Acadia Pharmaceuticals Inc.

Commercial-stage CNS biopharma with two FDA-approved products: NUPLAZID (pimavanserin) for Parkinson's disease psychosis — the only approved treatment for this indication — and DAYBUE (trofinetide) for Rett syndrome, a rare neurodevelopmental disorder. Focus on underserved CNS indications where competition is thin.

• monetization model: Net product sales of branded prescription drugs; no material subscription/SaaS/license/services mix disclosed. (10-K FY2024, Item 1 Business; SEC EDGAR CIK 0001070494, accession UNKNOWN)
• revenue mix: ~63% NUPLAZID (pimavanserin) and ~37% DAYBUE (trofinetide) of FY2024 net product sales; two products only. (10-K FY2024, Revenue note; accession UNKNOWN)
• who pays: Third-party payers (Medicare/Medicaid/commercial) reimburse; patients/caregivers pay copays; specialty pharmacies/wholesalers are channel. (10-K FY2024, Business/Risk Factors)
• margin_value_capture: High gross margin (branded pharma); value accrues via IP-protected specialty/orphan products, payer reimbursement, and operating leverage from R&D/SG&A. (10-K FY2024; 10-Q Q1 2025; sec.gov ; accession UNKNOWN)

• customer classes: Health Systems & Providers, Payers & Insurers; specialty pharmacies/wholesalers (channel), patients/caregivers. (10-K FY2024, Business/Customer concentration; 10-Q Q1 2025; sec.gov ; accession UNKNOWN)

ACADIA Pharmaceuticals is a U.S. commercial-stage biopharmaceutical company focused on central nervous system disorders. It does not rely on advertising or subscriptions; it monetizes through U.S. product sales of two FDA-approved drugs:

• NUPLAZID (pimavanserin) — for hallucinations and delusions associated with Parkinson’s disease psychosis.
• DAYBUE (trofinetide) — for Rett syndrome in adults and pediatric patients 2 years and older.

Source: ACADIA Pharmaceuticals Form 10-K for fiscal year 2023, accession 0000950170-24-023277, filed 2024-02-27, accessed 2026-05-09, URL:

https://www.sec.gov/Archives/edgar/data/1070494/000095017024023277/acad-20231231.htm

The same 10-K reports FY2022 total net product sales of $517.2M, which was entirely NUPLAZID. DAYBUE launched in 2023 following FDA approval.

From the same FY2023 10-K income statement, rounded to one decimal:

• Product revenue: $726.4M
• Cost of product sales: $51.0M
• Gross profit: $675.5M
• Gross margin: ~93.0%
• Research and development: $342.8M
• Selling, general and administrative: $363.1M
• Income/loss from operations: –$30.4M
• Net loss: –$61.6M

These figures are issue-direct comparisons from the FY2023 10-K; exact unrounded values should be taken from the filing itself.

ACADIA records product revenue net of rebates, chargebacks, prompt-pay discounts, copay assistance, and other deductions. The actual cash flows come mainly from:

• Medicare Part D
• Medicaid
• Commercial insurance
• Patient copay/cost-share assistance

The company sells through a limited network of specialty pharmacies and distributors, not directly to patients. ACADIA’s 10-K risk-factor language states that a limited number of specialty pharmacy/distributor customers account for a meaningful portion of net product sales. Exact customer-concentration percentages and counterparty names require pulling the specific 10-K customer-concentration disclosure: needs primary source validation.

ACADIA does not disclose retail patient identities. Filings describe distribution through specialty pharmacy and distributor channels. I do not fabricate names. If specific specialty pharmacy or distributor names are required, they should be extracted directly from the 10-K revenue-recognition and risk-factor sections, not from commercial press.

From ACADIA filings and FDA labels:

• Prescribers: neurologists, movement-disorder specialists, psychiatrists, and — for DAYBUE — pediatric neurologists and Rett syndrome specialists.
• Payers: Medicare Part D plans, Medicaid programs, commercial insurers.
• Distribution counterparties: specialty pharmacies and distributors.
• Patients: Parkinson’s disease patients with psychotic symptoms; Rett syndrome patients aged 2 and older.

No end-customer names are disclosed in SEC filings. Any named specialty pharmacy appearing in the 10-K should be treated as distribution counterparty, not end buyer.

Intervene layer (Context). Profitable CNS biotech trading at 11.8x trailing P/E. NUPLAZID has no direct competition in Parkinson's psychosis — a genuine niche monopoly. DAYBUE for Rett syndrome is a rare disease franchise. 90.8% gross margins reflect specialty drug economics. High short ratio (9.5) is a risk but also a squeeze catalyst.

\[

US\ PDP\ addressable\ patients = 1{,}000{,}000 \times 30\% = 300{,}000

\]

\[

Implied\ treated\ patients = \frac{\$549.1M}{\$25{,}000} = 21{,}964

\]

\[

Penetration = \frac{21{,}964}{300{,}000} = 7.3\%

\]

\[

TAM = 300{,}000 \times \$25{,}000 = \$7.5B

\]

This is an assumption-driven estimate, not a company-reported penetration figure. ACADIA does not disclose patient counts or average net price per patient in the 10-K at this granularity.