Q2 2024 ACADIA Pharmaceuticals Inc Earnings Call Transcript
Key Points
- ACADIA Pharmaceuticals Inc (ACAD) reported a 46% year-over-year revenue growth, driven by its two commercial products, NUPLAZID and DAYBUE.
- The company is cash flow positive with over $500 million in cash and no debt, providing a strong financial foundation.
- NUPLAZID net product sales increased by 11% in Q2 2024 compared to Q2 2023, with strong performance in the Parkinson's disease psychosis market.
- DAYBUE net product sales were $84.6 million in Q2 2024, up 11% sequentially, with a return to growing active patients on therapy.
- ACADIA Pharmaceuticals Inc (ACAD) has a deep and growing pipeline, including Phase 3 programs for Prader-Willi syndrome and Alzheimer's disease psychosis.
- The rate of new patient starts for DAYBUE was slower than projected, leading to a lowered guidance range for DAYBUE sales for the year.
- Despite the growth, the overall increase in active patients on DAYBUE therapy was slower than anticipated.
- The company faces challenges in raising awareness of hallucinations and delusions associated with Parkinson's disease, which impacts NUPLAZID's market penetration.
- There are concerns about the persistency rates of DAYBUE, with some patients discontinuing therapy or taking drug holidays.
- The European regulators did not agree to a seamless Phase 2/3 protocol for ACP-204, potentially impacting the regulatory path in Europe.
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the ACADIA Pharmaceuticals second quarter 2024 financial results conference call. At this time, all participants are in a listen-only mode. (Operator Instructions). Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Al Kildani, Senior Vice President of Investor Relations, and Corporate Communications at ACADIA. Please go ahead.
Thank you, Daniel. Good afternoon and thank you for joining us on today's call to discuss ACADIAĆ¢S second quarter 2024 earnings. Joining me on the call today from ACADIA are Steve Davis, our Chief Executive Officer, who will provide some opening remarks, followed by Brendan Teehan, our Chief Operating Officer and Head of Commercial, who will discuss our strong commercial franchises, DAYBUE and NUPLAZID.
Also joining us is Elizabeth Thompson, PhD, Executive Vice President,
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