Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) remains under pressure despite reporting strong financial results that underscore growth in the core business. The impressive fourth-quarter and full-year revenues were driven by robust sales of the company’s lead product for Parkinson’s disease psychosis NUPLAZID.
Acadia Pharmaceuticals Milestones
In addition to impressive financial results, the drug maker also made impressive strides in the advancements of two-phase 3 programs. It also expanded its pipeline in pain and neuropsychiatry through strategic business development.
Fourth-quarter revenues were driven by NUPLAZID sales that were up 23% to $121 million compared to $98.3 million reported a year ago. Likewise, the company posted a 30% year over year increase in revenues that came in at $441.8 million compared to $339.1 million reported a year earlier.
Acadia Pharmaceuticals spent $62.1 million in Research and Development during the quarter, up from $57.5 million spent a year ago. The drugmaker spent $319.1 million for the full year, up from $240.4 million spent in 2019. Increased R&D expenditure was related to the acquisition of CerSci Therapeutics.
However, the company plunged to a net loss of $66.8 million or $0.42 a share in the quarter compared to a net loss of $53 million or $0.34 a share reported last year. However, the quarterly loss topped analyst estimates of a net loss of $0.48 a share. It also marked the fourth consecutive quarter that Acadia Pharmaceuticals has surpassed consensus estimates. The full year's net loss totaled $281.6 million compared to a net loss of $235.3 million reported in 2019.
Acadia Pharmaceutical Outlook
Acadia Pharmaceuticals expects NUPLAZID net sales to average between $510 million and $550 million in 2021. The increase could be made possible by the company launching dementia-related psychosis. On the other hand, analysts expect the company to post earnings of -$0.45 for the current quarter on revenues of $118.15 million.
Acadia Pharmaceuticals is in dire need of new catalysts to avert a further slide. The stock has been under pressure in recent weeks, with the fourth quarter and full results doing little to strengthen investor confidence in the company.