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what it is
It sells medicines for brain and nerve disorders when patients have few good options.
how it gets paid
FY2025 GAAP total revenues were $1.07B (up ~12% YoY), per the Feb 25, 2026 release.
why it's growing
Growth is two-product: NUPLAZID® GAAP net sales $680M FY2025 and DAYBUE® $391M. Q4 GAAP revenue was $284M (~9% YoY); FY diluted EPS $2.30 vs. $1.36 in 2024.
what just happened
Q4’25 net income was $274M ($1.60 diluted EPS), including a ~$250M non-cash tax benefit on deferred tax assets—read that line before you annualize one quarter.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
~9.6× trailing P/E on FY2025 GAAP $2.30 EPS
~9.8% GAAP operating margin FY2025 (ops ÷ revenue)
$2.30 FY2025 diluted EPS (GAAP)
xvary composite: 70/100 — average
What they do
It sells medicines for brain and nerve disorders when patients have few good options.
CNS means brain and nerve disorders. Cash flow leans on two marketed brands: NUPLAZID and DAYBUE. The company reported 798 employees as of Dec 31, 2025 (Form 10‑K). Against ~$1.07B GAAP revenue, that is roughly $1.3M revenue per employee.
How they make money
$1.07B
FY2025 GAAP total revenues · ~+12% YoY
NUPLAZID® GAAP net sales
$680M
FY2025
DAYBUE® GAAP net sales
$391M
FY2025
Product sales and growth rates from Acadia’s Feb 25, 2026 earnings release; IRA rebate accrual adjustments make GAAP NUPLAZID sales noisy—see company Table 1 (non‑GAAP reconciliation).
The products that matter
commercial neurology business
Commercial franchise
$1.07B FY2025 GAAP revenue
Two marketed products with disclosed GAAP sales: NUPLAZID $680M and DAYBUE $391M in FY2025—that is the engine you can count today.
current engine
drug development pipeline
Clinical pipeline
~$3.7B market cap context
The equity multiple still embeds pipeline value—remlifanserin readout guided for Aug–Oct 2026 is the next clean catalyst called out by the company.
second act bet
cash-flow support
Balance sheet
~$820M cash & investments
Dec 31, 2025 cash, cash equivalents, and investment securities were ~$820M—liquidity matters when you are running two commercial brands plus R&D.
shock absorber
Key numbers
$1.07B
FY2025 GAAP revenue
First year over $1B in GAAP total revenues, per the company’s Feb 25, 2026 release.
~9.6×
trailing P/E
Roughly $22 ÷ $2.30 FY2025 diluted EPS—sanity-check any higher multiple that sneaks in from mixing quarters.
~9.8%
GAAP operating margin
FY2025 income from operations ÷ GAAP total revenues (~$105M ÷ ~$1,072M), per the same release tables.
$391M
FY2025 DAYBUE sales
The second commercial leg—still growing while NUPLAZID carries the larger GAAP sales line.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 15 / 100
- liquidity ~$820M cash & investments (Dec 31, 2025)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACAD right now.
source: institutional data · return history unavailable
What just happened
earnings · FY2025
Q4’25 GAAP revenue $284M (~9% YoY); FY2025 GAAP revenue $1.07B (~12% YoY).
FY2025 diluted EPS was $2.30 vs. $1.36 in 2024. Q4’25 diluted EPS was $1.60, driven in part by a ~$250M non-cash tax benefit—strip that before you infer a new quarterly run rate.
$284M
Q4 GAAP revenue
$2.30
FY diluted EPS
12%
FY revenue growth
GAAP vs. non-GAAP
NUPLAZID GAAP sales include a one-time IRA rebate accrual adjustment; the company publishes non-GAAP adjusted sales to show underlying volume trends—use the reconciliation in their release.
source: Acadia news release, Feb 25, 2026
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What could go wrong
the #1 risk is single-franchise dependence while the pipeline tries to earn a second act.
med
two products still dominate the P&L
GAAP revenue is overwhelmingly NUPLAZID + DAYBUE. Pipeline success is the long-term diversifier—until then, concentration risk is the default.
If the core franchise slows, you do not have another visible revenue stream on this page ready to offset it.
med
the valuation still asks for a sequel
A ~$3.7B market cap on ~$1.07B GAAP revenue still embeds expectations beyond the current year guide ($1.22–$1.28B total revenues for 2026, per the same release).
A setback in development or launch execution would pressure the multiple first, even if the balance sheet stays fine.
med
predictability is low and the stock admits it
Earnings predictability is 30/100 and price stability is 15/100. In plain English: estimates move, and the share price does not wait for clean confirmation.
You can be right on the long-term business and still sit through a rough 12 months.
med
some of the page is thin because the feed is thin
Institutional ownership visibility is limited, product-level detail is narrow, and the revenue estimate window does not line up with the annual revenue figure. That does not break the thesis. It does lower your margin for false confidence.
If you own ACAD, you should lean harder on filings and less on any single summary number until the next reporting cycle fills in the gaps.
Liquidity is strong (~$820M cash and investments). The business risk is franchise and pipeline execution—not a near-term financing cliff.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
GAAP vs. non-GAAP revenue
FY2025 non-GAAP adjusted total revenues were ~$1.08B vs. $1.07B GAAP—the spread is the NUPLAZID IRA rebate accrual true-up. Do not confuse the two when comparing to sell-side models.
trend
predictability is still weak
A 30/100 earnings predictability score tells you the street does not treat ACAD like a smooth compounder. If estimates keep moving, the multiple stays stuck.
risk
headline noise can move the stock before fundamentals do
Plaintiff-firm reminders are not the same thing as an operating problem. They still matter because traders react to tape pressure first and sort facts later.
calendar
the next filing needs to prove the floor is still there
Watch for sales to hold around the recent $1.07B to $1.1B revenue zone. Stability protects the case. A second engine is what changes it.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see this as a smooth earnings story yet.
risk rank
1
that score says the company screens safer than 95% of stocks on this measure. the stock price does not share that calm.
price stability
15 / 100
low stability means you own biotech volatility even with a cleaner balance sheet than many peers.
source: institutional data
Institutional activity
institutional ownership data for ACAD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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