Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) reported its second-quarter financial results after the markets closed on Tuesday. This company perhaps had one of the best responses to its earnings report on Wednesday and saw its shares skyrocket out of the gate. Prior to the release of this report, the stock was only up 2.4% year to date, but now this has more than sextupled.
The company said that it had a net loss of $0.55 per share and $30.5 million in revenues, compared with consensus estimates that called for a net loss of $0.71 per share and $19.6 million in revenue.
During the second quarter of 2017, Acadia generated $30.5 million of net product sales of Nuplazid, which includes the one-time recognition of $3.6 million associated with the transition to the sell-in revenue recognition method of accounting from the sell-through method.
One of the other major highlights in this report was that Acadia conducted its End-of-Phase 2 meeting with the FDA on the Alzheimer’s disease psychosis program.
In terms of guidance, Acadia expects to see full year Nuplazid net sales in the range of $105 million to $115 million. The consensus estimates are a net loss of $2.79 per share and $94.09 million in revenue. The highest revenue target from analysts is $107 million.
On the books, Acadia’s cash, cash equivalents and investments totaled $417.3 million at the end of the quarter, down from with $529.0 million at the end of the previous fiscal year.
Steve Davis, president and CEO of Acadia, commented:
Our commercial efforts continue to drive strong financial performance with solid market uptake for NUPLAZID in patients with Parkinson’s disease psychosis. 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.
Shares of Acadia were last seen up about 15% at $33.99, with a consensus analyst price target of $44.20 and a 52-week range of $20.68 to $40.83.