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Here are 1-2 brief analogies to describe ACADIA Pharmaceuticals:

1. Like a smaller Biogen, but concentrated on developing medicines specifically for central nervous system (CNS) disorders, such as Parkinson's disease psychosis.

2. Think of it as a Vertex Pharmaceuticals for brain disorders; a specialized company focused on developing and commercializing innovative treatments for central nervous system conditions.

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Here are ACADIA Pharmaceuticals' major products:

• NUPLAZID (pimavanserin): A medication approved for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis.
• DAYBUE (trofinetide): A medication approved for the treatment of Rett syndrome in adults and pediatric patients two years of age and older.

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ACADIA Pharmaceuticals (NASDAQ: ACAD) primarily sells its products to other companies, specifically pharmaceutical wholesalers and specialty distributors.

These companies act as crucial intermediaries in the healthcare supply chain. They purchase medications directly from manufacturers like ACADIA and then distribute them to a wide network of downstream customers, including retail pharmacies, mail-order pharmacies, specialty pharmacies, hospitals, and other healthcare providers. These entities then dispense or administer the medications to individual patients.

While ACADIA's financial filings describe its distribution as through a "limited number of specialty distributors and pharmacies," the major pharmaceutical wholesalers in the United States are almost certainly among their largest direct customers due to their dominant role in the national drug supply chain. These include:

• McKesson Corporation (NYSE: MCK)
• AmerisourceBergen Corporation (NYSE: ABC)
• Cardinal Health, Inc. (NYSE: CAH)

In addition to these major wholesalers, ACADIA also directly engages with specialized pharmacies that are equipped to handle and dispense complex or specialty medications, particularly those for central nervous system disorders that may require specific patient support or distribution channels.

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Catherine Owen Adams, Chief Executive Officer

Catherine Owen Adams joined ACADIA Pharmaceuticals as Chief Executive Officer and a member of its Board of Directors in September 2024. She brings over 25 years of executive-level experience in the pharmaceutical industry. Prior to ACADIA, Ms. Owen Adams served as Senior Vice President and General Manager, U.S., at Bristol Myers Squibb (BMS), where she oversaw a $20 billion commercial business across Oncology, Cardiovascular, and Immunology. She also held the position of Senior Vice President, Head of Major Markets at BMS, leading commercial operations in 19 countries across Europe, Japan, and Canada during the company's merger with Celgene. Before her tenure at BMS, Ms. Owen Adams spent 25 years at Johnson & Johnson (J&J), holding various global, U.S., and European leadership roles, including President, Janssen Immunology U.S. She began her career in R&D and manufacturing at AstraZeneca. Ms. Owen Adams currently serves on the board of directors of Agios Pharmaceuticals, Inc., a publicly held company, and AssistRx, a privately held company.

Mark Schneyer, Chief Financial Officer

Mark Schneyer has served as ACADIA Pharmaceuticals' Chief Financial Officer and Executive Vice President since 2021. He joined ACADIA in May 2020 as Senior Vice President, Business Development and Chief Business Officer. Before joining ACADIA, Mr. Schneyer was Vice President, Business Development, for the Upjohn division at Pfizer Inc. During his time at Pfizer, which he joined in 2011, he led numerous strategic transactions, including licensing agreements, product acquisitions and divestitures, strategic collaborations, and company acquisitions. Prior to Pfizer, Mr. Schneyer worked as an investment banker at Lazard, providing advisory services to boards of directors and senior management teams in the healthcare sector.

Thomas Garner, Chief Commercial Officer

Thomas Garner is the Chief Commercial Officer at ACADIA Pharmaceuticals.

Elizabeth H.Z. Thompson, Ph.D., Head of Research and Development

Elizabeth H.Z. Thompson, Ph.D., is the Head of Research and Development at ACADIA Pharmaceuticals.

Ponni Subbiah, MD, MPH, Senior Vice President, Global Head of Medical Affairs and Chief Medical Officer

Ponni Subbiah, MD, MPH, has been ACADIA Pharmaceuticals' Senior Vice President, Global Head of Medical Affairs and Chief Medical Officer since October 2019. A neurologist by training, she has over 20 years of experience in the pharmaceutical industry and global health sector. Before joining ACADIA, Dr. Subbiah was Chief Medical Officer for Indivior Inc., where she was responsible for pharmacovigilance and global medical affairs. She also spent over 15 years at Pfizer, Inc., holding various leadership roles in global medical affairs and leading Pfizer's Global Access program.

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Key Business Risks for ACADIA Pharmaceuticals (ACAD)

1. High Dependence on Commercialized Products (NUPLAZID and DAYBUE): ACADIA Pharmaceuticals' financial performance is significantly reliant on the continued successful commercialization and market acceptance of its two primary products, NUPLAZID and DAYBUE. Any adverse regulatory decisions, unexpected market shifts, or intensified competitive pressures related to these flagship products could disproportionately impact the company's financial stability and market position.
2. Risks Associated with Clinical Development and Regulatory Approvals: The future growth of ACADIA Pharmaceuticals hinges on its ability to successfully develop and obtain regulatory approvals for its pipeline product candidates. The biopharmaceutical industry is characterized by inherent uncertainties, substantial costs, and potential for failures in clinical trials, as demonstrated by the discontinuation of the ACP-101 program for Prader-Willi syndrome and previous setbacks with pimavanserin in schizophrenia trials. Regulatory hurdles, delays, or outright rejections of product candidates also pose significant risks to the company's long-term prospects.
3. Intense Competition within the Biopharmaceutical Sector: ACADIA operates in a highly competitive market for central nervous system (CNS) disorders and rare diseases. The presence of numerous established pharmaceutical companies, emerging biotechs, and the continuous development of new and alternative therapies create a challenging environment. This competition can lead to pricing pressures, potential erosion of market share, and a need for constant innovation and effective marketing to maintain its competitive edge.

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ACADIA Pharmaceuticals has two main commercial products: NUPLAZID (pimavanserin) and DAYBUE (trofinetide).

NUPLAZID (pimavanserin)

• Indication: Hallucinations and delusions associated with Parkinson's disease psychosis (PDP).
• Market Size (Global): The global Pimavanserin market is valued at approximately $1.2 billion in 2024 and is projected to grow to around $3.5 billion by 2034, with a Compound Annual Growth Rate (CAGR) of approximately 12% from 2025 to 2034. Another estimate projects the global market to reach US$2187.8 million (approximately $2.19 billion) in 2029, growing from US$1504 million ($1.5 billion) in 2022, with a CAGR of 5.5% from 2023 to 2029.
• Market Size (7 Major Markets - 7MM): The market for Parkinson's disease psychosis across the 7 major markets (which include the U.S., France, Germany, Italy, Spain, UK, and Japan) reached USD 526.1 million in 2024 and is projected to reach USD 694.3 million by 2035, growing at a CAGR of 2.59% during 2025-2035.
• U.S. Sales Guidance (ACADIA): Nuplazid net product sales are expected to be in the range of $685-$695 million in 2025 for the U.S.

DAYBUE (trofinetide)

• Indication: Rett syndrome.
• Market Size (Global): The global Rett Syndrome market was valued at USD 0.33 billion in 2024 and is projected to reach USD 1.37 billion by 2035, growing at a CAGR of 13.80% from 2025 to 2035.
• Addressable Patient Population (Europe, UK, Japan): The total addressable patient population for Daybue in these regions is estimated to be between 11,000 and 17,000.
• U.S. Sales Guidance (ACADIA): Daybue U.S. net sales are forecast to be between $385 million and $400 million for 2025. There are approximately 5,000 diagnosed Rett syndrome patients in the U.S., with potential for growth as 70% of the 5,500 to 5,800 diagnosed Rett patients had yet to try DAYBUE as of February 2025.

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1. Continued Growth and Expanded Market Penetration for NUPLAZID: ACADIA Pharmaceuticals is projecting sustained revenue growth for NUPLAZID (pimavanserin), its treatment for hallucinations and delusions associated with Parkinson's disease psychosis. The company reported record net sales for NUPLAZID in Q3 2025, driven by an acceleration in new prescriptions and a 9% volume growth. Strategic investments, including a meaningful expansion of its field force, are expected to further increase market penetration and drive higher growth in the coming years. Price increases have also contributed to Nuplazid's revenue growth.
2. Increasing Adoption and International Expansion of DAYBUE: DAYBUE (trofinetide) for Rett syndrome is expected to be a significant revenue driver. The company achieved its highest number of DAYBUE bottles ever shipped in Q3 2025, reflecting growing patient adoption and the positive impact of an expanded field force. Beyond the U.S., international market expansion is underway, with DAYBUE having recently received marketing authorization in Canada in October 2024. Additionally, ACADIA submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for trofinetide, with expected approval in Q1 2026 and anticipated Managed Access Program-related sales in Europe as early as Q2 2025.
3. Advancement of Pipeline Candidates, Particularly ACP-204: ACADIA's robust pipeline, especially the progression of ACP-204, is poised to contribute to future revenue growth. ACP-204 is an investigational candidate in Phase II clinical trials for both Alzheimer's disease psychosis and Lewy body dementia psychosis. Analysts view ACP-204 as a critical growth driver, citing its differentiated safety profile and favorable regulatory positioning. The company anticipates several Phase 2 or Phase 3 study readouts for its pipeline programs between 2025 and 2027, which could unlock significant incremental revenue opportunities.

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Share Repurchases

• ACADIA Pharmaceuticals has not conducted any share repurchase programs over the last 3-5 years.

Share Issuance

• Common stock has been issued primarily through the exercise of stock options and units. For instance, in the three months ended March 31, 2023, issuances from these activities totaled approximately $1.466 million.

Inbound Investments

• ACADIA Pharmaceuticals has maintained a balance sheet with no long-term debt over the past five years.
• No significant inbound investments by third-parties, such as strategic partners or private equity firms, have been reported within the last 3-5 years.

Outbound Investments

• In September 2020, ACADIA Pharmaceuticals acquired CerSci Therapeutics, a clinical-stage biotechnology company.
• ACADIA Pharmaceuticals acquired Levo Therapeutics in June 2022, which brought ACP-101, a compound for the treatment of hyperphagia in Prader-Willi syndrome, into its pipeline.

Capital Expenditures

• Capital expenditures were approximately $7.59 million in 2020, $1.12 million in 2021, $0.00 in 2022, $40.05 million in 2023, and $0.523 million in 2024.
• These expenditures are primarily focused on supporting ongoing operations, including administering clinical trials, marketing products, and investing in technology and facility infrastructure.
• The company's strategy involves outsourcing manufacturing activities to direct financial resources toward commercial activities and product development, rather than capital-intensive manufacturing facilities.