen Adams, Chief Executive Officer

Guidance

What changed from last quarter

• Guidance raised: Total revenue guidance raised to $1.24-$1.30 billion midpoint $1.27B from $1.22-$1.28 billion midpoint $1.25B, reflecting stronger-than-expected DAYBUE performance in first half. Source
• Guidance raised: DAYBUE full-year sales guidance increased to $480-$510 million from $460-$490 million, up $20 million at midpoint, due to robust STIX uptake and patient demand. Source
• Guidance lowered: R&D expense guidance lowered to $355-$380 million from $385-$410 million, reducing midpoint by $30 million, suggesting more efficient development spending. Source
• New: FDA granted Fast Track designation for remlifanserin in development for hallucinations and delusions associated with Alzheimer's disease psychosis, facilitating faster regulatory review. Source
• New: EMA Committee for Medicinal Products for Human Use adopted positive opinion recommending marketing authorization of DAYBU for Rett syndrome in adults and pediatric patients five years and older. Source

Q2 Revenue and Growth

• Total revenue grew 17 percent adjusted: Second quarter GAAP total revenues of $308 million, up 16 percent year-over-year on a GAAP basis and 17 percent on a non-GAAP adjusted basis from $265 million and $262 million respectively in Q2 2025. Source
• DAYBUE sales accelerated to 30 percent growth: DAYBUE net sales reached $125 million in Q2 2026, accelerating from 20 percent growth in Q1 to 30 percent year-over-year growth, compared to $96 million in Q2 2025. Source
• NUPLAZID grew 10 percent non-GAAP adjusted: NUPLAZID net sales of $183 million in Q2 2026, up 10 percent on a non-GAAP adjusted basis from $166 million in Q2 2025 and up 9 percent on a GAAP basis from $168 million. Source

Commercial Execution and Product Drivers

• DAYBUE STIX uptake drove strong performance: DAYBUE STIX, launched during first quarter, achieved robust patient uptake and continued driving demand through second quarter with strong commercial execution. Source
• NUPLAZID benefited from expanded sales force: NUPLAZID momentum improved with newly expanded sales force gaining traction in field, driving strong growth in new-to-brand prescriptions. Source
• Management characterized results as outstanding: CEO described second quarter as outstanding, highlighting strong commercial execution across both DAYBUE and NUPLAZID franchises. Source

“For DAYBUE, continued patient demand and robust uptake of STIX drove another quarter of strong performance. For NUPLAZID, we continued to see strong momentum, especially in new-to-brand prescriptions as our recently expanded sales force gained traction in the field.”

Catherine Owen Adams, Chief Executive Officer

2026 Guidance Raised

• Full-year revenue guidance increased: Total revenue guidance raised to $1.24 to $1.30 billion from $1.22 to $1.28 billion, reflecting strong DAYBUE performance in first half of 2026. Source
• DAYBUE annual sales guidance raised: DAYBUE full-year net sales guidance increased to $480 to $510 million from $460 to $490 million, reflecting stronger-than-expected commercial uptake. Source
• NUPLAZID guidance reaffirmed at prior range: NUPLAZID guidance maintained at $760 to $790 million for full year 2026, unchanged from first quarter guidance despite improving momentum. Source
• R&D spending expectation reduced: R&D expense guidance lowered to $355 to $380 million from $385 to $410 million, reducing full-year expectation by approximately $30 million at midpoint. Source

Remlifanserin Pipeline and Regulatory

• Phase 2 enrollment completed in Alzheimer's: Completed enrollment in Phase 2 portion of RADIANT program evaluating remlifanserin for Alzheimer's disease psychosis and initiated Phase 3 screening and enrollment. Source
• FDA granted Fast Track designation: Received FDA Fast Track designation for remlifanserin for treatment of hallucinations and delusions associated with Alzheimer's disease psychosis, expediting regulatory review pathway. Source

“We remain confident that both franchises are on track to achieve our long-term ambition of approximately $1.7 billion in annual net sales in 2028.”

Catherine Owen Adams, Chief Executive Officer

European Regulatory Progress

• EMA positive opinion for DAYBU Rett syndrome: Committee for Medicinal Products for Human Use of European Medicines Agency adopted positive opinion recommending marketing authorization of DAYBU for Rett syndrome in adults and pediatric patients aged five years and older. Source
• European approval would be first in EU: If approved by the European Commission, DAYBU would become the first authorized treatment for Rett syndrome in the European Union. Source

Operating Expenses and Profitability

• SG&A expenses increased to support growth: SG&A expenses in second quarter were $160.3 million, up from $133.5 million in Q2 2025, reflecting continued investments in sales force expansion. Source
• R&D expenses increased modestly: Research and development expenses were $81.6 million in Q2 2026, up slightly from $78.0 million in Q2 2025, supporting pipeline advancement. Source
• Net income and EPS improved year-over-year: Net income of $31.5 million in Q2 2026, or $0.18 diluted EPS, compared to $26.7 million or $0.16 diluted EPS in Q2 2025. Source

Cash Position and Balance Sheet

• Cash and investments increased to $956 million: Cash, cash equivalents, and investment securities totaled $956.5 million at June 30, 2026, compared to $819.7 million at December 31, 2025, providing ample liquidity. Source

Long-Term Ambitions and Strategy

• 2028 net sales target of $1.7 billion: Management remains confident that both DAYBUE and NUPLAZID franchises are on track to achieve approximately $1.7 billion in annual net sales by 2028. Source

Coming up, as management said on 4 August 2026

• Phase 2 remlifanserin topline results: Topline results from Phase 2 RADIANT program evaluating remlifanserin in Alzheimer's disease psychosis expected in September to October 2026. Source
• DAYBU European Commission decision: European Commission expected to make decision on DAYBU marketing authorization based on EMA CHMP positive opinion. Source
• Phase 3 enrollment for remlifanserin: Phase 3 screening and enrollment for remlifanserin underway with topline Phase 2 results expected to inform Phase 3 strategy. Source
• Trofinetide Japan trial results: Topline results from trofinetide clinical trial in Japan anticipated in September to November 2026 timeframe.

Earlier plans management reported on

• On track: Management stated both DAYBUE and NUPLAZID franchises remain on track for approximately $1.7 billion in annual net sales by 2028. Source
• On track: Phase 2 results timing refined from August to October to September to October 2026 but remains on track for late Q3 or Q4 readout. Source
• On track: NUPLAZID guidance reaffirmed at $760 to $790 million for full year 2026 despite improving momentum. Source
• Ahead of plan: DAYBUE guidance raised to $480 to $510 million from $460 to $490 million, indicating ahead of original plan. Source

Other quarters

• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

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.