Business Description
Acadia Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing medicines for central nervous system (CNS) disorders and rare diseases. Headquartered in San Diego, California, the company's commercial portfolio includes FDA-approved treatments for Parkinson's disease psychosis and Rett syndrome. Acadia primarily operates in the United States, targeting underserved patient populations with specialized neurological needs.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,071,505 | 957,797 | 726,437 | 517,235 |
| Cost of Sales | 88,998 | 81,841 | 41,638 | 10,166 |
| Gross Profit | 982,507 | 875,956 | 684,799 | 507,069 |
| Selling, General & Administrative Expenses | 548,894 | 488,428 | 406,559 | 369,090 |
| Research & Development Expenses | 328,802 | 303,249 | 351,619 | 361,575 |
| Other Operating Expenses | — | (146,515) | — | — |
| Operating Profit | 104,811 | 230,794 | (73,379) | (223,596) |
| Interest and Investment Income | 31,722 | 25,458 | 17,234 | 6,610 |
| Non-Operating Income | 2,371 | 1,823 | 5,109 | 3,542 |
| Total Non-Operating Income | 34,093 | 27,281 | 22,343 | 10,152 |
| Income Before Provision for Income Taxes | 138,904 | 258,075 | (51,036) | (213,444) |
| Provision for Income Taxes | (252,096) | 31,624 | 10,250 | 2,531 |
| Consolidated Net Income | 391,000 | 226,451 | (61,286) | (215,975) |
| Net Income Attributable to Common Shareholders | 391,000 | 226,451 | (61,286) | (215,975) |
| Basic EPS | 2.32 | 1.37 | -0.37 | -1.34 |
| Diluted EPS | 2.30 | 1.36 | -0.37 | -1.34 |
| Basic Weighted Average Shares Outstanding | 168,356 | 165,717 | 163,819 | 161,683 |
| Diluted Weighted Average Shares Outstanding | 169,919 | 166,362 | 163,819 | 161,683 |
| Shares Outstanding | 170,309 | 166,709 | 164,650 | 162,065 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 177,695 | 319,589 | 188,657 | 114,846 |
| Short-Term Investments | 641,991 | 436,404 | 250,208 | 301,977 |
| Total Cash and Cash Equivalents | 819,686 | 755,993 | 438,865 | 416,823 |
| Accounts Receivable | 121,457 | 98,739 | 98,267 | 62,195 |
| Other Receivables | 26,774 | 5,956 | 4,083 | 885 |
| Total Trade Receivables | 148,231 | 104,695 | 102,350 | 63,080 |
| Inventories | 34,670 | 21,949 | 35,819 | 6,636 |
| Other Current Assets | 59,526 | 55,681 | 39,091 | 21,398 |
| Total Current Assets | 1,062,113 | 938,318 | 616,125 | 507,937 |
| Net Property, Plant & Equipment | 54,865 | 50,786 | 56,467 | 61,594 |
| Net Intangible Assets | 108,893 | 119,782 | 65,490 | — |
| Other Long-Term Assets | 338,324 | 78,870 | 10,874 | 18,281 |
| Total Assets | 1,564,195 | 1,187,756 | 748,956 | 587,812 |
| Accounts Payable | 10,903 | 16,192 | 17,543 | 12,746 |
| Accrued Expenses | 266,211 | 378,678 | 236,711 | 112,884 |
| Total Current Liabilities | 277,114 | 394,870 | 254,254 | 125,630 |
| Leases | 40,554 | 42,037 | 47,800 | 52,695 |
| Other Long-Term Liabilities | 19,137 | 18,056 | 15,147 | 9,074 |
| Total Long-Term Liabilities | 59,691 | 60,093 | 62,947 | 61,769 |
| Total Liabilities | 336,805 | 454,963 | 317,201 | 187,399 |
| Common Stock | 16 | 16 | 16 | 16 |
| Additional Paid-in Capital | 3,039,315 | 2,936,871 | 2,862,552 | 2,770,923 |
| Accumulated Other Comprehensive Income | 1,445 | 292 | 24 | (975) |
| Retained Earnings | (1,813,386) | (2,204,386) | (2,430,837) | (2,369,551) |
| Total Common Shareholders' Equity | 1,227,390 | 732,793 | 431,755 | 400,413 |
| Total Shareholders' Equity | 1,227,390 | 732,793 | 431,755 | 400,413 |
| Total Liabilities and Shareholders' Equity | 1,564,195 | 1,187,756 | 748,956 | 587,812 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 391,000 | 226,451 | (61,286) | (215,975) |
| Depreciation & Amortization | 11,760 | 15,883 | 5,552 | — |
| Share-Based Compensation Expense | 52,135 | 67,049 | 66,421 | 68,201 |
| Other Adjustments | (255,303) | (155,819) | (12,118) | (4,252) |
| Changes in Trade Receivables | (43,536) | (2,345) | (39,270) | 2,264 |
| Changes in Inventories | (18,197) | (49,550) | (28,808) | 2,415 |
| Changes in Accounts Payable | (5,289) | (1,351) | 4,797 | 5,870 |
| Changes in Accrued Expenses | (19,265) | 71,061 | 93,170 | 24,306 |
| Changes in Other Operating Activities | (3,469) | (13,660) | (11,756) | 3,136 |
| Cash from Operating Activities | 109,836 | 157,719 | 16,702 | (114,035) |
| Capital Expenditure | (4,690) | (523) | (50) | — |
| Proceeds from Sale of Property, Plant & Equipment | — | 146,515 | — | — |
| Purchases of Intangible Assets | (98,838) | — | (40,000) | — |
| Purchases of Investments | (692,565) | (505,095) | (369,985) | (363,174) |
| Proceeds from Sale of Investments | 493,529 | 328,565 | 442,033 | 436,415 |
| Cash from Investing Activities | (302,564) | (30,538) | 31,998 | 73,241 |
| Issuance of Common Shares | 49,883 | 6,845 | 25,129 | 8,199 |
| Net Issuance / (Repurchases) of Common Shares | 49,883 | 6,845 | 25,129 | 8,199 |
| Cash from Financing Activities | 49,883 | 6,845 | 25,129 | 8,199 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 26 | (94) | (18) | 6 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (142,819) | 133,932 | 73,811 | (32,589) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $4.55B |
| P/E | 11.61x |
| P/S | 4.25x |
| EV/EBITDA | 32.34x |
| Return on Equity | 39.9% |
| Return on Invested Capital | 78.5% |
| Current Ratio | 3.83x |
| Free Cash Flow Margin | 9.8% |
Margins
Gross margin
91.7%
Operating margin
9.8%
Net margin
36.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $308M | +16.4% | 12.3% | $38M |
| Q1 2026 | $268M | +9.7% | -1.7% | $-5M |
| Q4 2025 | $284M | +9.4% | 6.1% | $17M |
| Q3 2025 | $279M | +11.3% | 12.8% | $36M |
| Q2 2025 | $265M | — | 12.2% | $32M |
| Q1 2025 | $244M | — | 7.9% | $19M |
| Q4 2024 | $260M | — | 59.1% | $154M |
| Q3 2024 | $250M | — | 12.6% | $32M |
More on Acadia Pharmaceuticals Inc.
Figures compiled from public company filings.
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