Slides
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Fourth Quarter and Full Year 2025 Earnings Call February 25, 2026
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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, Ph.D. 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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3 Forward Looking Statements 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,” “p lans,” “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 eff icacy of our products, including the potential advantages of our products,;(iv) the timing and conduct of 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, expens es, or capital requirements , including our 2026 financial guidance. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause o ur 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 co mmercialization plans and development programs, and the financial impact or revenues from any commercialization we undertake; our ability to obtain necessary regulatory approvals for our prod uct candidates and, if and when approved, market acceptance of our products; our dependence on third-party collaborators, clinical research organizations, manufacturers, suppliers and distributor s; 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; ou r 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 financial guidance; 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, 2025, anticipated to be filed today, 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. Non-GAAP Financial Measures: In addition to the financial results and financial guidance that are provided in accordance with accounting principles genera lly accepted in the United States (GAAP), this presentation also contains the following non-GAAP (also referred to herein as adjusted) financial measures: non-GAAP adjusted revenues for NUPLAZID for the periods 2022 through 2025. When preparing the non-GAAP financial results, the Company excludes adjustments made to reflect the change in estimate in its NUPLAZID IRA rebate accruals covering the four fiscal years 2022 through 2025, which management considers to be unusual and a non-recurring item. These non-GAAP financial measures are provided as a complement to results provided in accordance with GAAP. Our management uses this non-GAAP measure to better analyze the Company’s financial results, compare period-to-period changes and evaluate performance, and believes these non-GAAP financial measures are useful to investors and other users of the Company’s financial statements to help indicate underlying trends in the Company's business, compare current results w ith prior period results and provide additional information regarding the Company's financial position. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP ; and are not prepared under any comprehensive set of accounting rules or principles in the reconciliation table below. Accordingly, the non-GAAP measures presented here are also unlikely to be comparable with non-GAAP disclosures released by other companies. In addition, from time to time in the future, there may be other items that the Company may exclude for purposes of its non -GAAP financial measures; and the Company may in the future cease to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. Reconciliations of these non-GAP financial measures to the most directly comparable GAAP financial measures are presented in the tables at the end of this presentation.
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Opening Remarks CHIEF EXECUTIV E OFFICER Catherine Owen Adams 4
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Anticipating Phase 2 Remlifanserin read-out in August- October 2026 timeframe Four pipeline molecules targeting large markets with ~$11B total peak sales potential 4Q non-GAAP adjusted sales: $189M (+17% YoY), driven by +13% volume growth and continued strong underlying demand FY25 non-GAAP adjusted sales*: $692M (+15% YoY), reflecting consistent double-digit volume growth Fourth Quarter and Full Year Highlights 4Q sales: $110M (+13% YoY), supported by broader U.S. community uptake and steady prescriber engagement FY25 sales: $391M (+12% YoY), driven by U.S. community expansion and robust ex-U.S. named patient demand R&D DAYBUE (trofinetide) is only approved in the united States, Canada and Israel for the treatment of Rett syndrome in adults and pediatric 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 disease psychosis. *See the Non-GAAP to GAAP reconciliations at the end of this presentation. 5
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6 Commercial Update CHIEF COMMERCIAL OFFICER Tom Garner
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NUPLAZIDUpdates 7 Increasing Demand: • +13% volume with broad-based channel mix growth • New Rx +18%, reflecting accelerating prescriber adoption $189M Q4 adjusted net sales* Expanded Awareness: • New branded DTC campaign launched in 4Q; pull-through expected to build through 2026 +17% YoY growth Field Force Impact: • 30% field force expansion fully deployed • 6–9-month ramp to full impact with growing base of new prescribers Commercial Execution: • Driving higher awareness, diagnosis, and earlier-line usage for sustained growth 0 200 400 600 800 Annual Adjusted Net Sales* FY24 FY25 0 50 100 150 200 Quarterly Adjusted Net Sales* 4Q24 4Q25 $162M $603M $692M +15%+17% *Based on Non-GAAP adjusted net sales. See the Non- GAAP to GAAP reconciliations at the end of this presentation. Annual Adjusted Net Sales* $189M
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1,070 patients received shipment globally DAYBUE Updates 8 Global Reach: • Named patient supply programs continue to expand ex-U.S , supporting growing global interest and access for trofinetide $110M Q4 net sales Strong Performance: • Consistent fundamentals with strong persistency and low discontinuations • Continued penetration within the ~6,000 diagnosed Rett patients in the U.S Record Quarterly Uptake: • Achieved the highest global patient shipment level to date, reflecting expanding access Community Momentum: • 76% of new prescriptions from community physicians, validating the shift beyond specialty centers 0 100 200 300 400 Annual Net Sales FY24 FY25 0 30 60 90 120 Quarterly Net Sales 4Q24 4Q25 $97M $110M $348M +13% +12% $391M
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DAYBUE STIX: A New Formulation Based on Rett Community Feedback Differentiated features Mixes easily into beverages Customizable volume No refrigeration required Highly portable Reduced sugar content Dye & preservative-free Early launch progress Strong early interest from HCP's and Care Givers Initial supply in channel, first patients shipped Broader commercial launch targeted for early Q2 Powder for oral solution approved by U.S. FDA in December 2025, based on established safety and efficacy profile 9 DAYBUE STIX is only approved in the United States. Incremental demand potential Provides an additional lever to engage both naïve and discontinued patients Will be available across both COE and Community settings
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10 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 Products and Pipeline Product candidates and investigational agents, for which the safety and efficacy of these agents have not been established. There is no guarantee these investigational agents will be filed with or approved by any regulatory agency. More information regarding our acquired or licensed product candidates (ACP-211, ACP-711, ACP-271, ACP-2591 and Stoke ASO) available in Acadia's public filings. Rare diseases DAYBUE® Rett Syndrome Analog of GPE ACP-2591 Rett Syndrome, Fragile X Syndrome cGP analog ACP-271 Huntington’s Disease GPR88 agonist STOKE ASO SYNGAP1 Antisense oligonucleotide (ASO) PROGRAM INDICATION MOLECULE DESCRIPTION DISCOVERY IND ENABLING PHASE 1 PHASE 2 PHASE 3 LAUNCHED Neurological diseases NUPLAZID® Parkinson's Disease Psychosis 5HT2A inverse agonist and antagonist Remlifanserin (ACP-204) Alzheimer's Disease Psychosis New 5HT2A inverse agonist Remlifanserin (ACP-204) Lewy Body Dementia w/ Psychosis New 5HT2A inverse agonist ACP-211 Major Depressive Disorder Deuterated R-norketamine ACP-711 Essential Tremor Selective GABAA-α3 modulator ACP-271 Tardive Dyskinesia GPR88 agonist 11
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Building Momentum Across Our Pipeline Recent Phase 2 or Phase 3 study readouts anticipated by the end of 2027 REFLECTS BREADTH OF PIPELINE AND STRENGTH OF R&D STRATEGY 5 4 Additional Phase 2 or Phase 3 study starts anticipated by the end of 2027 Anticipated Phase 2 Initiation of ACP-211 in Major Depressive Disorder Phase 2 Initiation of remlifanserin (ACP-204) in Lewy Body Dementia Psychosis Phase 3 Initiation of trofinetide in Japan 1Q 26 Initiate first-in-human study of ACP-271 in healthy volunteers 1Q 26 EMA CHMP opinion on trofinetide AUGUST-OCTOBER 2026 Top-line results from Phase 2 study of ACP-204 in Alzheimer's Disease Psychosis 8 Disclosed and multiple undisclosed programs 12
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EMA Regulatory Update • Final CHMP opinion expected later this week following last month’s negative trend vote • Next steps contingent on the final opinion; currently plan to pursue re-examination process • Re-examination timeline ~120 days from adoption of opinion, with next CHMP opinion expected ~end of Q2 13 The centralized procedure provides for the grant of a single Market Authorisation by the European Commission that is valid throughout the EEA (which is comprised of the 27 EU Member States plus Norway, Iceland and Liechtenstein)
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14 Financial Update CHIEF FINANCIAL OFFICER Mark Schneyer
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15 Non-GAAP Reconciliation FY22 FY23 FY24 FY25 4Q24 4Q25 YOY Change GAAP NUPLAZID Net Sales $517.2 $549.2 $609.4 $680.1 $162.9 $174.4 +7% Change in Estimate Recorded in Period - - - $20.1 - $15.2 Allocation of 2025 Amount ($1.4) ($3.8) ($6.6) ($8.3) ($1.7) ($1.0) Non-GAAP Adjusted NUPLAZID Net Sales $515.8 $545.4 $602.8 $691.9 $161.2 $188.6 +17% Reported GTN 20.8% 24.3% 26.1% 25.9% 23.2% 29.4% Adjusted GTN 21.0% 24.9% 26.9% 24.6% 24.0% 23.6% GAAP DAYBUE Net Sales - $177.2 $348.4 $391.4 $96.7 $109.6 +13% Non-GAAP Adjusted Total Revenue $515.8 $722.6 $951.2 $1,083.3 $257.9 $298.2 +16%
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Millions, Except EPS 4Q25 4Q24 YoY Change FY25 FY24 YoY Change TOTAL Revenue $284.0 $259.6 9% $1,071.5 $957.8 12% NUPLAZID $174.4 $162.9 7% $680.1 $609.4 12% DAYBUE $109.6 $96.7 13% $391.4 $348.4 12% R&D $84.8 $100.7 -16% $328.8 $303.2 8% SG&A $155.6 $130.1 20% $548.9 $488.4 12% EPS (diluted) $1.60 $0.86 86% $2.30 $1.36 69% Cash and Investments Balance $819.7 $756.0 8% 16 4Q and FY 2025 GAAP Financial Highlights
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FY25 Results FY26 GAAP Guidance NUPLAZID Net Sales $692 Million2 $760 to $790 Million NUPLAZID Gross-to-Net 24.6%2 22% to 24% DAYBUE Net Sales1 $391 Million $460 to $490 Million DAYBUE Gross-to-Net 22.3% 22% to 24% Total Revenue $1.07 Billion $1.22 to $1.28 Billion R&D Expense $329 Million $385 to $410 Million SG&A Expense $549 Million $660 to $700 Million 17 1 Includes contributions from named patient supply programs outside the U.S. 2 Represents Non-GAAP adjusted figures. FY 2026 Financial Guidance
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Concluding Remarks CHIEF EXECUTIV E OFFICER Catherine Owen Adams 18
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ACP-271 Phase 1 in Healthy Volunteers 2026-2027 Anticipated Milestones Q1 Q3 Q4Q2 Remlifanserin (ACP-204) (ADP/LBDP) 2026 Q1 Q3 Q4Q2 FIRST PATIENT IN 2027 Japan Phase 3 TrialCHMP Opinion Other Pipeline Programs Phase 2 in Alzheimer’s Disease Psychosis TOP-LINE RESULTS TOP-LINE RESULTS 19 ACP-211 Phase 2 Trial TOP-LINE RESULTS ACP-711 Phase 2 in Essential Tremor FIRST PATIENT IN
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Q&A Session 20