Acadia Raises Full-Year Revenue Guidance as DAYBUE Sales Jump 30%
Acadia Pharmaceuticals reported second-quarter revenue growth of 17%, its fastest pace in a year, and raised its 2026 outlook on accelerating DAYBUE demand.
Acadia Pharmaceuticals (ACAD) reported second-quarter revenue growth of 17% on an adjusted year-over-year basis, up from 11% in the first quarter and 16% in the fourth quarter of 2024, as the pharmaceutical company's Rett syndrome treatment DAYBUE posted its strongest growth since launch.
DAYBUE net sales rose 30% year-over-year to $125 million in the second quarter, accelerating from 20% growth in the first quarter, 13% in the fourth quarter of 2024 and 11% in the third quarter, a trajectory the company attributed to uptake following the DAYBUE STIX launch. NUPLAZID, Acadia's treatment for Parkinson's disease psychosis, grew more slowly, with net sales up 10% on an adjusted basis to $183 million, an improvement from 6% growth in the first quarter but still below the 12% pace posted in the third quarter of last year.
On the strength of the DAYBUE trajectory, Acadia raised its full-year 2026 revenue guidance to a range of $1.24 billion to $1.30 billion, up from its prior range of $1.22 billion to $1.28 billion. The increase was driven entirely by DAYBUE, for which the company raised its full-year guidance to $480 million to $510 million from $460 million to $490 million, while NUPLAZID guidance of $760 million to $790 million was left unchanged.
The revenue gains came alongside a sharp rise in sales and marketing costs. Second-quarter SG&A expenses climbed 20% year-over-year to $160 million, following a 36% increase to $171 million in the first quarter, as the company continued absorbing costs from a roughly 30% expansion of its NUPLAZID sales force completed earlier in the year. Net income recovered to $32 million in the second quarter from $4 million in the first quarter, though it remained below the $71.8 million reported in the third quarter of 2024.
Acadia also lowered its full-year research and development expense guidance to $355 million to $380 million from $385 million to $410 million, the first reduction to that guidance line across the past five quarters after it had opened flat at the higher range earlier in the year. Cash and investments grew to $956 million at the end of the second quarter from $851 million at the end of the first quarter and $820 million at year-end 2024, giving the company added flexibility as it funds late-stage pipeline work.
The quarter brought two pipeline milestones. Acadia disclosed a CHMP positive opinion recommending European Union marketing authorization for trofinetide, marketed as DAYBUE in the U.S., for Rett syndrome, the company's first regulatory action in Europe for the drug. Separately, the company completed Phase 2 enrollment and began Phase 3 screening for remlifanserin under its RADIANT program targeting Alzheimer's disease psychosis, and the FDA granted the program Fast Track designation.
The quarter's results followed a one-time $20 million non-recurring IRA rebate accrual charge booked in the fourth quarter of 2024 that had reduced GAAP NUPLAZID sales for that period; the charge, which spanned estimate corrections from fiscal 2022 through 2024, did not recur in either of the two most recent quarters.
Elizabeth Thompson, Head of Research and Development, plans to retire at the end of the year.