ACADIA Pharmaceuticals (ACAD): Another Day Another Daybue Beat

We are pleased to see yet another quarter of strong commercial performance by Acadia in 3Q26 with GAAP total revenues of $342M (~+23% YoY) beating JPMe/company-compiled cons of ~$326M/~$333M. Daybue net sales healthily beat with almost all growth driven by volume, and continued uptake of Daybue STIX was the predominant driver. ACAD raised FY26 Daybue revenue guidance to $505M-$520M from $480M-$510M. Nuplazid net sales were generally in-line, and FY26 guidance was narrowed to $760M-$775M. FY26 total revenue guidance was narrowed to $1.265B-$1.295B, SG&A to $665M-$685M and R&D to $325M-$340M. Management reiterated confidence in reaching ~$700M in Daybue sales and ~$1B in Nuplazid sales by the end of 2028, and plans to re-stress Daybue peak sales in 1Q27. A new patent covering weight-banded dosing, with pediatric exclusivity, is expected to extend U.S. protection through March 2041. We view current levels as an attractive long-term entry point.