ACADIA Pharmaceuticals Reports Fourth Quarter and Full Year 2017 Financial Results

Published: Feb 27, 2018

SAN DIEGO--(BUSINESS WIRE)-- ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD), a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system (CNS) disorders, today announced its financial results for the fourth quarter and year ended December 31, 2017.

“Our 2017 results reflect the robust uptake of NUPLAZID (pimavanserin) in the treatment of Parkinson’s disease psychosis,” said Steve Davis, ACADIA’s President and Chief Executive Officer. “We were also very pleased to receive Breakthrough Therapy Designation from the FDA as we explore the utility of pimavanserin in dementia-related psychosis, where no drug is currently approved. This is the second Breakthrough Therapy Designation for pimavanserin.”

“As we look to 2018, we anticipate continued strong volume growth for NUPLAZID. In addition, we look forward to advancing our late-stage clinical programs in dementia-related psychosis, schizophrenia inadequate response and schizophrenia negative symptoms, as well as sharing the top-line results of our CLARITY study in major depressive disorder in the second half of 2018.”

Recent Highlights

  • Initiated a national direct-to-consumer disease awareness TV ad campaign to educate patients and caregivers about Parkinson’s disease psychosis (PD Psychosis) in November 2017.
  • Initiated pivotal Phase 3 HARMONY Study with pimavanserin in dementia-related psychosis in October 2017.
  • Received a second Breakthrough Therapy Designation from the FDA for pimavanserin in October 2017. This designation is for the treatment of dementia-related psychosis.
  • Presented Phase 2 data with pimavanserin in Alzheimer’s disease psychosis at the Clinical Trials on Alzheimer’s Disease (CTAD) meeting in Boston in November 2017.
  • Appointed Damien McDevitt, Ph.D., Senior Vice President, Corporate Development.

Financial Results

Revenue
Net product sales of NUPLAZID, which was first made available for prescription starting in May 2016, were $43.6 million for the fourth quarter of 2017, an increase of 263% as compared to $12.0 million reported for the fourth quarter of 2016. For the year ended December 31, 2017, ACADIA reported NUPLAZID net product sales of $124.9 million, an increase of $107.6 million, or 622% from the $17.3 million reported for the year ended December 31, 2016.

Research and Development
Research and development expenses for the fourth quarter of 2017 were $43.2 million, compared to $30.2 million for the same period of 2016. For the year ended December 31, 2017 and 2016, research and development expenses were $149.2 million and $99.3 million, respectively. The increase in research and development expenses during the 2017 periods as compared to 2016 was primarily due to increased clinical costs related to the clinical studies initiated in the fourth quarter of each of 2016 and 2017. The company also incurred additional personnel and related costs associated with its expanded research and development organization during 2017 as compared to 2016.

Selling, General and Administrative
Selling, general and administrative expenses for the fourth quarter of 2017 were $66.7 million, compared to $57.7 million for the same period of 2016. For the year ended December 31, 2017 and 2016, selling, general and administrative expenses were $255.1 million and $186.5 million, respectively. The increase in selling, general and administrative expenses during the 2017 periods as compared to 2016 was primarily due to costs incurred to support ACADIA’s commercial activities for NUPLAZID, including additional personnel and related costs, together with increased contributions to third-party charitable foundations that support Parkinson’s disease patients.

Net Loss
For the fourth quarter of 2017, ACADIA reported a net loss of $68.9 million, or $0.55 per common share, compared to a net loss of $78.7 million, or $0.65 per common share, for the same period in 2016. The net losses for the fourth quarter of 2017 and 2016 included $22.0 million and $15.4 million, respectively, of non-cash stock-based compensation expense. For the year ended December 31, 2017, ACADIA reported a net loss of $289.4 million, or $2.36 per common share, compared to a net loss of $271.4 million, or $2.34 per common share, for the same period in 2016. The net losses for the year ended December 31, 2017 and 2016 included $75.5 million and $55.3 million, respectively, of non-cash stock-based compensation expense.

Cash and Investments
At December 31, 2017, ACADIA’s cash, cash equivalents and investment securities totaled $341.3 million, compared to $529.0 million at December 31, 2016.

2018 Financial Guidance
ACADIA expects that full-year NUPLAZID net product sales for 2018 will be between $255 million and $270 million, with net sales for the first quarter of 2018 between $45 million and $48 million. The company expects to end 2018 with more than $200 million of cash, cash equivalents and investment securities on its balance sheet.

Conference Call and Webcast Information
ACADIA management will review its fourth quarter financial results and operations via conference call and webcast later today at 5:00 p.m. Eastern Time. The conference call may be accessed by dialing 844-821-1109 for participants in the U.S. or Canada and 830-865-2550 for international callers (reference passcode 8377668). A telephone replay of the conference call may be accessed through March 13, 2018 by dialing 855-859-2056 for callers in the U.S. or Canada and 404-537-3406 for international callers (reference passcode 8377668). The conference call also will be webcast live on ACADIA’s website, www.acadia-pharm.com, under the investors section and will be archived there through March 13, 2018.

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