Acadia Pharmaceuticals Reports First Quarter 2026 Financial Results and Reaffirms 2026 Financial Guidance

- First quarter DAYBUE® GAAP net sales of $101 million, up 20% year-over-year; successful launch of DAYBUE STIX underway

- First quarter NUPLAZID® GAAP net sales of $167 million, up 6% year-over-year on a non-GAAP adjusted basis

- Reaffirms expectation for topline results from the Phase 2 remlifanserin study in Alzheimer’s disease psychosis between August and October 2026

SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD), today announced its financial results for the first quarter ended March 31, 2026.

“Acadia delivered a solid first quarter of 2026 with total revenues of $268 million, driven by a strong start from DAYBUE, which generated sales of $101 million,” said Catherine Owen Adams, Chief Executive Officer. “We are very encouraged by the early enthusiasm for DAYBUE STIX, which is now broadly available in the U.S., and by the initial uptake during our focused launch. NUPLAZID generated sales of $167 million, supported by strong new referrals and underlying demand, with performance strengthening as the quarter progressed. As we look ahead, we remain focused on advancing our deep, differentiated pipeline, with remlifanserin representing a key value driver as we approach expected Phase 2 topline data in Alzheimer’s disease psychosis later this year. We are reaffirming our full year guidance and remain confident in our ability to deliver long‑term value for both patients and shareholders.”

Company Updates

• Full launch of DAYBUE STIX (trofinetide) in the U.S. is underway, with ~30% of STIX patients being either treatment-naive or returning after previously discontinuing the liquid formulation.
• Phase 2 topline results readout from the remlifanserin Alzheimer’s disease psychosis study remains on track for August to October 2026 timeframe.
• Accelerated enrollment in the trofinetide clinical trial in Japan, with topline results now anticipated in the September to November 2026 timeframe.
• Delphi expert consensus panel recently recommended DAYBUE as part of the standard of care for eligible patients with Rett syndrome.1

Financial Results

Revenues

GAAP total revenues, comprised of net product sales from NUPLAZID and DAYBUE, were $268 million for the first quarter of 2026, up 10% as compared to GAAP total revenues of $244 million in the first quarter of 2025, and up 11% as compared to non-GAAP adjusted total revenues of $242 million in the first quarter of 2025.

GAAP net product sales of NUPLAZID were $167 million for the first quarter of 2026, up 5% compared to GAAP net product sales of $160 million for the first quarter of 2025, and up 6% as compared to non-GAAP adjusted net product sales of $157 million for the first quarter of 2025.

Net product sales of DAYBUE were $101 million for the first quarter of 2026, an increase of 20% as compared to $85 million for the first quarter of 2025.

A reconciliation of NUPLAZID non‑GAAP adjusted net sales and non‑GAAP adjusted total revenues is provided in Table 1. A description of these adjustments is included under ‘Non-GAAP Financial Measures.’

Research and Development

Research and development expenses for the first quarter of 2026 were $77 million, compared to $78 million for the same period of 2025.

Selling, General and Administrative

Selling, general and administrative expenses for the first quarter of 2026 were $171 million, compared to $126 million for the same period of 2025. The increase in selling, general and administrative expenses during the first quarter was primarily driven by increased investments to support continued growth of NUPLAZID and DAYBUE.

Net Income

For the first quarter of 2026, Acadia reported net income of $4 million, or $0.02 per diluted share, compared to a net income of $19 million, or $0.11 per diluted share, for the same period in 2025.

Cash and Investments

At March 31, 2026, Acadia’s cash, cash equivalents, and investment securities totaled $851 million, compared to $820 million at December 31, 2025.

Full Year 2026 Financial Guidance (GAAP):

Acadia is reaffirming its 2026 guidance as first provided on February 25, 2026:

• Total revenues in the range of $1.22 to $1.28 billion.
• NUPLAZID net product sales in the range of $760 to $790 million.
• DAYBUE net product sales in the range of $460 to $490 million.
• R&D expense in the range of $385 to $410 million.
• SG&A expense in the range of $660 to $700 million.

Conference Call and Webcast Information

Acadia will host a conference call to discuss the first quarter 2026 results today, Wednesday, May 6, 2026 at 1:30 p.m. PT/4:30 p.m. ET. The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call.

About NUPLAZID® (pimavanserin)

Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID.

About DAYBUE® (trofinetide)

Trofinetide is a synthetic version of a naturally occurring molecule known as the tripeptide glycine-proline-glutamate (GPE). The mechanism by which trofinetide exerts therapeutic effects in patients with Rett syndrome is unknown. Trofinetide was approved for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older by the U.S. Food and Drug Administration in March 2023 under the trade name DAYBUE or DAYBUE STIX.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

Non-GAAP Financial Measures

This press release contains the following financial measures that do not comply with U.S. generally accepted accounting principles (GAAP): non-GAAP adjusted net sales for NUPLAZID for the first quarter of 2025 and non-GAAP adjusted total revenues for the first quarter of 2025. In preparing these non-GAAP financial results, the Company includes adjustments made to reflect the impact of a change in estimate related to NUPLAZID IRA rebate accruals. Please refer to our press release dated February 25, 2026, for additional details. These non-GAAP financial measures complement GAAP results and are used by management to analyze financial performance and evaluate period-to-period changes. Management believes these non-GAAP financial measures are useful to investors and other users of the Company’s financial statements to facilitate period-to-period comparability. These non-GAAP financial measures are not meant to be considered as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are unlikely to be comparable with non-GAAP disclosures released by other companies.

ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)

Three Months Ended March 31,

2026

2025

Revenues

Product sales, net

$

268,062

$

244,317

Total revenues

268,062

244,317

Operating expenses

Cost of product sales (1)(2)

24,791

20,392

Research and development (2)

76,868

78,265

Selling, general and administrative (2)

171,019

126,370

Total operating expenses

272,678

225,027

(Loss) income from operations

(4,616

)

19,290

Interest income, net

8,055

7,901

Other income

542

588

Income before income taxes

3,981

27,779

Income tax expense

344

8,792

Net income

$

3,637

$

18,987

Earnings per share:

Basic

$

0.02

$

0.11

Diluted

$

0.02

$

0.11

Weighted average common shares outstanding:

Basic

170,517

166,808

Diluted

172,706

167,668

(1) Includes license fees and royalties

(2) Includes the following stock-based compensation expense

Cost of product sales

$

328

$

334

Research and development

$

4,142

$

3,433

Selling, general and administrative

$

10,228

$

7,613

ACADIA PHARMACEUTICALS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)

March 31, 2026

December 31, 2025

(unaudited)

Assets

Cash, cash equivalents and investment securities

$

851,458

$

819,686

Accounts receivable, net

135,350

121,457

Interest and other receivables

13,034

26,774

Inventory

31,574

34,670

Prepaid expenses

64,600

59,526

Total current assets

1,096,016

1,062,113

Property and equipment, net

14,652

7,511

Operating lease right-of-use assets

46,274

47,354

Intangible assets, net

106,171

108,893

Restricted cash

7,846

7,845

Long-term inventory

80,719

76,704

Deferred tax assets

249,624

249,879

Other assets

3,928

3,896

Total assets

$

1,605,230

$

1,564,195

Liabilities and stockholders’ equity

Accounts payable

$

12,246

$

10,903

Accrued liabilities

293,278

266,211

Total current liabilities

305,524

277,114

Operating lease liabilities

39,003

40,554

Other long-term liabilities

12,637

19,137

Total liabilities

357,164

336,805

Total stockholders’ equity

1,248,066

1,227,390

Total liabilities and stockholders’ equity

$

1,605,230

$

1,564,195

Table 1. ACADIA PHARMACEUTICALS INC. NON-GAAP RECONCILIATION (in millions) (Unaudited)

1Q25

1Q26

GAAP NUPLAZID Net Sales

$

159.7

$

166.9

Allocation of 2025 Amount

$

(2.3

)

$

—

Non-GAAP Adjusted NUPLAZID Net Sales

$

157.4

$

166.9

DAYBUE Net Sales

$

84.6

$

101.2

Non-GAAP Adjusted Total Revenues

$

242.0

$

268.1

References

• Prange EO, Beisang A, Pehlivan D, et al. Expert Consensus on Real-World Use of Trofinetide for Rett Syndrome Using a Modified Delphi Method. Ann Child Neurol. 2026; 4:38-51.

Contacts

Investor Contact: Acadia Pharmaceuticals Inc. Al Kildani (858) 261-2872 [email protected]

Acadia Pharmaceuticals Inc. Jessica Tieszen (858) 261-2950 [email protected]

Media Contact: Acadia Pharmaceuticals Inc. Deb Kazenelson (818) 395-3043 [email protected]