Acadia Pharmaceuticals Reports Strong Fourth Quarter and Record Full-Year 2025 Financial Results, Highlights Pipeline Progress and Strategic Expansion
Acadia Pharmaceuticals Inc today announced its financial results for the fourth quarter and full-year ended December 31, 2025, marking a milestone year in the Company’s growth trajectory. The year was characterized by record-breaking revenue, robust sales performance for its flagship therapies, and continued advancement of its research and development pipeline, positioning Acadia as a leader in neurological and rare disease therapeutics.
Catherine Owen Adams, Chief Executive Officer of Acadia Pharmaceuticals, stated, “Acadia closed 2025 with another strong quarter, capping a milestone year in which we surpassed $1 billion in annual revenue for the first time. Our portfolio continues to deliver meaningful value to patients and shareholders alike. NUPLAZID maintained momentum with underlying volume growth reflecting consistent market demand, and we saw encouraging adoption trends for DAYBUE as we prepare for an expanded launch of our new DAYBUE STIX formulation in early 2026. Importantly, our pipeline, anchored by remlifanserin, continues to advance strategically, with a key Phase 2 RADIANT study in Alzheimer’s disease psychosis expected to provide top-line results between August and October 2026, representing a significant potential catalyst for the Company.”
Strategic Business Updates and Expansion Initiatives
In 2025, Acadia Pharmaceuticals executed multiple strategic initiatives to strengthen its commercial presence and enhance its long-term growth prospects. Notably, the Company completed a major expansion of its NUPLAZID customer-facing teams, increasing its sales representative force by 30%. This expansion, which was implemented early in 2026, is now fully deployed in the field and is designed to support continued growth for NUPLAZID by increasing outreach and engagement with healthcare providers.
Acadia also made significant progress in advancing DAYBUE (trofinetide) in the market. The Company successfully shipped the first patient supply of DAYBUE STIX, an oral powder formulation of trofinetide, with additional product supply stocked in the channel. This launch sets the stage for a broader commercial rollout in the early second quarter of 2026. The DAYBUE STIX formulation is expected to improve patient convenience and expand accessibility, reflecting Acadia’s commitment to innovation and patient-centered care.
On the research and development front, the Phase 2 RADIANT study evaluating remlifanserin in Alzheimer’s disease psychosis is progressing on schedule. The Company anticipates top-line results between August and October 2026. This study represents a potential inflection point for Acadia, as positive results could expand the Company’s footprint in the Alzheimer’s disease psychosis market and further solidify its leadership in neuropsychiatric therapeutics.
Financial Highlights: Revenue Performance
Acadia’s fourth-quarter and full-year 2025 financial results underscore its strong commercial execution and revenue growth.
Fourth Quarter 2025 Performance
- GAAP total revenues reached $284 million for the fourth quarter.
- GAAP net product sales for NUPLAZID totaled $174 million, reflecting volume-driven growth, even after accounting for the first invoices under the Inflation Reduction Act (IRA) for NUPLAZID inflation cap rebates.
- DAYBUE net product sales were $110 million, benefiting from expanded market reach and ongoing international patient supply programs.
Full-Year 2025 Performance
- GAAP total revenues for 2025 were $1.07 billion, marking the first time Acadia surpassed the $1 billion annual revenue milestone.
- NUPLAZID net product sales totaled $680 million, representing consistent growth across quarters.
- DAYBUE net product sales reached $391 million, driven by growing adoption and increased unit sales.
Acadia also provides non-GAAP revenue figures to adjust for non-recurring accounting impacts related to the IRA inflation cap rebates for NUPLAZID. During the fourth quarter of 2025, the Company received invoices under the IRA that were higher than initially anticipated, resulting in a $20 million change in estimate for rebate accruals covering fiscal years 2022 through 2025. Under GAAP accounting rules, the full adjustment was recognized in 2025, which increased gross-to-net adjustments and lowered reported NUPLAZID net sales for the year.
Importantly, this accounting adjustment does not reflect the underlying commercial strength of NUPLAZID. Volume for NUPLAZID grew 9% for the full year 2025 and 13% in the fourth quarter. By applying non-GAAP adjustments, Acadia allocated the $20 million change in estimate across the relevant fiscal years, thereby presenting a clearer picture of the product’s underlying performance. Non-GAAP adjusted net sales for NUPLAZID in the fourth quarter reached $189 million, a 17% increase compared to $161 million in the same period in 2024. For the full year, non-GAAP adjusted net sales for NUPLAZID totaled $692 million, up 15% year-over-year.
Similarly, DAYBUE’s non-GAAP adjusted net product sales were $110 million in Q4, a 13% increase compared to the same quarter in 2024, while full-year 2025 net sales reached $391 million, up 12% from the prior year. Overall, non-GAAP adjusted total revenues for 2025 were $1.08 billion, reflecting year-over-year growth of 14%.
Operational Expenses and Profitability
Acadia’s operational efficiency and strategic spending contributed to strong net income results for 2025.
Research and Development (R&D)
- Fourth-quarter R&D expenses totaled $85 million, down from $101 million in the same period of 2024. This decrease was primarily due to a $28 million upfront payment made in Q4 2024 for ACP-711 to Saniona.
- For the full year, R&D expenses increased slightly to $329 million from $303 million in 2024, reflecting ongoing investment in the Company’s deep and diverse pipeline.
Selling, General, and Administrative (SG&A)
- SG&A expenses for Q4 2025 were $156 million, up from $130 million in Q4 2024, largely driven by increased marketing investments and expanded field operations to support NUPLAZID and DAYBUE growth.
- Full-year SG&A expenses rose to $549 million, compared to $488 million in 2024, reflecting strategic investments in commercialization and brand development.
Net Income
Acadia reported a robust net income of $274 million for Q4 2025, or $1.60 per diluted share, compared to $144 million, or $0.86 per diluted share, for Q4 2024. The quarterly results included a non-cash income tax benefit of $250 million due to the valuation allowance on deferred tax assets, which underscores the Company’s sustained commercial performance and anticipated future taxable income.
For the full year, Acadia’s net income reached $391 million, or $2.30 per diluted share, up from $226 million, or $1.36 per diluted share, in 2024. This growth reflects strong sales execution, operational efficiency, and strategic investment in high-potential pipeline assets.
Cash and Investments
Acadia ended 2025 with a strong balance sheet, reflecting prudent financial management and operational success. Cash, cash equivalents, and investment securities totaled $820 million at December 31, 2025, compared to $756 million at December 31, 2024. The increase in liquidity positions the Company to continue investing in research and development, commercial expansion, and potential strategic opportunities.
2026 Financial Guidance
Looking ahead to 2026, Acadia has provided full-year guidance based on GAAP measures:
- Total revenues are expected to range between $1.22 billion and $1.28 billion.
- NUPLAZID net product sales are projected between $760 million and $790 million.
- DAYBUE net product sales are anticipated in the range of $460 million to $490 million.
- R&D expenses are expected to be between $385 million and $410 million.
- SG&A expenses are projected to be in the range of $660 million to $700 million.
This guidance reflects confidence in the continued growth of the Company’s commercial portfolio, particularly the upcoming broader launch of DAYBUE STIX, as well as the potential positive impact of pipeline developments.
Pipeline and Therapeutic Overview
NUPLAZID® (pimavanserin)
NUPLAZID is a selective serotonin inverse agonist and antagonist that preferentially targets 5-HT2A receptors, a mechanism believed to play a critical role in neuropsychiatric disorders. Pimavanserin does not exhibit appreciable binding affinity for dopamine, histamine, muscarinic, or adrenergic receptors, which differentiates it from other therapies in the Parkinson’s disease psychosis space. Approved by the U.S. Food and Drug Administration (FDA) in April 2016, NUPLAZID remains the only FDA-approved treatment for hallucinations and delusions associated with Parkinson’s disease psychosis.
DAYBUE® (trofinetide)
DAYBUE is a synthetic analog of glycine-proline-glutamate (GPE), a naturally occurring tripeptide. Although its precise mechanism of action is not fully understood, trofinetide has demonstrated therapeutic benefit for patients with Rett syndrome. Approved by the FDA in March 2023 for use in adults and pediatric patients aged two years and older, DAYBUE has rapidly become a key growth driver for Acadia. The upcoming launch of DAYBUE STIX is expected to further improve patient access and convenience.
Pipeline Developments
Acadia continues to prioritize innovation through its robust R&D pipeline, with key programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis in mid- to late-stage development, along with early-stage programs targeting other underserved neurological conditions. The Phase 2 RADIANT study of remlifanserin in Alzheimer’s disease psychosis is on track for a top-line readout between August and October 2026, offering a potential major catalyst for the Company.
About Acadia Pharmaceuticals
Acadia Pharmaceuticals is dedicated to turning scientific promise into meaningful innovation for underserved neurological and rare disease communities worldwide. Its commercial portfolio includes the first and only FDA-approved therapies for Parkinson’s disease psychosis and Rett syndrome. By advancing a robust pipeline and investing strategically in commercial execution, Acadia aims to expand its impact on patients while delivering sustainable growth for shareholders.
