Acadia Prescription drugs Inc. ACAD reported first-quarter 2024 earnings of 10 cents per share, beating the Zacks Consensus Estimate of 4 cents. Within the year-ago quarter, the corporate had incurred a lack of 27 cents per share.
The underside line improved yr over yr owing to larger product gross sales.
Acadia recorded complete revenues of $205.8 million, which missed the Zacks Consensus Estimate of $206.9 million. Acadia’s internet product revenues comprise revenues generated from the sale of its two marketed merchandise, Nuplazid (pimavanserin) and the newly launched Daybue (trofinetide).
Complete revenues surged 74% yr over yr, primarily pushed by the contribution from Daybue and the continued development in market share of Nuplazid.
ACAD’s first drug, Nuplazid, is authorised in america for the remedy of hallucinations and delusions related to Parkinson’s illness psychosis. Acadia’s second product, Daybue, was approved by the FDA in March 2023 for the remedy of Rett syndrome in grownup and pediatric sufferers aged two years and older.
Daybue is the primary and solely drug to be authorised by the FDA for the given indication. The drug was launched in america in April 2023.
12 months so far, shares of Acadia have plunged 45.3% in contrast with the industry’s decline of 5.9%.
Picture Supply: Zacks Funding Analysis
Quarter in Element
Revenues from Nuplazid elevated 10% yr over yr to $129.9 million, pushed by enhancements in new affected person begins and better worth advantages. Nuplazid gross sales have been in step with the Zacks Consensus Estimates of $129.9 million however missed our mannequin estimate of $131.6 million.
Daybue recorded internet product gross sales of $75.9 million in its third full quarter since launch, which missed the Zacks Consensus Estimate of $78.1 million in addition to our mannequin estimate of $77.2 million. Daybue gross sales declined 13% sequentially as a consequence of fewer bottles offered and a discount in internet worth.
Analysis and improvement (R&D) bills within the quarter have been $59.7 million, down 13.7% yr over yr. The lower in R&D value was as a result of Daybue business provide construct that was expensed previous to its approval.
Promoting, basic and administrative (SG&A) bills have been $108 million, up 6.7% yr over yr. The rise in such bills will be attributed to the annualization of Daybue bills, together with investments to commercialize the drug exterior america.
Acadia had money, money equivalents and investments price $470.5 million as of Mar 31, 2024, in contrast with $438.9 million as of Dec 31, 2023.
2024 Steerage Reaffirmed
Acadia reiterated its beforehand supplied monetary steering for 2024 in its first-quarter earnings launch.
The corporate continues to anticipate Daybue gross sales within the vary of $370-$420 million in 2024.
Revenues from Nuplazid gross sales are anticipated within the $560-$590 million vary.
Furthermore, ACAD expects its full-year R&D bills within the band of $305-$325 million, whereas SG&A bills are anticipated within the vary of $455-$480 million on account of upper commercialization prices related to the Daybue launch.
Pipeline Updates
In March 2024, Acadia introduced the failure of its late-stage examine evaluating Nuplazid for the remedy of damaging signs of schizophrenia. Per the info readout from the part III ADVANCE-2 examine, remedy with pimavanserin didn’t obtain statistical significance in demonstrating enchancment over placebo on the examine’s main endpoint of change from baseline to week 26 on the Unfavourable Symptom Evaluation-16 (NSA-16) complete rating. The NSA-16 scale is a extensively used metric to measure change within the big selection of predominant damaging signs that sufferers expertise.
Based mostly on such disappointing outcomes, ACAD has determined to not pursue any additional medical research with pimavanserin for schizophrenia. Nonetheless, the corporate will proceed to research knowledge from the schizophrenia examine of pimavanserin.
ACADIA Prescription drugs Inc. Value and EPS Shock
ACADIA Pharmaceuticals Inc. price-eps-surprise | ACADIA Prescription drugs Inc. Quote
Zacks Rank & Shares to Think about
Acadia at present carries a Zacks Rank #3 (Maintain).
Some better-ranked shares from the drug/biotech business are Ligand Prescription drugs LGND, ANI Prescription drugs ANIP and Annovis Bio ANVS. Whereas LGND sports activities a Zacks Rank #1 (Sturdy Purchase), ANIP & ANVS carry a Zacks Rank #2 (Purchase) every at current. You may see the complete list of today’s Zacks #1 Rank stocks here.
Prior to now 30 days, the Zacks Consensus Estimate for Ligand’s 2024 earnings per share has remained fixed at $4.56. Throughout the identical timeframe, the estimate for Ligand’s 2025 earnings per share has remained fixed at $5.27. 12 months so far, shares of LGND have gained 12.5%.
Ligand beat estimates in every of the trailing 4 quarters, delivering a median shock of 56.02%.
Prior to now 30 days, the Zacks Consensus Estimate for ANI Prescription drugs’ 2024 earnings per share has risen from $4.43 to $4.44. Throughout the identical interval, the Zacks Consensus Estimate for ANI Prescription drugs’ 2025 earnings per share has remained fixed at $5.04. 12 months so far, shares of ANIP have climbed 19%.
ANI Prescription drugs beat estimates in every of the final 4 quarters, delivering a median shock of 109.06%.
Prior to now 30 days, the Zacks Consensus Estimate for Annovis’ 2024 loss per share has narrowed from $3.35 to $2.93. Throughout the identical interval, the Zacks Consensus Estimate for Annovis’ 2025 loss per share has widened from $2.82 to $2.83. 12 months so far, shares of ANVS have plunged 74.2%.
ANVS beat estimates in two of the trailing 4 quarters and missed the mark on the opposite two events, delivering a median damaging shock of 15.70%.
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Ligand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report
ANI Pharmaceuticals, Inc. (ANIP) : Free Stock Analysis Report
ACADIA Pharmaceuticals Inc. (ACAD) : Free Stock Analysis Report
Annovis Bio, Inc. (ANVS) : Free Stock Analysis Report
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