AC Immune SA (ACIU) Q4 2025 Earnings Call Transcript

Why It Matters

Revenue momentum and expanded commercial reach set ACADIA on a path to blockbuster status, while European regulatory setbacks and accounting changes pose near‑term uncertainties.

Key Takeaways

• Adjusted 2025 revenue hits $1.08 billion, 14% YoY growth.
• NUPLAZID sales rise 15% to $692 million, volume up 9%.
• DAYBUE net sales grow 12% to $391 million, new STIX formulation.
• Field force expanded 30% to 11,000 prescribers, boosting reach.
• EU trofinetide setback may delay DAYBUE EU launch.

Pulse Analysis

ACADIA’s fourth‑quarter results underscore the growing demand for NUPLAZID, its flagship therapy for Parkinson’s disease psychosis. Volume growth of 13% in the quarter and an 18% rise in new prescriptions reflect successful market penetration, driven by a 30% expansion of the sales force and targeted physician outreach. The company’s focus on community‑based prescribers has broadened access beyond specialty centers, positioning NUPLAZID for sustained double‑digit growth and a trajectory toward the $1 billion annual sales milestone projected for 2028.

DAYBUE’s performance highlights the strategic value of formulation innovation and global patient access programs. The FDA‑approved DAYBUE STIX powder, designed for caregiver convenience, is expected to capture an additional 400 patients, complementing the existing liquid product. Record shipments to 1,070 patients and approvals in three non‑U.S. markets demonstrate the brand’s expanding footprint. However, a negative CHMP opinion on trofinetide introduces uncertainty for EU commercialization, prompting ACADIA to rely on named‑patient supply to maintain market presence while awaiting a re‑examination outcome.

Financially, ACADIA projects 2026 revenue between $1.22 billion and $1.28 billion, buoyed by robust NUPLAZID and DAYBUE growth and a $250 million non‑cash tax benefit. A $20 million adjustment related to Inflation Reduction Act Medicare rebates affects comparability but does not reflect cash outflow. The pipeline, featuring four molecules with an estimated $11 billion peak‑sales potential—particularly remlofenserin’s $4 billion upside—offers long‑term upside. Upcoming Phase 2 readouts and Phase 3 trials will be key catalysts, making ACADIA a compelling play for investors seeking exposure to high‑growth neuro‑psychiatric therapeutics.