10-Q · May 6, 2026
Acadia Pharmaceuticals reported a disappointing Q1 2026 performance, with revenues of $268.1 million, falling short of the anticipated $280.6 million. EPS also missed expectations, coming in at $0.02 versus the expected…
Earnings analysis · 10-Q
ACAD earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
ACADIA delivered Q2 net product sales of $308.0 million, up 16.4% year over year, as NUPLAZID reached $183.2 million and DAYBUE reached $124.8 million. Diluted EPS improved to $0.18 from $0.02 in Q1 2026, while…
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ACADIA delivered Q2 net product sales of $308.0 million, up 16.4% year over year, as NUPLAZID reached $183.2 million and DAYBUE reached $124.8 million. Diluted EPS improved to $0.18 from $0.02 in Q1 2026, while operating margin recovered to about 12.3% from negative 1.7% sequentially. Liquidity improved to $956.5 million and six-month operating cash flow reached $134.8 million, although commercial-team investment lifted Q2 SG&A to $160.3 million and the RADIANT Phase 2 readout expected in September-October 2026 remains the principal near-term catalyst and risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
What stood out
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Revenue accelerated sequentially and year over year
Q2 net product sales were $308.0 million, up $43.4 million (16.4%) from $264.6 million a year earlier. Revenue also rose from $268 million in Q1 2026 to $307.959 million in Q2 2026.
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Both commercial franchises delivered growth
NUPLAZID sales increased $14.7 million year over year to $183.2 million, while DAYBUE increased $28.7 million to $124.8 million. DAYBUE accounted for roughly two-thirds of the $43.4 million total quarterly product-sales increase.
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Margins rebounded from Q1 loss
Gross margin was approximately 90.8%, with cost of product sales of $28.3 million, or approximately 9% of $308.0 million revenue. Operating margin recovered to approximately 12.3% from negative 1.7% in Q1 2026 and was essentially in line with 12.2% in Q2 2025.
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EPS improved sequentially and year over year
Diluted EPS was $0.18, versus $0.02 in Q1 2026 and $0.16 in Q2 2025. The reported $0.18 also exceeded the supplied consensus estimate of $0.04.
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Liquidity strengthened with higher operating cash flow
Cash, cash equivalents and investment securities rose $136.8 million to $956.5 million at June 30, 2026 from $819.7 million at December 31, 2025. Six-month operating cash flow increased $50.5 million to $134.8 million.
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Near-term catalysts include RADIANT and EU DAYBU
Management expects Phase 2 RADIANT topline results for remlifanserin between September and October 2026; FDA granted Fast Track designation for Alzheimer’s disease psychosis in July 2026. CHMP issued a positive DAYBU opinion in June 2026, although European Commission authorization remains outstanding.
What to watch
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Commercial investment drove sharply higher SG&A
Selling, general and administrative expense rose $26.8 million year over year to $160.3 million in Q2, outpacing the $3.6 million increase in R&D to $81.6 million. Management attributes the SG&A increase to expanded U.S. DAYBUE and NUPLAZID teams, creating an ongoing operating-expense execution risk.
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Tariffs could pressure supply costs and margins
A newly expanded tariff/trade-policy risk notes that DAYBUE API requires approximately two years to produce and that tariff-driven costs may be difficult or impossible to pass through to customers until calendar 2027 at the earliest. The company has substantial reliance on foreign manufacturers, including China.
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Medicare negotiation may pressure NUPLAZID pricing
The updated reimbursement risk states that 2029 is the earliest year NUPLAZID could face Medicare price negotiation, assuming the company qualifies for the small-biotech exception through 2027. If selected in 2029, management expects a negotiated-price reduction, albeit with a discount phase-in during 2029 and 2030.
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European DAYBU approval and reimbursement remain uncertain
EU commercialization is not assured despite CHMP's positive June 2026 recommendation following its March 2026 negative opinion. DAYBU still requires European Commission marketing authorization, and national reimbursement outcomes could further delay or limit revenue.
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RADIANT readout carries material pipeline risk
Clinical-development risk remains material ahead of the Phase 2 RADIANT readout expected between September and October 2026. The filing cites three prior program setbacks: ADVANCE-2 in March 2024, the pediatric autism Phase 2 trial in October 2024, and COMPASS PWS in September 2025.
Management's outlook
The 10-Q does not provide a quantitative revenue or EPS outlook; outlook is deferred to other company communications. Management says cash, cash equivalents and investment securities plus anticipated product sales are expected to fund planned operations through and beyond the next 12 months.
Earlier filings 4
10-K · February 26, 2026
Acadia reports product sales growth driven by its two commercial franchises: NUPLAZID and DAYBUE, with net product sales from those products of $1,071.5 million in 2025 versus $957.8 million in 2024. Management…
10-Q · November 6, 2025
Acadia reported Q3 product sales of $278,633,000, up 11.3% year-over-year, driven by NUPLAZID and DAYBUE. Diluted EPS was $0.42 (vs. $0.20 prior year) and operating margin improved to 12.8% as income from operations…
10-K · February 28, 2024
Acadia positions itself as a commercial-stage CNS and rare-disease biotech with two approved products: NUPLAZID (approved April 2016) for Parkinson’s disease psychosis and DAYBUE (approved March 2023; launched April…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.