Health and Healthcare
Why Acadia Pharma Is One of Wednesday's Best Earnings Reports
Published:
Last Updated:
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.
The Easy Way To Retire Early
You can retire early from the lottery, luck, or loving family member who leaves you a fortune.
But for the rest of us, there are dividends. While everyone chases big name dividend kings, they’re missing the real royalty: dividend legends.
It’s a rare class of overlooked income machines that you could buy and hold – forever.
Click here now to see two that could help you retire early, without any luck required.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
