The following is a summary of the ACADIA Pharmaceuticals Inc. (ACAD) Q1 2024 Earnings Call Transcript:
Financial Performance:
ACADIA Pharmaceuticals reported Q1 revenue of $205.8 million, a 74% increase compared to Q1 2023, largely driven by the addition of DAYBUE to their product portfolio.
NUPLAZID franchise contributed $129.9 million in Q1 sales, up 10% from the same period last year.
The company's cash reserves increased by $30 million during Q1, reaching a total of $470.5 million.
R&D expenses for the first quarter decreased to $59.7 million from $69.1 million in Q1 2023, largely due to the commercial supply build of Trofinetide.
Business Progress:
One in four diagnosed Rett patients have started treatment with DAYBUE, showing significant market penetration within the first year of launch.
The company aims to file DAYBUE applications for regulatory approval in Europe, Japan, and Canada.
ACADIA is also working on new drugs, including its Phase 3 Prader-Willi syndrome program and a Phase 2-Phase 3 program in Alzheimer's disease psychosis.
ACADIA observed higher patient discontinuations for DAYBUE in the initial stages. They aim to improve this by educating caregivers on setting right expectations for time to benefit from DAYBUE.
ACADIA anticipates no impacts on DAYBUE from the development of gene therapies for Rett syndrome and could be prescribed alongside other drugs to deliver additional benefits.
The company is committed to investments for growth, including plans for expansion beyond the U.S. and continuous development of DAYBUE in the U.S.
ACADIA has seen increased patient growth every quarter, especially for the drug NUPLAZID, with expectations for further growth as clinic appointments rebound.
More details: ACADIA Pharmaceuticals IR
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