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ACADIA Pharmaceuticals Inc. (ACAD-3.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net product sales of $250.4 million for the quarter, an increase from $211.7 million in the same quarter the previous year. This increase was driven by higher sales of both NUPLAZID and DAYBUE.
Cost of product sales was $18.9 million, representing approximately 8% of net product sales, compared to 7% in the same quarter of the previous year. The increase was primarily due to higher license fees and royalties for DAYBUE.
Research and development expenses decreased to $66.6 million from $157.0 million in the same quarter the previous year, due to reduced business development payments.
Selling, general, and administrative expenses increased to $133.3 million from $97.9 million, primarily due to costs related to a consumer activation program for NUPLAZID and transition costs associated with the CEO change.
Net income for the quarter was $32.8 million, compared to a net loss of $65.2 million in the previous year.
ACADIA's cash, cash equivalents, and investment securities totaled $565.3 million as of September 30, 2024, an increase from $438.9 million at the end of 2023.
The company continues to focus on the commercialization of NUPLAZID and DAYBUE, and is engaged in development activities for additional indications and jurisdictions.
ACADIA is involved in ongoing legal proceedings related to patent infringement and securities class actions, which could impact future operations.
The company acknowledges potential risks related to healthcare reform measures, regulatory compliance, and market competition that could affect its business and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ACADIA Pharmaceuticals Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.