ACADIA Pharmaceuticals Inc at UBS Virtual CNS Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ashwani Verma - UBS - Analyst : But yes, thanks. Look, I mean, this is a 25-minute fireside chat. So we go over the questions on the products that you have and kind of the -- like the pipeline starting to get more and more questions about that from investors. But maybe I think like it will be beneficial like Catherine, if you can just kind of provide a brief update on the business. So you recently reported the fourth-quarter earnings where you guided to more than $1 billion in revenue for 2025. Just talk about just the two products, NUPLAZID and DAYBUE, what are you seeing? And how confident are you in terms of achieving that goal? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 17, 2025 / 3:00PM, ACAD.OQ - ACADIA Pharmaceuticals Inc at UBS Virtual CNS Day

Question: Ashwani Verma - UBS - Analyst : That's great. Good start. So maybe just like talking about DAYBUE. So yes, as a new leader of the company, just kind of taking over the business, what is your approach as you bring in a fresh perspective on how to rekindle the growth of the brand here?

Question: Ashwani Verma - UBS - Analyst : Yeah. That's great. Thanks for sharing some of those metrics. And you've also noted just like the expansion of the total addressable market in terms of like the clinically diagnosed Rett's patients. If you can expand on that a little bit?

Question: Ashwani Verma - UBS - Analyst : And I think you've mentioned some metrics around how many patients have already tried DAYBUE, right? Can you remind me what that number is?

Question: Ashwani Verma - UBS - Analyst : Yeah. Okay. So yeah, like in terms of the -- I know like persistency has been a big focus. And like more recently, you've been starting to note that you sort of like stabilized this persistency at 12 months, I think like even -- when you reported like 4Q, you're seeing like an improvement in the discontinuation rate. Just like where are we in that process? Like do you think there is more of a room to improve the persistency? What are some of the things that you're doing to address that?

Question: Ashwani Verma - UBS - Analyst : Yeah. Is there like the discontinuation that was happening before, right? Is the bulk of that was happening in the first three months?

Question: Ashwani Verma - UBS - Analyst : Okay. I mean when you talk about like some of the measures that you're doing, right, like how much -- how frequently is the kind of the solution that you're like ending up like lowering the dose as opposed to like trying antidiarrheal therapies or other factors to consider.

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah. Okay. That's great. And then in terms of like the split of like where the patients reside in these systems, right, so the -- I mean, COE's a big part of like where your focus has been, but so -- I guess just like how do you make sure that you don't lose the focus there as you're also trying to like double down on outside the COEs maybe if you can --

Question: Ashwani Verma - UBS - Analyst : Yeah. So you said the COE is a 50% penetrated in the --

Question: Ashwani Verma - UBS - Analyst : And outside COEs, like what is the --

Question: Ashwani Verma - UBS - Analyst : Okay. Got it. And then does that vary between like high-volume institutions or like the standalone like neurologists?

Question: Ashwani Verma - UBS - Analyst : Got it. I mean, like do you think that outside the COE, patient and physician distribution is kind of more fragmented as opposed to COEs that you would require bigger sales effort there for patients?

Question: Ashwani Verma - UBS - Analyst : Got it. Okay. All right. That's great. Do you have any kind of like a goalpost for yourself on like where do you want to be in COEs or outside the COEs from a penetration standpoint, like, I don't know, maybe one year out, a few years out, anything of that sort?

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah, I think that makes sense. Okay. So yeah, just talking specifically about like the financial year 2025. So this guidance of $380 million to $405 million. Just maybe if you can mention like what are some of the assumptions that go in there. Do you think that there is room for beat and raise here? And just like in terms of the cadence of revenue, I know like last year was sort of like a few up and down quarters, kind of noisy, but like are you more likely to see like more steady growth quarter over quarter this year?

Question: Ashwani Verma - UBS - Analyst : Yeah. Okay. Perfectly clear. So yeah, I think this is great. Maybe just switching gears to the European market and just Canada as well. Like what are your expectations for the launch there? Anything that you can comment on like what pricing might be in these markets?

Question: Ashwani Verma - UBS - Analyst : Yes. Okay. All right. That's great. And just on NUPLAZID. So just moving on the conversation to other parts of your business. So what you mentioned earlier around like the uptick in volume and you're doing the DTC, like how much of the growth room is there in this market? Or do you think that there is some level of saturation in this marketplace that you're facing with NUPLAZID?

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah. All right. That's great. So I know there is a fair bit of focus from investors on the IP situation like that you have some like trial that was there with the Aurobindo in December. So yeah, I mean I really wanted to understand, just like to the extent that you can comment on your position on the -721 pattern. And it seems that this generic company, they are doing invalidity on obviousness. I'm very surprised to hear that they would like keep that -- bring that out at this point when you -- that is something that would come at the Markman hearings day. So yes, anything that you can just share on what is your level of confidence on the validity of the pattern? Maybe let's start there.

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah. Thanks for that. I mean at this point, is there a possibility of a settlement? It seems like it is becoming more commonplace in the CNS drug landscape and there have been a lot of different announcements like this in the past few months.

Question: Ashwani Verma - UBS - Analyst : Right. Okay. All right. That's fair. I mean I have started to get more questions from like investors more recently around like potential that, let's say, if you get to 2030 and in the scenario that you don't get the extension, right, would the non-AB-rated pimavanserin tablet, let's say, if that were to enter the market. So just bear with me here, while I play out this scenario. But I guess in this type of a market, right, like is there a precedent for

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah. Okay. All right. Just maybe in the interest of time, like moving on to some of the pipeline questions. So maybe Liz or anyone really. So yeah, ACP-204, so you have this like Alzheimer's disease psychosis. Just conceptually, like what are you aiming for this molecule versus what you tried previously with the pimavanserin?

Question: Ashwani Verma - UBS - Analyst : That's great, okay. So there's something exciting coming so I look forward to that. And then maybe just on the ACP-101 for Prader-Willi. So here, just -- I mean there are a few other companies that are trying for that. Just like how do you consider your approach to be different versus like a potassium channel or a histamine receptor type of approach? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 17, 2025 / 3:00PM, ACAD.OQ - ACADIA Pharmaceuticals Inc at UBS Virtual CNS Day

Question: Ashwani Verma - UBS - Analyst : Yeah. Yeah. That's great. Yes. I'm looking forward to what you share at the R&D Day. I think we are out of time. I can't believe 28 minutes just flew by. But thank you so much for taking out the time today and for participating in our conference.

Question: Ashwani Verma - UBS - Analyst : Have a good one, everybody. Take care.