ACADIA Pharmaceuticals (DR6) Q2 2026 Earnings Report

The call conveyed strong commercial momentum and clear near-term catalysts: robust Q2 results (total revenues +17%), pronounced DAYBUE STIX uptake (DAYBUE +30% YoY), healthy NUPLAZID growth (+10% YoY) with new prescriptions up 20%, a positive CHMP opinion for trofinetide in Europe, and significant pipeline progress (remlifanserin Phase II enrollment complete, Fast Track designation, top-line data expected Sep–Oct 2026). Offsetting factors include rising SG&A, sizable gross‑to‑net adjustments (~24%), a lowered R&D spend guidance due to a shifted BD milestone, reimbursement and pricing uncertainties in Europe, and dependency on upcoming pivotal readouts (creating execution/timing risk). Overall, the positives — strong sales, upgraded DAYBUE guidance, regulatory wins and a deepening pipeline with imminent binary catalysts — outweigh the operational and timing risks presented.

ACADIA raised its 2026 DAYBUE guidance to $480–$510M (from $460–$490) while keeping NUPLAZID at $760–$790M, implying total 2026 revenue of $1.24–$1.30B; Q2 results included total revenues of $308M (+17% adjusted YoY), DAYBUE net sales $125M (+30% YoY; ~27% of the increase from volume; ~40% of U.S. DAYBUE patients on STIX by quarter‑end and strong June STIX referral momentum), NUPLAZID net sales $183M (+10% adjusted YoY; 8% volume growth; new patient prescriptions +20% YoY and >12,000 priority HCPs reached since February), Q2 gross‑to‑net of 24.4% for DAYBUE and 23.9% for NUPLAZID (DAYBUE FY gross‑to‑net now guided to 23–25%), operating spend highlights of R&D $82M and SG&A $160M in Q2 with R&D guidance lowered to $355–$380M (from $385–$410M) due to a shifted BD milestone, cash of $956M, and pipeline timing/guidance that includes remlifanserin Phase II top‑line in Sept–Oct (Phase II enrollment 363; 80% powered to a 0.4 effect size; peak sales est. ~$4B, ~60% ADP/40% LBD), trofinetide Japan readout Sept–Nov and expected initial EU commercial sales/Q4 pending EC decision after a positive CHMP opinion, plus longer‑term ambitions of $700M DAYBUE and ~$1B NUPLAZID in 2028.