Revenue reached $342.3M in 2026Q3 with 89.7% gross margin, but SG&A at $159.2M absorbed roughly half of revenue and operating margin remained thin at 21.0%, suggesting commercial spending still consumes most of the structural gross profit advantage.
ACADIA Pharmaceuticals Inc. (ACAD) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 |
|---|
| Sales/Revenue | 1.2B | 1.07B | 957.8M | 726.44M | 517.24M | 484.14M | 441.75M | 339.08M | 223.81M | 124.9M | 17.33M | 61K | 120K | 1.15M | 4.91M | 2.07M | 42.13M | 6.4M | 1.59M | 7.55M | 8.13M | 10.96M | 4.6M | 7.38M | 6.28M | 4.31M |
| Revenue Growth % | 14.82% | 11.87% | 31.85% | 40.45% | 6.83% | 9.6% | 30.28% | 51.5% | 79.19% | 620.68% | 28311.48% | -49.17% | -89.52% | -76.67% | 137.4% | -95.09% | 558.46% | 302.45% | -78.95% | -7.11% | -25.77% | 137.96% | -37.6% | 17.57% | 45.54% | - |
| Cost of Goods Sold | 114.42M | 89M | 81.84M | 45.73M | 10.17M | 19.14M | 20.55M | 19.6M | 18.33M | 13.06M | 4.41M | 76.37M | 60.6M | 26.72M | 18.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 8.31% | 8.54% | 6.3% | 1.97% | 3.95% | 4.65% | 5.78% | 8.19% | 10.46% | 25.42% | 125195.08% | 50501.67% | 2333.8% | 383% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.09B | 982.51M | 875.96M | 680.71M | 507.07M | 465M | 421.2M | 319.48M | 205.48M | 111.84M | 12.93M | -76.31M | -60.48M | -25.58M | -13.89M | 2.07M | 42.13M | 6.4M | 1.59M | 7.55M | 8.13M | 10.96M | 4.6M | 7.38M | 6.28M | 4.31M |
| Gross Margin % | 90.48% | 91.69% | 91.46% | 93.7% | 98.03% | 96.05% | 95.35% | 94.22% | 91.81% | 89.54% | 74.58% | -125095.08% | -50401.67% | -2233.8% | -283% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 12.16% | 28.68% | 34.24% | 9.05% | 10.4% | 31.84% | 55.48% | 83.72% | 765.31% | 116.94% | -26.17% | -136.47% | -84.18% | -771.84% | -95.09% | 558.46% | 302.45% | -78.95% | -7.11% | -25.77% | 137.96% | -37.6% | 17.57% | 45.54% | - |
| Operating Expenses | 965.55M | 877.7M | 645.16M | 754.09M | 730.66M | 635.44M | 707.79M | 566.02M | 452.92M | 404.25M | 285.74M | 164.67M | 93.35M | 39.44M | 25.79M | 24.92M | 27.04M | 51.87M | 68.57M | 70.21M | 57.19M | 46.76M | 30.7M | 21.12M | 18.9M | 15.58M |
| OpEx % of Revenue | - | 81.91% | 67.36% | 103.81% | 141.26% | 131.25% | 160.22% | 166.93% | 202.37% | 323.66% | 1648.72% | 269955.74% | 77791.67% | 3444.72% | 525.64% | 1205.56% | 64.18% | 810.55% | 4312.45% | 929.31% | 703.15% | 426.81% | 666.76% | 286.22% | 301.19% | 361.34% |
| Selling, General & Admin | 646.09M | 548.89M | 488.43M | 402.47M | 369.09M | 396.03M | 388.66M | 325.64M | 265.76M | 255.06M | 186.46M | 90.8M | 32.75M | 12.72M | 7M | 7.61M | 6.46M | 10.28M | 11.82M | 12.27M | 11.35M | 15.91M | 7.25M | 4.18M | 3.98M | 3M |
| SG&A % of Revenue | - | 51.23% | 50.99% | 55.4% | 71.36% | 81.8% | 87.98% | 96.04% | 118.74% | 204.21% | 1075.85% | 148859.02% | 27290% | 1110.92% | 142.63% | 368.17% | 15.34% | 160.68% | 743.27% | 162.37% | 139.54% | 145.26% | 157.37% | 56.7% | 63.43% | 69.55% |
| Research & Development | 319.46M | 328.8M | 303.25M | 351.62M | 361.57M | 239.41M | 319.13M | 240.38M | 187.16M | 149.19M | 99.28M | 73.87M | 60.6M | 26.72M | 18.79M | 17.31M | 20.58M | 41.59M | 56.75M | 57.94M | 49.4M | 30.85M | 23.45M | 16.93M | 14.92M | 9.73M |
| R&D % of Revenue | - | 30.69% | 31.66% | 48.4% | 69.91% | 49.45% | 72.24% | 70.89% | 83.63% | 119.45% | 572.87% | 121096.72% | 50501.67% | 2333.8% | 383% | 837.4% | 48.84% | 649.87% | 3569.18% | 766.94% | 607.38% | 281.55% | 509.39% | 229.52% | 237.76% | 225.6% |
| Other Operating Expenses | 0 | 0 | -146.51M | 0 | 0 | 0 | 0 | 0 | -1.84M | 3.98M | 1.33M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.56M | 0 | 0 | 0 | 0 | 2.85M |
| Operating Income | 122.33M | 104.81M | 230.79M | -73.38M | -223.6M | -170.44M | -286.59M | -246.54M | -247.44M | -292.41M | -272.81M | -164.61M | -93.23M | -38.3M | -20.89M | -22.85M | 15.09M | -45.47M | -66.98M | -62.65M | -49.05M | -35.81M | -26.1M | -13.74M | -12.63M | -11.27M |
| Operating Margin % | 10.17% | 9.78% | 24.1% | -10.1% | -43.23% | -35.2% | -64.87% | -72.71% | -110.56% | -234.11% | -1574.14% | -269855.74% | -77691.67% | -3344.72% | -425.64% | -1105.56% | 35.82% | -710.55% | -4212.45% | -829.31% | -603.15% | -326.81% | -566.76% | -186.22% | -201.19% | -261.34% |
| Operating Income Growth % | - | -54.59% | 414.52% | 67.18% | -31.19% | 40.53% | -16.24% | 0.36% | 15.38% | -7.18% | -65.73% | -76.57% | -143.44% | -83.36% | 8.6% | -251.4% | 133.2% | 32.12% | -6.9% | -27.72% | -37% | -37.21% | -89.92% | -8.82% | -12.04% | - |
| EBITDA | 140.12M | 116.57M | 246.68M | -67.83M | -221.57M | -167.09M | -283.65M | -243.78M | -244.44M | -289.7M | -270.99M | -163.97M | -93.02M | -38.22M | -20.78M | -22.57M | 15.7M | -44.36M | -65.94M | -61.89M | -49.2M | -34.78M | -24.79M | -12.4M | -11.22M | -11.27M |
| EBITDA Margin % | 11.65% | 10.88% | 25.75% | -9.34% | -42.84% | -34.51% | -64.21% | -71.9% | -109.22% | -231.94% | -1563.6% | -268795.08% | -77520% | -3337.82% | -423.42% | -1091.78% | 37.26% | -693.19% | -4146.86% | -819.14% | -604.94% | -317.45% | -538.4% | -168.01% | -178.84% | -261.34% |
| EBITDA Growth % | -45.04% | -52.74% | 463.69% | 69.39% | -32.6% | 41.09% | -16.36% | 0.27% | 15.62% | -6.9% | -65.27% | -76.26% | -143.4% | -83.94% | 7.93% | -243.73% | 135.4% | 32.73% | -6.54% | -25.78% | -41.46% | -40.3% | -99.98% | -10.45% | 0.41% | - |
| D&A (Non-Cash Add-back) | 9.07M | 11.76M | 15.88M | 5.55M | 2.03M | 3.34M | 2.93M | 2.77M | 3M | 2.71M | 1.83M | 647K | 206K | 79K | 109K | 285K | 607K | 1.11M | 1.04M | 768K | -146K | 1.03M | 1.31M | 1.34M | 1.4M | 0 |
| EBIT | 139.94M | 138.9M | 84.28M | -51.04M | -213.44M | -167.52M | -286.59M | -246.54M | -247.44M | -292.41M | -272.81M | -164.61M | -93.23M | -38.3M | -20.89M | -22.85M | 15.09M | -45.47M | -66.98M | -62.65M | -49.05M | -35.81M | -26.09M | -13.74M | -12.63M | -11.27M |
| Net Interest Income | 32.8M | 31.72M | 25.46M | 17.23M | 6.61M | 591K | 6.61M | 11.16M | 5.35M | 4.13M | 2.76M | 499K | 755K | 349K | 37K | 87K | 45K | 323K | 2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 32.8M | 31.72M | 25.46M | 17.23M | 6.61M | 591K | 6.61M | 11.16M | 5.35M | 4.13M | 2.76M | 499K | 755K | 349K | 37K | 87K | 82K | 409K | 2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 86K | 181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 34.88M | 34.09M | 27.28M | 22.34M | 10.15M | 2.92M | 5.61M | 12.16M | 3.51M | 4.13M | 2.76M | 499K | 755K | 349K | 37K | 87K | 45K | 323K | 2.73M | 6.26M | 3.96M | -4.55M | 178.2K | 0 | 0 | 11.27M |
| Pretax Income | 157.21M | 138.9M | 258.07M | -51.04M | -213.44M | -167.52M | -280.97M | -234.38M | -243.94M | -288.28M | -270.05M | -164.11M | -92.47M | -37.95M | -20.85M | -22.77M | 15.14M | -45.15M | -64.24M | -56.39M | -45.05M | -34.13M | -25.92M | 0 | 0 | 0 |
| Pretax Margin % | 13.08% | 12.96% | 26.94% | -7.03% | -41.27% | -34.6% | -63.6% | -69.12% | -108.99% | -230.81% | -1558.2% | -269037.7% | -77062.5% | -3314.24% | -424.88% | -1101.35% | 35.93% | -705.5% | -4040.5% | -746.39% | -553.89% | -311.56% | -562.89% | - | - | - |
| Income Tax | -205.02M | -252.1M | 31.62M | 10.25M | 2.53M | 351K | 611K | 876K | 1.26M | 1.12M | 1.34M | 330K | -206K | 0 | -109K | 0 | 0 | 0 | 0 | 0 | -3.86M | -200 | -200 | 352.6K | 242.3K | 10.19M |
| Effective Tax Rate % | -130.41% | -181.49% | 12.25% | -20.08% | -1.19% | -0.21% | -0.22% | -0.37% | -0.51% | -0.39% | -0.5% | -0.2% | 0.22% | 0% | 0.52% | 0% | 0% | 0% | 0% | 0% | 8.57% | 0% | 0% | - | - | - |
| Net Income | 362.23M | 391M | 226.45M | -61.29M | -215.97M | -167.87M | -281.58M | -235.26M | -245.19M | -289.4M | -271.39M | -164.44M | -92.47M | -37.95M | -20.85M | -22.77M | 15.14M | -45.15M | -64.24M | -56.39M | -45.05M | -34.14M | -25.92M | -14.09M | -12.87M | -10.19M |
| Net Margin % | 30.13% | 36.49% | 23.64% | -8.44% | -41.76% | -34.67% | -63.74% | -69.38% | -109.56% | -231.71% | -1565.94% | -269578.69% | -77062.5% | -3314.24% | -424.88% | -1101.35% | 35.93% | -705.5% | -4040.5% | -746.39% | -553.89% | -311.56% | -562.89% | -191% | -205.05% | -236.41% |
| Net Income Growth % | 38.69% | 72.66% | 469.5% | 71.62% | -28.66% | 40.38% | -19.69% | 4.05% | 15.28% | -6.64% | -65.04% | -77.82% | -143.69% | -82.01% | 8.42% | -250.37% | 133.53% | 29.73% | -13.93% | -25.18% | -31.97% | -31.71% | -83.91% | -9.51% | -26.23% | - |
| Net Income (Continuing) | 362.23M | 391M | 226.45M | -61.29M | -215.97M | -167.87M | -281.58M | -235.26M | -245.19M | -289.4M | -271.39M | -164.44M | -92.47M | -37.95M | -20.85M | -22.77M | 15.14M | -45.15M | -64.24M | -56.39M | -45.1M | -34.13M | -25.92M | -14.09M | -12.87M | -10.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.06 | 2.29 | 1.36 | -0.37 | -1.34 | -1.05 | -1.79 | -1.60 | -1.94 | -2.36 | -2.34 | -1.63 | -0.95 | -0.44 | -0.38 | -0.44 | 0.39 | -1.20 | -1.73 | -1.60 | -1.61 | -1.55 | -2.50 | -1.24 | -8.86 | -9.53 |
| EPS Growth % | 36.13% | 68.38% | 467.57% | 72.39% | -27.62% | 41.34% | -11.88% | 17.53% | 17.8% | -0.85% | -43.56% | -71.58% | -115.91% | -15.79% | 13.64% | -212.82% | 132.5% | 30.64% | -8.13% | 0.62% | -3.87% | 38% | -101.61% | 86% | 7.03% | - |
| EPS (Basic) | - | 2.32 | 1.37 | -0.37 | -1.34 | -1.05 | -1.79 | -1.60 | -1.94 | -2.36 | -2.34 | -1.63 | -0.95 | -0.44 | -0.38 | -0.44 | 0.39 | -1.20 | -1.73 | -1.60 | -1.61 | -1.55 | -2.50 | -9.66 | -8.86 | -9.53 |
| Diluted Shares Outstanding | 175.47M | 171.36M | 166.36M | 163.82M | 161.68M | 160.49M | 157.33M | 147.2M | 126.58M | 122.6M | 115.86M | 100.63M | 97.25M | 85.72M | 55.12M | 52.18M | 38.72M | 37.48M | 37.11M | 35.21M | 27.92M | 22.01M | 10.35M | 11.37M | 1.45M | 1.07M |
| Basic Shares Outstanding | 172.54M | 169.34M | 165.72M | 163.82M | 161.68M | 160.49M | 157.33M | 147.2M | 126.58M | 122.6M | 115.86M | 100.63M | 97.25M | 85.72M | 54.87M | 52.18M | 38.59M | 37.48M | 37.11M | 35.21M | 27.92M | 22.01M | 10.35M | 1.46M | 1.45M | 1.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ACAD stock.
For fiscal year 2025, ACADIA Pharmaceuticals Inc. (ACAD) reported total revenue of $1.07B. This represents a 24749.4% increase compared to $4.3M in 2000.
ACADIA Pharmaceuticals Inc. (ACAD) is profitable, generating $391.0M in net income for the fiscal year ending 2025 with a net profit margin of 36.5%.
ACADIA Pharmaceuticals Inc. (ACAD) reported an operating income of $104.8M, resulting in an operating profit margin of 9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ACADIA Pharmaceuticals Inc. (ACAD) generated $982.5M in gross profit for the year, representing a gross profit margin of 91.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Medicare drug pricing pressure
Metrics are mathematically derived from official filings.
Growth Re-Accelerating After Mid-Year Slowdown
Based on the reported quarterly figures, ACAD's revenue grew 22.8% year-over-year in 2026Q3 to $342.3M, a sharp reacceleration from 9.3% growth in 2025Q2 that suggests the Daybue launch is now contributing meaningfully to top-line expansion.
The sequential climb from $244.3M in 2025Q1 to $342.3M in 2026Q3 reflects a combination of Nuplazid volume stability and Daybue ramp, though the reported TTM growth of 11.9% indicates the strongest quarter may partly reflect timing effects. Investors should determine whether the 2026Q3 step-up is repeatable or whether the quarter benefited from inventory movements at specialty pharmacies. Durable growth will require sustained new patient starts rather than a single favorable period.
High Gross Margin Masks Thin Operating Profit
As reported in the income statements, ACAD's gross margin held near 90% across the period, yet operating margin ranged from negative 1.7% to 21.0%, indicating that commercial and R&D spending absorb nearly all structural gross profit advantage.
The gross margin trend is stable and consistent with a small-molecule specialty pharmaceutical cost base, so margin volatility is driven almost entirely by operating expense timing rather than production economics. The 2026Q1 operating loss against $268.1M revenue highlights how sensitive profitability is to SG&A and R&D phasing. Sustained operating margin expansion would require SG&A to grow slower than gross profit over multiple quarters.
Reported Net Income Distorted by Non-Operating Items
Based on the reported figures, ACAD's 2025Q4 net income of $273.6M far exceeded its $17.4M operating income, a gap that appears to reflect non-operating or tax-related items rather than recurring earnings power.
The 2025Q4 net income figure implies a large non-operating gain or tax benefit that is unlikely to recur, so trailing earnings comparisons would be distorted. Stock-based compensation of $10M to $32M per quarter also represents a real economic cost that exceeds reported figures in some periods. Analysts should normalize earnings before using reported EPS in valuation work.
SG&A Dominates the Cost Structure
According to reported financials, SG&A absorbed roughly 46% to 60% of revenue across recent quarters, substantially exceeding R&D at about 22% to 35%, marking commercial infrastructure as the primary expense lever.
The commercial organization supporting Nuplazid and Daybue is the dominant claim on gross profit, which limits the margin benefit of the high gross margin structure. R&D spending has remained relatively steady in absolute dollars, suggesting pipeline investment is being protected even as revenue varies. Improved SG&A efficiency as Daybue matures would be the most important driver of operating leverage.
Sustainability of Recent Growth Questioned
Based on reported figures, the 2026Q3 revenue spike of 22.8% contrasts with a TTM growth rate of 11.9%, which may suggest the latest quarter is an outlier rather than an emerging run-rate.
The gap between quarterly and trailing growth rates warrants scrutiny of whether specialty pharmacy inventory build or gross-to-net adjustments inflated the most recent quarter. Medicare pricing exposure on Nuplazid could compress net pricing without a corresponding volume decline, leaving operating margins with limited cushion. Investors should monitor whether next-quarter revenue sustains the 2026Q3 level.