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Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported fourth-quarter 2022 loss of 26 cents per share, wider than the Zacks Consensus Estimate of a loss of 25 cents. The loss was on par with our estimate of a loss of 26 cents per share. In the year-ago quarter, the company incurred a loss of 27 cents per share.
Total revenues, comprising net sales of Acadia's only marketed drug, Nuplazid (pimavanserin), increased 4% year over year to $136.5 million in the fourth quarter, beating the Zacks Consensus Estimate of $134 million. Nuplazid sales increased by 3.8% sequentially in the fourth quarter.
Nuplazid sales in the fourth quarter were driven by demand growth and growth acceleration in the long-term care channels.
Total revenues were also higher than our estimate of $134.9 million in the reported quarter.
Nuplazid is the first and the only FDA-approved treatment for hallucinations and delusions associated with Parkinson’s disease psychosis.
Shares of Acadia have decreased 23.6% in the year so far compared with the industry’s 11.8% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development (R&D) expenses in the quarter were $75.7 million, up 12.8% year over year, owing to a $60 million upfront payment for collaboration with Stoke Therapeutics, a $10 million milestone payment accrued to Neuren Pharmaceuticals upon acceptance of the trofinetide new drug application (NDA) filing and lastly, manufacturing and business development costs related to trofinetide.
Selling, general and administrative (SG&A) expenses were $104.4 million, down 1.3% year over year, owing to reduced advertising and promotional costs.
As of Dec 31, 2022, Acadia had cash, cash equivalents and investments worth $416.8 million compared with $436.6 million as of Sep 30, 2022.
2022 Results
Acadia clocked revenues of $517.2 million in the full-year 2022, witnessing growth of 7% year over year from $484.1 million recorded 2021 and beat the Zacks Consensus Estimate of $515.16 million. Total revenues for the year also beat our estimate of $515.6 million.
Loss per share, for the entire year 2022, was recorded at $1.34, wider than the Zacks Consensus Estimate of a loss of $1.32 per share. Loss per share for full-year 2022 was on par with our estimate of a loss of $1.34 per share.
2023 Financial Guidance
Acadia expects Nuplazid net sales in the range of $520-$550 million for 2023. The Zacks Consensus Estimate for the metric is pegged at $572.82 million.
The company expects R&D expenses in the $235-$255 million range, while SG&A expenses are expected to be in the range of $360-$380 million in 2023.
Pipeline Updates
In September 2022, the FDA accepted for review, Acadia's NDA seeking approval of its pipeline candidate, trofinetide, for the treatment of patients with Rett syndrome.
With the FDA granting priority review to the NDA, a decision from the regulatory body is expected on Mar 12, 2023. ACAD submitted the NDA for trofinetide to treat Rett Syndrome in July 2022.
Upon potential approval, trofinetide can become the second approved drug in Acadia’s portfolio of marketed drugs and lend a significant boost to the company as well as lower its sole dependence on Nuplazid for revenues.
Acadia is evaluating pimavanserin in the phase III ADVANCE-2 study for treating negative symptoms of schizophrenia. Enrollment in the study is expected to complete in mid-2023.
ACADIA Pharmaceuticals Inc. Price, Consensus and EPS Surprise
In the past 90 days, the estimate for Allogene’s 2022 loss per share has been flat at a loss of $2.38. During the same period, the loss estimate per share for 2023 has narrowed from $2.85 to $2.83. In the past year, the shares of Allogene have fallen 26.3%.
ALLO’s earnings witnessed an average earnings surprise of 9.44%, beating all four estimates in the trailing four reported quarters.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2022 loss per share has been flat at a loss of 33 cents. But, during the same period, the loss estimate per share for 2023 has narrowed from 20 cents to 19 cents. In the past year, the shares of ADMA Biologics have increased by 112.2%.
ADMA’s earnings beat estimates in three of the trailing four quarters, delivering an average earnings surprise of 1.81%.
In the past 90 days, the estimate for Amarin’s 2022 loss per share has been flat at a loss of 13 cents. During the same period, the loss estimate per share for 2023 has narrowed from 8 cents to 6 cents. In the past year, the shares of Amarin have fallen 42.4%.
AMRN’s earnings witnessed an average loss surprise of 14.29%, beating two out of four estimates in the trailing four reported quarters and missing the mark on the other two occasions.
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Acadia (ACAD) Q4 Earnings Miss, Nuplazid Sales Boost Revenues
Acadia Pharmaceuticals Inc. (ACAD - Free Report) reported fourth-quarter 2022 loss of 26 cents per share, wider than the Zacks Consensus Estimate of a loss of 25 cents. The loss was on par with our estimate of a loss of 26 cents per share. In the year-ago quarter, the company incurred a loss of 27 cents per share.
Total revenues, comprising net sales of Acadia's only marketed drug, Nuplazid (pimavanserin), increased 4% year over year to $136.5 million in the fourth quarter, beating the Zacks Consensus Estimate of $134 million. Nuplazid sales increased by 3.8% sequentially in the fourth quarter.
Nuplazid sales in the fourth quarter were driven by demand growth and growth acceleration in the long-term care channels.
Total revenues were also higher than our estimate of $134.9 million in the reported quarter.
Nuplazid is the first and the only FDA-approved treatment for hallucinations and delusions associated with Parkinson’s disease psychosis.
Shares of Acadia have decreased 23.6% in the year so far compared with the industry’s 11.8% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Research and development (R&D) expenses in the quarter were $75.7 million, up 12.8% year over year, owing to a $60 million upfront payment for collaboration with Stoke Therapeutics, a $10 million milestone payment accrued to Neuren Pharmaceuticals upon acceptance of the trofinetide new drug application (NDA) filing and lastly, manufacturing and business development costs related to trofinetide.
Selling, general and administrative (SG&A) expenses were $104.4 million, down 1.3% year over year, owing to reduced advertising and promotional costs.
As of Dec 31, 2022, Acadia had cash, cash equivalents and investments worth $416.8 million compared with $436.6 million as of Sep 30, 2022.
2022 Results
Acadia clocked revenues of $517.2 million in the full-year 2022, witnessing growth of 7% year over year from $484.1 million recorded 2021 and beat the Zacks Consensus Estimate of $515.16 million. Total revenues for the year also beat our estimate of $515.6 million.
Loss per share, for the entire year 2022, was recorded at $1.34, wider than the Zacks Consensus Estimate of a loss of $1.32 per share. Loss per share for full-year 2022 was on par with our estimate of a loss of $1.34 per share.
2023 Financial Guidance
Acadia expects Nuplazid net sales in the range of $520-$550 million for 2023. The Zacks Consensus Estimate for the metric is pegged at $572.82 million.
The company expects R&D expenses in the $235-$255 million range, while SG&A expenses are expected to be in the range of $360-$380 million in 2023.
Pipeline Updates
In September 2022, the FDA accepted for review, Acadia's NDA seeking approval of its pipeline candidate, trofinetide, for the treatment of patients with Rett syndrome.
With the FDA granting priority review to the NDA, a decision from the regulatory body is expected on Mar 12, 2023. ACAD submitted the NDA for trofinetide to treat Rett Syndrome in July 2022.
Upon potential approval, trofinetide can become the second approved drug in Acadia’s portfolio of marketed drugs and lend a significant boost to the company as well as lower its sole dependence on Nuplazid for revenues.
Acadia is evaluating pimavanserin in the phase III ADVANCE-2 study for treating negative symptoms of schizophrenia. Enrollment in the study is expected to complete in mid-2023.
ACADIA Pharmaceuticals Inc. Price, Consensus and EPS Surprise
ACADIA Pharmaceuticals Inc. price-consensus-eps-surprise-chart | ACADIA Pharmaceuticals Inc. Quote
Zacks Rank and Stocks to Consider
Acadia currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the biotech sector are Allogene Therapeutics, Inc. (ALLO - Free Report) , ADMA Biologics, Inc. (ADMA - Free Report) and Amarin Corporation plc (AMRN - Free Report) , all carrying a Zacks Ranks #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the estimate for Allogene’s 2022 loss per share has been flat at a loss of $2.38. During the same period, the loss estimate per share for 2023 has narrowed from $2.85 to $2.83. In the past year, the shares of Allogene have fallen 26.3%.
ALLO’s earnings witnessed an average earnings surprise of 9.44%, beating all four estimates in the trailing four reported quarters.
In the past 90 days, the consensus estimate for ADMA Biologics’ 2022 loss per share has been flat at a loss of 33 cents. But, during the same period, the loss estimate per share for 2023 has narrowed from 20 cents to 19 cents. In the past year, the shares of ADMA Biologics have increased by 112.2%.
ADMA’s earnings beat estimates in three of the trailing four quarters, delivering an average earnings surprise of 1.81%.
In the past 90 days, the estimate for Amarin’s 2022 loss per share has been flat at a loss of 13 cents. During the same period, the loss estimate per share for 2023 has narrowed from 8 cents to 6 cents. In the past year, the shares of Amarin have fallen 42.4%.
AMRN’s earnings witnessed an average loss surprise of 14.29%, beating two out of four estimates in the trailing four reported quarters and missing the mark on the other two occasions.