Acadia Pharmaceuticals reported its fourth‑quarter 2025 earnings on February 25, 2026, delivering a GAAP earnings per share of $1.60 versus an estimate of $0.12, and a non‑GAAP EPS of $0.16 versus an estimate of $0.12. The company’s GAAP revenue was $284 million, slightly below the consensus estimate of $292.58 million, while its non‑GAAP adjusted revenue of $298 million beat the estimate and reflected strong underlying commercial performance.
The revenue miss in GAAP terms was driven by a $20 million non‑recurring adjustment related to Inflation Reduction Act rebates that reduced GAAP net sales for NUPLAZID. Excluding this adjustment, the non‑GAAP figure shows that NUPLAZID’s adjusted net sales reached $189 million, up 17 % year‑over‑year, and DAYBUE’s net product sales were $110 million, up 13 % year‑over‑year.
Acadia’s full‑year 2025 GAAP EPS rose to $2.30 from $1.36 in 2024, and the company reported its first annual revenue above $1 billion, with adjusted revenue of $1.08 billion, a 14 % increase from the prior year.
Management raised its 2026 guidance, projecting total revenue of $1.22 billion to $1.28 billion, NUPLAZID net sales of $760 million to $790 million, and DAYBUE net sales of $460 million to $490 million. The guidance reflects confidence in continued growth of the core products, despite regulatory uncertainty in the EU for DAYBUE.
"Acadia closed 2025 with another strong quarter, capping a milestone year in which we surpassed $1 billion in annual revenue for the first time," said CEO Catherine Owen Adams. "NUPLAZID had another strong quarter driven by underlying volume growth, reflecting continued momentum in the business." "For our 2026 DAYBUE guidance, we expect global net sales between $460 million and $490 million, which would represent between 18 % and 25 % growth over 2025." "We achieved adjusted total revenues of $298 million in the fourth quarter, up 16 % from the prior year." "DAYBUE generated $110 million in fourth‑quarter net product sales, driven by expanding reach in the community and continued contribution from named patient supply programs outside the U.S. We are seeing growing interest in our new DAYBUE STIX powder formulation as we prepare for a full launch in early Q2 of this year."
Analysts welcomed the EPS beat and the upward revision of 2026 guidance, and the market reacted positively to the results.
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