ACADIA Pharmaceuticals Inc. reported significant financial growth in its latest 10-K filing, with net product sales reaching $957.8 million for the fiscal year ending December 31, 2024, a 32% increase from $726.4 million in 2023. This growth was primarily driven by sales of its two core products: NUPLAZID (pimavanserin) and DAYBUE (trofinetide). NUPLAZID, which treats hallucinations and delusions associated with Parkinson's disease psychosis, generated $609.4 million in sales, up from $549.2 million the previous year. DAYBUE, approved for treating Rett syndrome, saw sales rise to $348.4 million from $177.2 million in 2023, reflecting strong market adoption since its launch in April 2023.
The company’s cost of product sales also increased, totaling $81.8 million in 2024 compared to $41.6 million in 2023, largely due to higher license fees and royalties associated with DAYBUE. Research and development expenses decreased to $303.2 million from $351.6 million, attributed to reduced business development payments, while selling, general, and administrative expenses rose to $488.4 million, driven by increased marketing efforts for both NUPLAZID and DAYBUE. Notably, ACADIA realized a gain of $146.5 million from the sale of a Rare Pediatric Disease Priority Review Voucher (PRV) during the year.
Strategically, ACADIA has expanded its licensing agreement with Neuren Pharmaceuticals to include rights for DAYBUE outside North America, alongside global rights for Neuren’s development candidate NNZ-2591. This expansion is expected to enhance the company’s growth trajectory in international markets. Additionally, ACADIA initiated several clinical trials, including a Phase 3 study for ACP-101, aimed at treating hyperphagia in Prader-Willi syndrome, and a Phase 2 study for ACP-204, targeting Alzheimer’s disease psychosis.
As of December 31, 2024, ACADIA employed 654 individuals, reflecting its commitment to expanding its workforce to support ongoing and future projects. The company maintains a strong cash position, with $756 million in cash, cash equivalents, and investment securities, which it anticipates will fund operations through the next 12 months. Looking ahead, ACADIA aims to continue its focus on product commercialization and pipeline expansion, while navigating the complexities of regulatory approvals and market dynamics. The company remains cautious about potential fluctuations in operating results and the impact of external factors, including geopolitical developments and healthcare reforms, on its business performance.
About ACADIA PHARMACEUTICALS INC
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