ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) closed Thursday’s trading session at $25.39 just two weeks after it announced its 2018 fourth quarter and full year financial results.
The company announced the financial results on February 27 revealing that NUPLAZID’s net sales amounted to $59.6 million in Q4 2018 which was higher than the $43.6 million that Acadia reported in Q4 2017. The net sales amounted to $223.8 million for the year ended December 31, 2018, versus the $124.9 million reported for the previous financial year.
Acadia Pharma spent $48.2 million on research and development expenses in Q4 2018 compared to $43.2 million in Q4 2017. The R&D expenses for the entire fiscal year ended December 31, 2018, amounted to $187.2 million which was higher than the $149.2 million the company spent in the previous year. The R&D costs increased due to the extra clinical study costs that the company incurred as part of its investments in extra pipeline programs. It also paid $10.0 million for trofinetide to Neuren Pharmaceuticals as an upfront amount in Q3
Acadia also provided a 2019 guidance
Acadia revealed that it expects to generate between $275 million and $300 million in NUPLAZID net sales in 2019. It predicted that its GAAP R&D expenses would be between $280 million and $295 million. The expected R&D increase is due to the revenue that the biopharma plans to spend on five late-stage clinical programs this year.
“Our team successfully executed on all three of our strategic pillars in 2018. 2019 will be a pivotal year for ACADIA,” stated Acadia CEO Steve Davis.
Some of the achievements that the company made include growing NUPLAZID in Parkinson’s disease psychosis. The company also took advantage of pimavanserin large market CNS in numerous significant indications enforced by positive results observed in its Phase 2 CLARITY study for a treatment targeting major depressive disorder.
The Acadia CEO also noted that the company plans to announce topline results from its Phase 3 pimavanserin study evaluating a schizophrenia treatment by mid-2019. The biopharma also expects to generate strong volume growth and revenue figures from NUPLAZID. The firm is also working towards advancing its late-stage developments.