ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) has made public its financial results for the fourth quarter of the year ended December 31, 2017. From the look of things, the biopharmaceutical company has been doing well especially with its NUPLAZID. Despite the tight market competition, the treatment, which is primarily used in the treatment of Parkinson’s disease psychosis posted very positive growth.
ACADIA’s President and Chief Executive Officer, Steve Davis explained that NUPLAZID’s uptake was robust. As if that was not enough, the company also received Breakthrough Therapy Designation from the FDA. Thus it can now take up the exploration of the utility of pimavanserin in dementia-related psychosis.
What highlights did ACADIA Pharmaceuticals Achieve?
The presentation of the fourth quarter results will be available through a live webcast on the company’s website. It is worth mentioning that the results are not only a milestone for the company but they have also given hope to the investors.
Among the many highlights, which the company has achieved within the said period include a national direct-to-consumer disease awareness TV ad campaign. This was purposed to give more knowledge about Parkinson’s disease psychosis to the patients and caregivers. The company was also able to present Phase 2 data with pimavanserin in Alzheimer’s disease psychosis.
The company’s Breakthrough Therapy Designation from the FDA for pimavanserin was the second one in a row given that it had obtained another in October.
The outlook for the company’s financial report
The Net product sales of NUPLAZID stood at $43.6 million for the fourth quarter of 2017. This was an increase of 263% from the $12.0 million reported for the fourth quarter of 2016. However, the expenses for research and development increased from $30.2 million in 2016 to $43.2 million for the fourth quarter of 2017. According to ACADIA, the increase was as a result of increased clinical costs related to the clinical studies, which took place within that quarter.
Expanded research and development organization also incurred additional personnel and related costs. The selling, general and administrative costs shop up as well to $66.7 million from $57.7 million. This resulted from the support given to ACADIA’s commercial activities for NUPLAZID.
All in all, Davis cites, “As we look to 2018, we anticipate continued strong volume growth for NUPLAZID. In addition, we look forward to advancing our late-stage clinical programs in dementia-related psychosis”