At a glance
ACADIA Pharmaceuticals Inc is worth $3.50B, about 9 times its fiscal 2025 earnings. Revenue grew 11.9% to $1.07B in fiscal 2025, with 36.5% kept as profit; over 5 years it has grown 19.4% a year. It pays no dividend. The stock returned −10.2% over the past year with dividends reinvested and +2.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.0% in the 2020 crash (S&P 500: 33.7%) and 52.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 13 months after the lows.
The business in plain English
Acadia Pharmaceuticals is a San Diego drug company focused on neurological and rare diseases. It sells two approved medicines. NUPLAZID (pimavanserin) is the first and only drug approved by the US Food and Drug Administration (FDA) to treat hallucinations and delusions linked to Parkinson's disease psychosis. DAYBUE (trofinetide) is the first and only approved treatment for Rett syndrome, a rare neurological disorder.
These two drugs produced $1,071.5 million of net product sales in 2025, up from $957.8 million in 2024. Both are sold in the US through a limited network of third-party distributors and pharmacies, and sales depend on insurers and government programs paying for them. DAYBUE is also approved in Canada and Israel, and Acadia is working toward approval in Europe and Japan. The company estimates that about 130,000 US Parkinson's patients take an atypical antipsychotic (a type of psychosis drug) each year, and that NUPLAZID reaches roughly a fifth to a quarter of them. It aims for $1.0 billion in NUPLAZID sales in 2028.
Acadia is also developing new drugs. Its most advanced candidate, remlifanserin, is in mid-stage Phase 2 trials for psychosis in Alzheimer's disease and Lewy body dementia. A late-stage trial of ACP-101 for Prader-Willi syndrome failed in September 2025, and the company dropped it.
Price history
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ACAD -10.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $308.0M, up 16.4% from a year earlier, and net income was $31.5M (+18.1%).
- For fiscal 2025, revenue was $1.07B (+11.9% year over year; +19.4% a year from FY2020 to FY2025) with a 36.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.4% good |
|---|---|
| Operating margin | 9.8% watch |
| Free cash flow margin | 9.8% watch |
| Return on equity (FY2025) | 31.9% good |
| Return on assets (FY2025) | 25% good |
| Cash and investments | $956.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $441.8M | $-281.6M | $-143.8M |
| FY2021 | $484.1M | $-167.9M | $-126.8M |
| FY2022 | $517.2M | $-216.0M | $-114.0M |
| FY2023 | $726.4M | $-61.3M | $16.7M |
| FY2024 | $957.8M | $226.5M | $157.2M |
| FY2025 | $1.07B | $391.0M | $105.1M |
Valuation snapshot
| Market value | $3.50B |
|---|---|
| P/E ratio | 8.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
ACADIA Pharmaceuticals’s market value went from $3.49B at the end of 2016 to $3.50B on Oct 28, 2026, up 0%; since the end of 2025 it is down 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.50B | -22.5% |
| 2025 | $4.52B | +48.0% |
| 2024 | $3.05B | -40.6% |
| 2023 | $5.14B | +99.4% |
| 2022 | $2.58B | -31.3% |
| 2021 | $3.75B | -55.9% |
| 2020 | $8.50B | +29.0% |
| 2019 | $6.59B | +225.8% |
| 2018 | $2.02B | -45.9% |
| 2017 | $3.74B | +7.1% |
| 2016 | $3.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACAD price data to Oct 28, 2026 | -23.9% | -10.2% | -2.3% | +2.3% | -1.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.9% |
| 2025 | +45.6% |
| 2024 | -41.4% |
| 2023 | +96.7% |
| 2022 | -31.8% |
| 2021 | -56.3% |
| 2020 | +25.0% |
| 2019 | +164.6% |
| 2018 | -46.3% |
| 2017 | +4.4% |
| 2016 | -19.1% |
| 2015 | +12.3% |
| 2014 | +27.1% |
| 2013 | +437.4% |
| 2012 | +330.6% |
| 2011 | -10.0% |
| 2010 | -9.1% |
| 2009 | +46.7% |
| 2008 | -91.9% |
| 2007 | +25.9% |
| 2006 | -10.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 94.9% over that stretch · deepest drop along the way 95.2%, back to its old high 51.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.6% over that stretch · deepest drop along the way 31%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.8% over that stretch · deepest drop along the way 52.7%, back to its old high 12.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 21 sales ($2.3M), 20 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 30, 2026 | Elizabeth H.Z. Thompson EVP, Head of Research & Dev | sell (plan) | $431K |
| Jun 26, 2026 | James Kihara PRINCIPAL ACCOUNTING OFFICER | sell (plan) | $298K |
| Aug 6, 2026 | Mark C. Schneyer EVP, CHIEF FINANCIAL OFFICER | sell (plan) | $273K |
| Mar 25, 2026 | Adams Catherine Owen Chief Executive Officer, Director | sell (plan) | $250K |
| Aug 5, 2026 | Mark C. Schneyer EVP, CHIEF FINANCIAL OFFICER | sell (plan) | $170K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Jan 31, 2025 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.15% | Mar 31, 2026 |
| RTW Investments, LP | 4.2% | Sep 30, 2025 |
ETFs with the most weight in ACAD
| IBRN iShares Neuroscience and Healthcare ETF | 4.52% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3.2% |
| SBIO ALPS Medical Breakthroughs ETF | 2.48% |
| PBE Invesco Biotechnology & Genome ETF | 2.4% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 1.69% |
| MNTL Tema Neuroscience and Mental Health ETF | 1.68% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 1.36% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.48% |
What could go wrong
- Two drugs bring in almost all sales. NUPLAZID and DAYBUE are Acadia's only approved products. If prescribing slows or safety worries grow, there is little else to fall back on. NUPLAZID carries a boxed warning, the FDA's strongest safety alert.
- European approval for DAYBUE is uncertain. In January 2026, an EU drug committee's preliminary vote on trofinetide (DAYBUE) for Rett syndrome was negative. Acadia planned to seek re-examination. Without approval, DAYBUE's market stays limited to the US, Canada and Israel.
- Pipeline drugs can fail, even late. In September 2025, ACP-101 for Prader-Willi syndrome failed its late-stage Phase 3 trial and was dropped. The most advanced remaining candidate, remlifanserin, is still in mid-stage Phase 2 testing, with no guarantee of approval.
- Insurance coverage and drug pricing pressure. Sales depend on commercial insurers and government programs such as Medicaid paying for the drugs. Reduced coverage, high out-of-pocket costs for patients or healthcare reforms that cut prices could shrink revenue.
- Rivals and patent challenges. If rivals launch more effective treatments, or Acadia cannot defend its patents against cheaper generic copies, sales could fall. Patent disputes are costly and their outcomes hard to predict.
- A history of extreme share price swings. Acadia's annual report warns the stock is highly volatile. As of October 28, 2026, its worst peak-to-trough fall on record was 96.3%, and its worst over the prior three years was 55.6%.
Recent events
- Executive or board change
- Investor presentation or announcement; Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Acadia pays no dividend, and its annual report for 2025 says it does not intend to pay one in the foreseeable future, so any return must come from share price gains. It bought back no shares from 2021 through 2025, and its share count rose 7.2% between October 25, 2021 and July 28, 2026, which gradually dilutes, or shrinks, each owner's slice of the company. Although it earned $391.0 million in 2025, Acadia says it plans to reinvest cash flow in growth. The stock may not suit investors who need regular income.
It has also fallen hard in market downturns. The shares dropped 95.2% during the 2008 financial crisis and did not regain their October 2007 level until June 2013. They fell 31% in the 2020 COVID crash but recovered by mid-April 2020, and fell 52.7% in 2022 before recovering in July 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Acadia Pharmaceuticals pay a dividend?
No. Acadia does not pay a dividend, and its annual report for 2025 says it does not intend to pay one in the foreseeable future. It also bought back no shares from 2021 through 2025, while its share count grew 7.2% between October 2021 and July 2026. The company says it plans to reinvest cash flow in growth. Returns for shareholders depend entirely on the share price rising.
How does Acadia Pharmaceuticals make money?
Acadia makes money by selling two prescription drugs. NUPLAZID treats hallucinations and delusions linked to Parkinson's disease psychosis, and DAYBUE treats Rett syndrome, a rare neurological disorder. Each was the first and only drug approved for its condition. Together they produced $1,071.5 million of net product sales in 2025, up from $957.8 million in 2024. Both are sold in the US through third-party distributors and pharmacies, and DAYBUE is also approved in Canada and Israel.
Is Acadia Pharmaceuticals profitable?
Yes, in 2024 and 2025, after losses every year from 2020 through 2023. Acadia earned $226.5 million in 2024 and $391.0 million in 2025, or $2.30 per diluted share. Operating income, the profit from its core business, was a smaller $104.8 million in 2025, a 9.8% margin. The gap comes from items outside operations, such as interest and taxes. In the quarter ended June 30, 2026, it earned $31.5 million on $308.0 million of revenue.
Is DAYBUE approved in Europe?
Not as of Acadia's annual report filed February 26, 2026. Acadia applied to the European Medicines Agency (EMA), the EU's drug regulator, in January 2025. In January 2026, an EMA committee's preliminary vote on trofinetide, DAYBUE's active ingredient, for Rett syndrome was negative. Acadia said it intended to request a re-examination and was preparing for a possible approval in the third quarter of 2026. It estimates 9,000 to 12,000 people in the EU have Rett syndrome.
How has Acadia stock performed over the long run?
It has gone roughly nowhere over 10 years, with big swings along the way. As of October 28, 2026, the shares had lost about 1% a year over 10 years (about 10% in total), gained 2.3% a year over five years and lost 2.3% a year over three years. They were down 23.9% year to date. Back-to-back years show the swings: a 41.4% loss in 2024, then a 45.6% gain in 2025. Its worst decline on record was 96.3%.