ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a trailblazer in central nervous system disorder treatments, unveiled its financial achievements for Q4 and the entirety of 2023 on December 31, showcasing remarkable growth and strategic victories. The company's portfolio, highlighted by DAYBUE (trofinetide) for Rett syndrome and NUPLAZID (pimavanserin) for Parkinson's disease psychosis, led to a 40% surge in total net product sales, reaching $726.4 million for the year.
The breakdown for Q4 revealed net product sales of $87.1 million for DAYBUE and $143.9 million for NUPLAZID. NUPLAZID's annual net sales ascended to $549.2 million, marking a 6% increase, buoyed by rising unit sales and an elevated average net selling price. A significant dip in research and development expenses contributed to a net income of $45.8 million in the final quarter of 2023.
Operational strides in 2023, including DAYBUE's market introduction and NUPLAZID's expansion, lay a robust foundation for ACADIA's ongoing progress. The company's pipeline also saw significant developments with the commencement of Phase 3 trials for ACP-101 in Prader-Willi syndrome and a Phase 2/3 study for ACP-204 in Alzheimer's disease psychosis.
Looking ahead, ACADIA's 2024 forecasts anticipate DAYBUE net sales between $370 to $420 million and NUPLAZID sales ranging from $560 to $590 million. The company expects GAAP research and development expenses to fall between $305 to $325 million and general and administrative expenses to lie within $455 to $480 million.
ACADIA's impressive performance in 2023, marked by DAYBUE's launch and NUPLAZID's consistent growth, highlights the company's expanding influence in the biotech sector. With a keen focus on treating central nervous system disorders and a promising pipeline, ACADIA is poised for continued innovation and growth.
Nonetheless, shares of the stock faltered off the print, dropping to test the stock's year-to-date lows around $24.