Shares of Acadia Pharmaceuticals, Inc. (NASDAQ: ACAD) surged nearly 13 percent to $33.40 after the company released its second quarter earnings following the market close on Tuesday.
According to Economic Calendar, Acadia reportedly generated $30.5 million in net revenues during the three-month period, which ended on June 30th – up from just $0.1 million posted in the year-ago quarter. Wall Street analysts, on average, had projected the company’s revenue would be $20.0 million this time around. The company’s net loss was $67.4 million, which works out to 55 cents per share of its common stock. The consensus estimate was calling for a much wider loss of 72 cents per share.
Analysts noted Acadia reported strong Nuplazid sales of $26.9 million after a full year on-market, up from $15.2 million in the first quarter. The analysts indicated about 94 percent of lives with full Medicare and Commercial coverage and 25 percent of its business was from LTC, VA and TRICARE.
“Our commercial efforts continue to drive strong financial performance with solid market uptake for Nuplazid in patients with Parkinson’s disease psychosis,” said the company’s President and Chief Executive Officer, Steve Davis. “Following positive data from our Phase II study in Alzheimer’s disease psychosis and recently completed End-of-Phase II meeting with the FDA, we are excited to start our Phase III program in the next couple of months.”
Overall, the firm remains optimistic on Nuplazid's revenue potential and believe the program carried long-term value both to investors, and potentially as an acquisition. The firm also expressed encouragement at the update from Acadia on its end of Phase 2 meeting with the FDA on Pimavanserin. The update means a clearer path to registration and likely a quicker commencement of the pimavanserin Phase 3 program.