ACADIA Pharmaceuticals Inc. Q4 FY2025 earnings call

• Catherine noted Acadia had strong quarter with adjusted revenues, New Placid and Debut performing well. - Tom discussed New Placid's strong Q4 performance, volume growth, new prescriptions, and team expansion. - Liz provided R&D pipeline updates, including phase two readout of remlifanthrin and regulatory updates on trofinetide. - Mark reviewed financial performance, operating expenses, and provided 2026 financial guidance.

In the fourth quarter, adjusted total revenues were $298 million, up 16% from prior year. Annual revenues exceeded $1 billion, reaching $1.08 billion in adjusted 2025 revenue, up 14% from prior year. Adjusted New Placid net sales were $189 million in Q4 and $692 million for full year 2025, up 17% and 15% respectively. Volume was 13% in Q4 and 9% for full year. Debut had net product sales of $110 million in Q4 and $391 million for 2025, up 13% and 12% respectively. 2026 guidance for New Placid net sales is 760 - 790 million (10% - 14% growth over 2025), and for Debut is $460 - $490 million (18% - 25% growth over 2025).

• Total revenues expected $1.22 - $1.28 billion in 2026. - New Placid net sales guided $760 - $790 million. - Debut net sales guided $460 - $490 million. - R&D expense expected $385 - $410 million. - SG&A expense expected $660 - $700 million.

• Forward-looking statements subject to change and risks. - Regulatory uncertainties for trofinetide in EU. - Risks associated with clinical trial execution and data interpretation.

Q: How to think about ramp to 2028 global net sales targets?

A: Catherine and Tom discussed growth expectations for New Placid and Debut.

Q: What good remlifanserin ADP data look like?

A: Liz discussed looking for efficacy, safety, and compliance.

Q: Concerns about Dayview persistency?

A: Tom said discontinuations low, back on growth trajectory.

Q: Phase three trial timeline for remlifanthrin and EU reexamination?

A: Liz discussed timeline and reexamination process.

Q: Differentiation of remlifanserin from CoBENC-B?

A: Liz discussed mechanistic differences.

Q: Net new patient capture for Debut STIX?

A: Tom discussed potential for new patients and switching.

Q: Confidence in remlifanserin dose dependence?

A: Liz discussed exposure-response relationship.

Q: OPEX increase and study execution confidence?

A: Mark and Liz discussed OPEX strategy and study execution confidence.

Q: Phase 1 ACP271 study?

A: Liz discussed initial aspects.

Q: Impact of FDA position on ACP204 trials?

A: Liz discussed implications.

Q: Commercial opportunity and IRA rebate for New Placid?

A: David discussed ACP204 commercial opportunity and IRA rebate reconciliation.

Q: New Placid field force ROI?

A: Tom discussed field force expansion and ROI assessment.

Q: Assumptions behind 2028 sales and gene therapy competition?

A: Jack discussed assumptions and gene therapy considerations.

Q: Risk to ACP204 readout and indication considerations?

A: Liz discussed risks and indication specific considerations