Slides
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Second Quarter 2026 Earnings Call August 4 , 2026 ACADIA®
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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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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,” “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, including sales growth for DAYBUE, uptake in DAYBUE STIX, and potential for enhanced stockholder value; (ii) expectations for NUPLAZID with the expanded field force; (iii) the FDA's potential review of a new drug application for remlifanserin as a treatment for Alzheimer's disease psychosis; (iv) the receipt and timing of the topline results of the RADIANT Phase 2 study, the transformational opportunity of those results, and the enrollment of the Phase 3 portion of the RADIANT development program; (v) potential approval of DAYBU (trofinetide) in the European Union; (vi) plans for, including timing, development and progress of commercialization or regulatory timelines for our products, and our product candidates; (vii) benefits to be derived from and efficacy of our products, including the potential advantages of our products; (viii) estimates regarding the prevalence of the diseases targeted by our products and product candidates; (ix) potential markets for any of our commercial products; and (x) our estimates regarding our future financial performance, cash position, profitability, expenses, or capital requirements, including our 2026 financial guidance and potential peak sales in Alzheimer’s disease psychosis and Lewy body dementia. 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; 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 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 quarterly report on Form 10-Q for the quarter ended June 30, 2026, anticipated to be filed today, as well as our subsequent filings with the Securities and Exchange Commission from time to time. 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 generally 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 second quarter of 2025 and non-GAAP adjusted total revenues for the second quarter of 2025. When preparing the non-GAAP financial results, the Company excludes adjustments made to reflect the change in estimate in its NUPLAZID Inflation Reduction Act rebate accruals covering the second quarter of 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 and year-to-year 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 facilitate period-to-period comparisons. 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 condensed 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 included herein. 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-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables at the end of this presentation. 3
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Opening Remarks CHIEF EXECUTIVE OFFICER Catherine Owen Adams 4
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Second Quarter Highlights 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. *Based on Non-GAAP adjusted net sales. See the Non-GAAP to GAAP reconciliations at the end of this presentation. 5 Q2 sales $125M, +30% YoY CHMP positive opinion; awaiting EC decision Raising FY26 net sales guidance Enrollment completed in RADIANT Phase 2 study of remlifanserin in ADP Topline results expected September – October 2026 Received FDA Fast-Track Designation for remlifanserin in ADP Q2 sales $183M, +10%* YoY Momentum in new patient prescriptions and early impact from expanded field force R&D
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Commercial Update CHIEF COMMERCIAL OFFICER Tom Garner 6
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DAYBUEUpdates 7 $125M Q2 Net Sales • Strong sales growth driven almost entirely by volume • DAYBUE STIX adoption exceeding expectations • Foundational standard of care in Rett syndrome +13% +12%+30% YoY Growth 50 75 100 125 DAYBUE Net Sales 2Q25 2Q26 $96M $125M +30%
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DAYBUE Growth Drivers Support Long-Term Opportunity 8 Awaiting EC decision following positive CHMP opinion Germany launch anticipated early Q4 Planned market reimbursement dossiers to be submitted this year European ExpansionSTIX Adoption Building Momentum Stronger-than-expected early adoption driving patient growth 40% of all U.S. DAYBUE patients receiving STIX
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NUPLAZIDUpdates 9 $183M Q2 Net Sales +10% YoY Growth* +15% *Based on Non-GAAP adjusted net sales. See the Non-GAAP to GAAP reconciliations at the end of this presentation. 100 125 150 175 200 NUPLAZID Net Sales 2Q25 2Q26 $166M* $183M +10%* • Continued momentum in new patient prescriptions; highest volume since 1Q'18 • Early, leading indicators support field force expansion strategy • Awareness campaigns driving increased engagement across digital and social channels
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10 R&D Update EXECUTIVE VICE PRESIDENT | HEAD OF RESEARCH AND DEVELOPMENT 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® Franchise 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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Global, placebo-controlled, double-blind Phase 2 enrolling ADP = Alzheimer’s Disease Psychosis; QD = once daily; SAPS-H+D = Scale for Assessment of Positive Symptoms - Hallucinations + Delusions; CGI-S-ADP = Clinical Global Impression–Severity in ADP NPI-C H+D = Neuropsychiatric Inventory–Clinician Hallucinations + Delusions; NCT06159673 PHASE 2 Double-blind, randomized 1:1:1 TWO PHASE 3 STUDIES Placebo Remlifanserin (60 mg QD) Remlifanserin (30 mg QD) Operationally seamless, statistically separate PRIMARY ENDPOINT SAPS-H+D total score change from baseline to Week 6 Top line data expected September - October FDA fast track designation received Placebo Remlifanserin (60 mg QD) Remlifanserin (30 mg QD) 6 WEEKS 6 WEEKS Remlifanserin RADIANT Trial in ADP 12
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Ongoing Today 2026 2027 Trofinetide Rett Syndrome | Japan Remlifanserin ADP + LBDP ACP-211 Major Depressive Disorder ACP-711 Healthy Volunteers ACP-271 Healthy Volunteers Advancing a Robust Pipeline with Multiple Value-Driving Milestones 13 RADIANT P2 | ADP Ph 2 | LBDP Ph 3s | ADP Ph 2 | MDD Ph 1 | First in Human Ph 2 | Readout RADIANT Ph 2 | Readout Regulatory SubmissionPh 3 | Readout Studies ongoing today Four Ph 2 or Ph 3 study readouts expected1 1Fourth readout is undisclosed at this time. Ph 1 | First in Human Ph 2 | Essential Tremor Planned initiation Ph 3 | Rett Syndrome
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14 Financial Update CHIEF FINANCIAL OFFICER Mark Schneyer
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Millions, Except EPS 2Q26 2Q25 YoY Change TOTAL Revenue $308.0 $262.2* 17% DAYBUE $124.8 $96.1 30% NUPLAZID $183.2 $166.1* 10% R&D $81.6 $78.0 5% SG&A $160.3 $133.5 20% EPS (diluted) $0.18 $0.16 - Cash and Investments Balance 956.5 15 Q2 2026 Financial Highlights 2* Represents Non-GAAP adjusted figures. See the Non-GAAP to GAAP reconciliations at the end of this presentation.
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Updated Guidance* Prior Guidance* DAYBUE Net Sales1 $480 to $510 Million $460 to $490 Million DAYBUE Gross-to-Net 23% to 25% 22% to 24% NUPLAZID Net Sales $760 to $790 Million $760 to $790 Million NUPLAZID Gross-to-Net 22% to 24% 22% to 24% Total Revenue $1.24 to $1.30 Billion $1.22 to $1.28 Billion R&D Expense $355 to $380 Million $385 to $410 Million SG&A Expense $660 to $700 Million $660 to $700 Million 16 FY 2026 Financial Guidance *All numbers for FY26 are GAAP 1 Includes contributions from named patient supply programs outside the U.S.
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Concluding Remarks CHIEF EXECUTIVE OFFICER Catherine Owen Adams 17
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Acadia is Positioned for the Next Phase of Growth 18 Transformational Opportunity Remlifanserin Phase 2 readout Proven Execution Commercial momentum across both brands Catalyst Rich Outlook Multiple value-driving milestones • Strong second quarter performance • DAYBUE guidance raised; NUPLAZID guidance reaffirmed • ACP-211 in major depressive disorder • Remlifanserin Phase 2 in LBDP • Topline results expected September–October • Largest near-term value catalyst for the company
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Q&A Session 19
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Appendix 20
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Non-GAAP Reconciliation 2Q25 2Q26 GAAP NUPLAZID Net Product Sales $168.5 $183.2 Allocation of 2025 Amount (2.4) — Non-GAAP Adjusted NUPLAZID Net Product Sales $166.1 $183.2 DAYBUE Net Product Sales $96.1 $124.8 Non-GAAP Adjusted Total Revenue $262.2 $308.0 21