The combination of raised guidance, strong non-GAAP revenue growth, and upcoming R&D catalysts (remlifanserin Phase 2 readout in Q3 2026) suggests continued momentum. Traders should monitor DAYBUE STIX launch execution in Q2 and pipeline developments as potential upside catalysts.
Price Chart
Executive Summary
Acadia Pharmaceuticals reported strong fourth quarter and full year 2025 results, with GAAP revenue growth of 9% and 12% respectively, and non-GAAP adjusted revenue growth of 16% and 14%. The company raised full year 2026 revenue guidance to $1.22–1.28 billion, driven by continued momentum in NUPLAZID and DAYBUE sales, while also announcing a strategic sales force expansion and upcoming catalysts in its R&D pipeline.
Key Financial Metrics
Key Facts
- Q4 2025 GAAP total revenue: $284 million (9% YoY growth); full year 2025 GAAP revenue: $1.07 billion (12% YoY growth)
- Q4 2025 non-GAAP adjusted revenue: $298 million (16% YoY growth); full year 2025: $1.08 billion (14% YoY growth)
- NUPLAZID GAAP net sales: $174 million in Q4 2025; non-GAAP adjusted: $189 million (17% YoY growth)
- DAYBUE GAAP net sales: $110 million in Q4 2025 (13% YoY growth)
- Full year 2026 revenue guidance: $1.22–1.28 billion, representing 14–19% growth over 2025
- Net income: $274 million in Q4 2025 ($1.60 diluted EPS), up from $144 million ($0.86) in Q4 2024, including a $250 million non-cash tax benefit
- Cash and investments: $820 million at year-end 2025, up from $756 million in 2024
Financial Impact
Revenue growth accelerated in 2025 with full year guidance implying double-digit top-line expansion in 2026. Non-GAAP revenue growth of 14–16% reflects strong underlying demand, particularly for DAYBUE (13% Q4 growth) and NUPLAZID (17% non-GAAP growth).
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| NUPLAZID | $680.1M | +11.7% |
| DAYBUE | $391.4M | +12.4% |
Risk Factors
- GAAP revenue growth was partially impacted by a $20 million non-recurring IRA rebate accrual adjustment for NUPLAZID, which could resurface in future periods
- SG&A expenses increased to $549 million in 2025 and are guided to $660–700 million in 2026, which may pressure margins if revenue growth slows
- Future tax benefits may not be recurring, and core profitability should be assessed excluding the $250 million one-time benefit
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-071674 |
| Document: acad-20260225.htm | 0001193125-26-071674 |
| Document: 0001193125-26-071674-index-headers.html | 0001193125-26-071674 |
| Document: 0001193125-26-071674-index.html | 0001193125-26-071674 |
| Document: 0001193125-26-071674.txt | 0001193125-26-071674 |
| CONTEXT: Previous Earnings (2026-02-25) | 0001193125-26-071674 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | 8-K | $27.52 $26.40 | ▼ −4.09% | ▼ −4.19% | $19.95 (−27.51%) |
Aug 17, 2026 6w ago | Institutional Cluster | $29.01 $29.65 | ▲ +2.21% | ▲ +3.40% | $19.95 (−31.23%) |
Aug 7, 2026 7w ago | Insider Cluster | $29.39 $29.01 | ▼ −1.29% | ▼ −1.25% | $19.95 (−32.12%) |
Jun 11, 2026 16w ago | Institutional Cluster | $21.39 $21.60 | ▼ −0.98% | ▼ −0.55% | $19.95 (+6.73%) |
May 6, 2026 21w ago | 8-K | $22.56 $22.18 | ▲ +1.68% | ▲ +3.19% | $19.95 (+11.57%) |
May 4, 2026 21w ago | Insider Cluster | $22.19 $21.80 | ▼ −1.76% | ▼ −4.69% | $19.95 (−10.09%) |
Mar 25, 2026 27w ago | Insider Cluster | $22.01 $22.32 | ▲ +1.41% | ▲ +1.65% | $19.95 (−9.36%) |
Mar 5, 2026 30w ago | 8-K | $22.40 $21.27 | ▼ −5.04% | ▼ −2.81% | $19.95 (−10.94%) |
Feb 25, 2026 31w ago | 8-K | $24.64 $22.40 | ▼ −9.09% | ▼ −7.96% | $19.95 (−19.03%) |
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