Slides
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Third Quarter 2025 Earnings Call November 5, 2025
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Call Agenda Al Kildani Senior Vice President, IR and Corporate Communications Welcome Catherine Owen Adams Chief Executive Officer CEO Opening Remarks Tom Garner Executive Vice President, Chief Commercial Officer Commercial Update Elizabeth H.Z. Thompson Executive Vice President, Head of Research and Development R&D Update Mark Schneyer Executive Vice President, Chief Financial Officer Financial Update Catherine Owen Adams Chief Executive Officer Closing Remarks All Q&A Session 2
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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact and can be identified by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “outlook,” “potential,” "milestone," "guidance" and similar expressions (including the negative thereof) intended to identify forward-looking statements. Forward-looking statements contained in this presentation, include, but are not limited to, statements about: (i) our business strategy, objectives and opportunities; (ii) plans for, including timing, development and progress of commercialization or regulatory timelines for our products, including NUPLAZID and DAYBUE, and our product candidates; (iii) benefits to be derived from and efficacy of our products, including the potential advantages of our products,; (iv) the timing and conduct or our clinical trials; (v) estimates regarding the prevalence of the diseases targeted by our products and product candidates; (vi) potential markets for any of our commercial products; and (vii) our estimates regarding our future financial performance, cash position, profitability, expenses, or capital requirements. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to: our dependency on the continued successful commercialization of our products and our ability to maintain or increase sales of our products; the costs of our commercialization plans and development programs, and the financial impact or revenues from any commercialization we undertake; our ability to obtain necessary regulatory approvals for our product candidates and, if and when approved, market acceptance of our products; our dependence on third-party collaborators, clinical research organizations, manufacturers, suppliers and distributors; the impact of competitive products and therapies; our ability to generate or obtain the necessary capital to fund our operations; our ability to grow, equip and train our specialized sales forces; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; our ability to meet our financialguidance; and our ability to continue to stay in compliance with applicable laws and regulations. Given the risks and uncertainties, you should not place undue reliance on these forward-looking statements. For a discussion of these and other risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ, please refer to our annual report on Form 10-K for the year ended December 31, 2024 as well as our subsequent filings with the Securities and Exchange Commission from time to time, including our quarterly reports on Form 10-Q. The forward-looking statements contained herein are made as of the date hereof, and we undertake no obligation to update them after this date, except as required by law. Forward-Looking Statements 3
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Opening Remarks CHIEF EXECUTIV E OFFICER Catherine Owen Adams 4
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Initiated a Phase 2 study of ACP-204 for Lewy Body Dementia Psychosis Initiated a Phase 3 trial of trofinetide for Rett syndrome in Japan 3Q25 sales of $177.5 million, up 12% year-over-year Highest ever quarter for net product sales Third Quarter Highlights 3Q25 sales of $101.1 million, up 11% year-over-year Largest quarter-over-quarter increase in referrals since launch, driven by expanded team R&D Updates DAYBUE (trofinetide) is only approved in the U.S. by the FDA and in Canada by Health Canada for the treatment of Rett syndrome in adults and ped iatric patients two years of age and older. NUPLAZID (pimavanserin) is only approved in the U.S. by the FDA for the treatment of hallucinations and delusions associated with Parkinson’s disea se psychosis. 5
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6 Commercial Update CHIEF COMMERCIAL OFFICER Tom Garner
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DAYBUE Updates 7 % NBRx from Community Prescribers Market Penetration: • U.S. overall: ~40% • Community setting: ~27% Field Force Execution: • Highest QoQ referral growth since launch • 74% NBRx's from community physicians in Q3 $101.1M record net sales quarter Persistency: >50% at 12 months >45% at 18 months Named patient supply programs gaining traction across multiple regions: EU, Israel, Middle East, Latin America 1,006 patients treated globally 40% 50% 60% 70% 80% 3Q24 3Q25 64% 74%
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NUPLAZIDUpdates 8 Referrals: +21% YoY growth $177.5M net sales 2026 Strategic Investments: • 30% increase in customer- facing roles starting in 1Q26 • Strategic focus on recently diagnosed patients and newly activated physicians for broader reach +12% YoY growth New Prescriptions: +23% YoY growth Commercial Momentum: • Strong HCP and patient engagement driving awareness and NUPLAZID demand • Executional focus on driving referral demand with rapid conversion into RXs 150 155 160 165 170 175 180 NUPLAZID Net Sales 3Q24 4Q24 1Q25 2Q25 3Q25 177.5M 168.5M 159.7M 162.9M 159.2M
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9 R&D Update EXECUTIV E VICE PRESIDENT | HEAD OF RESEARCH AND DEVELOPMEN T Elizabeth H.Z. Thompson
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Neurological and Rare Diseases Pipeline PROGRAM INDICATION MOLECULE DESCRIPTION NEUROLOGICAL DISEASES NUPLAZID® 1 Parkinson's Disease Psychosis 5HT2A inverse agonist and antagonist ACP-204 3 Alzheimer's Disease Psychosis New 5HT2A inverse agonist ACP-204 3 Lewy Body Dementia w/ Psychosis New 5HT2A inverse agonist ACP-211 3 Major Depressive Disorder Deuterated R-norketamine Est. 4Q25 ACP-711 3, 4 Essential Tremor Selective GABAA-α3 modulator ACP-271 3, 6 Tardive Dyskinesia GPR88 agonist Est. 1Q26 1 NUPLAZID (pimavanserin) is only approved in the U.S. by the FDA for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. 2 Acadia has an exclusive license to develop and commercialize trofinetide worldwide from Neuren Pharmaceuticals. DAYBUE (trofinetide) is only approved in the U.S. by the FDA and in Canada by Health Canada for the treatmen t of Rett syndrome in adults and pediatric patients two years of age and older. 3 Investigational agents, for which the safety and efficacy of these agents have not been established. There is no guarantee th ese investigational agents will be filed with or approved by any regulatory agency. 4 Acadia entered into an exclusive worldwide license agreement with Saniona for the development and commercialization of ACP -711. 5 Acadia entered into a collaboration with Stoke Therapeutics to discover, develop and commercialize novel RNA -based medicines for the potential trea tment of severe and rare genetic neurodevelopmental diseases; ASO = Antisense oligonucleotide. 6 ACP-271 study is in health volunteers. DISCOVERY IND ENABLING PHASE 1 PHASE 2 PHASE 3 LAUNCHED RARE DISEASES DAYBUE® 2 Rett Syndrome Analogue of GPE ACP-2591 3 Rett Syndrome; Fragile X Syndrome cGP analogue ACP-271 3,6 Huntington’s Disease GPR88 agonist Est. 1Q26 STOKE ASO 3, 5 SYNGAP1 Antisense oligonucleotide (ASO)
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11 Building Momentum Across Our Pipeline Phase 2 initiation of ACP-204 in Lewy Body Dementia Psychosis Phase 3 initiation of trofinetide in Japan 4Q25 Phase 2 initiation of ACP-211 in Major Depressive Disorder 1Q26 Initiate first-in-human study of ACP-271 in healthy volunteers EU CHMP opinion on trofinetide Mid-2026 Top-line results from Phase 2 study of ACP-204 in ADP Recent Anticipated 8 Disclosed and multiple undisclosed programs 5 Additional Phase 2 or Phase 3 study starts expected by the end of 2026 4 Phase 2 or Phase 3 study readouts anticipated by the end of 2027 Reflects breadth of pipeline and strength of R&D strategy 11
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12 Financial Update CHIEF FINANCIAL OFFICER Mark Schneyer
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Millions, Except EPS 3Q25 3Q24 YoY Change TOTAL Revenue $278.6 $250.4 11% NUPLAZID $177.5 $159.2 12% DAYBUE $101.1 $91.2 11% R&D $87.8 $66.6 32% SG&A $133.4 $133.3 - EPS (diluted) $0.42 $0.20 110% Cash and Investments Balance $847.0 13 Q3 2025 Financial Highlights
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Updated Guidance Prior Guidance NUPLAZID Net Sales $685 to $695 Million $665 to $690 Million NUPLAZID Gross-to-Net 24% to 25% 22.5% to 25.5% DAYBUE Net Sales $385 to $400 Million2 $380 to $405 Million1 DAYBUE Gross-to-Net 22.5% to 23.5% 21.5% to 24.5% Total Revenue $1.07 to $1.095 Billion $1.045 to $1.095 Billion* R&D Expense $335 to $345 Million $330 to $350 Million SG&A Expense $540 to $555 Million $535 to $565 Million 14 1 Represents net sales for U.S. patients only 2 Includes contributions from named patient supply programs outside the U.S. FY 2025 Financial Guidance
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Concluding Remarks CHIEF EXECUTIV E OFFICER Catherine Owen Adams 15
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2025-2026 Completed and Anticipated Milestones ACP-204 (ADP/LBDP) Corporate Other Pipeline Programs 2026 Q1 Q3 Q4 2025 Q1 Q2 Q3 Q4 16 Anticipated CHMP Opinion Phase 2 in LBDP FIRST PATIENT IN Phase 2 in ADP TOP-LINE RESULTS R&D Day Annual Sales > $1B Phase 3 in Japan FIRST PATIENT IN ACP-211 Phase 2 in MDD FIRST PATIENT IN ACP-711 Phase 2 in Essential Tremor FIRST PATIENT IN Filed MAA with EMA ACP-101 Topline Results and Subsequent Close Out Q2 ACP-271 Phase 1 in Healthy Volunteers FIRST PATIENT IN Named patient supply available in select countries
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Q&A Session