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Dec 31, 2025
ACADIA Q4 2025 Earnings Report
ACADIA Q4 2025 Earnings Report
Key Takeaways
Acadia Pharmaceuticals achieved a significant milestone in 2025, surpassing $1 billion in annual revenue. Despite a non-recurring $20 million IRA rebate adjustment that impacted GAAP figures, the company saw strong underlying volume growth for NUPLAZID and double-digit growth for DAYBUE. Net income was significantly bolstered by a $250 million non-cash income tax benefit.
Surpassed $1 billion in annual revenue for the first time in company history.
NUPLAZID underlying volume grew 13% in Q4, despite GAAP revenue being impacted by a $20 million IRA rebate change in estimate.
DAYBUE net sales reached $110 million in Q4, representing 13% year-over-year growth.
Reported a substantial net income of $274 million for Q4, primarily driven by a $250 million non-cash income tax benefit related to deferred tax assets.
Revenue by Segment
Forward Guidance
Acadia provided full year 2026 guidance projecting continued growth across its commercial portfolio and increased investment in R&D and SG&A.
Positive Outlook
- Total 2026 revenue expected between $1.22 billion and $1.28 billion.
- NUPLAZID net sales projected to reach $760 to $790 million.
- DAYBUE net sales projected to reach $460 to $490 million.
- Planned full launch of DAYBUE STIX powder formulation in early Q2 2026.
- Phase 2 top-line results for remlifanserin expected in late 2026.
Challenges Ahead
- R&D expenses expected to increase to a range of $385 to $410 million.
- SG&A expenses expected to increase to a range of $660 to $700 million.
- Impact of IRA inflation cap rebates continues to affect gross-to-net calculations.
- Dependency on successful commercialization of only two primary products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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