- Revenue Growth: Total revenue reached $264.6M, driven by 14% YoY growth in DAYBUE ($96.1M) and 7% YoY growth in NUPLAZID ($168.5M).
- NUPLAZID Guidance Raised: Full-year sales guidance increased to $665M–$690M, reflecting 17% YoY referral growth and strong prescription momentum.
- Pipeline Expansion: 7 Phase II/III studies to initiate by 2026, including ACP-204 (Lewy body dementia psychosis) starting Q3 2025 and ACP-101 (Prader-Willi syndrome) with Q4 2025 readout.
- Financial Position: Cash balance of $762M as of Q2 2025, with R&D expenses at $78M and SG&A expenses rising to $133.5M.
- Market Penetration: DAYBUE achieved 30% penetration in the Rett syndrome community, with 70% of patients persisting on therapy for 12+ months.
Commercial Brands Drive Growth
The company's investments in patient support, community engagement, and field expansion are starting to make a positive impact. NUPLAZID's growth was driven by volume, with referrals up 17% year-over-year. The company is pleased with the steady growth of DAYBUE, with 987 new patient adds, and expects this to continue to accelerate with the new customer model. The company's commercial brands are driving growth, and its continued focus on patient support and community engagement is likely to sustain this momentum.
Pipeline Updates and Milestones
ACADIA provided an update on its pipeline programs, including ACP-211, an orally administered, selectively deuterated form of R-norketamine, and ACP-271, a GPR88 agonist. The company expects to initiate seven Phase II or Phase III studies over the course of 2025 and 2026, with five Phase II or Phase III readouts expected between 2025 and 2027. The company plans to initiate a Phase II study of ACP-204 in Lewy body dementia psychosis in Q3 2025 and expects to report top-line results from the COMPASS PWS Phase III study of ACP-101 in Q4 2025.
Valuation Metrics
ACADIA's current valuation metrics suggest that the company's strong growth prospects are priced in. With a P/E Ratio of 18.75, P/B Ratio of 5.07, and P/S Ratio of 4.11, the company's stock appears to be fairly valued. However, with a Free Cash Flow Yield of 4.47% and ROIC of 21.93%, the company's strong fundamentals are likely to support its valuation.