Highlights

  • ACADIA shows 66.40% basic EPS growth, a P/E of 8.94 and a PEG of -0.08.
  • Second quarter net income was $31,500 thousand against $26,666 thousand; basic EPS was $0.18.
  • Net product sales were $308.0 million: NUPLAZID $183.2 million, DAYBUE products $124.8 million.
  • Cash, cash equivalents and investment securities reached $956.5 million at June 30, 2026.

Basic earnings per share growth of 66.40% over one year, a trailing twelve-month P/E of 8.94 and a PEG of -0.08 on an expected basis define ACADIA Pharmaceuticals (NASDAQ:ACAD) as an undervalued growth stock, with shares trading at USD 20.32 on October 28, 2026, up 0.74%. In its latest disclosures, the biopharmaceutical company received a positive CHMP opinion for trofinetide in the European Union in June, obtained FDA Fast Track designation for remlifanserin in July, and reported second quarter 2026 net income of $31,500 thousand in early August.

ACADIA is based in San Diego, California, and incorporated in Delaware. The biopharmaceutical company focuses on neurological and rare diseases through two franchises. The neurological franchise is anchored by NUPLAZID (pimavanserin), approved by the FDA for hallucinations and delusions associated with Parkinson's disease psychosis. The rare disease franchise is anchored by the DAYBUE products, approved for Rett syndrome. Its pipeline includes remlifanserin for Alzheimer's disease psychosis and Lewy Body Dementia Psychosis.

Growth: Second Quarter Net Income, Product Sales and Expenses

Net income was $31,500 thousand in the second quarter against $26,666 thousand a year earlier. Basic and diluted earnings per share were both $0.18 against $0.16. For the six months, net income was $35,137 thousand against $45,653 thousand, and basic earnings per share were $0.21 against $0.27.

Total revenues, all net product sales, were $307,959 thousand against $264,566 thousand. NUPLAZID net sales were $183.2 million against $168.5 million, which the company attributed to growth in unit sales. DAYBUE products net sales were $124.8 million against $96.1 million, which the company attributed to unit growth and a higher average net selling price.

Research and development expenses were $81.6 million against $78.0 million, and selling, general and administrative expenses were $160.3 million against $133.5 million, which the company linked to increased spending on DAYBUE products and NUPLAZID, including expansion of their teams.

Valuation: P/E of 8.94, PEG of -0.08 and Cash Generation

The P/E ratio of 8.94 is measured on trailing twelve-month earnings, and the PEG ratio of -0.08 on an expected basis. Net cash provided by operating activities was $134.8 million for the six months against $84.3 million, which the company attributed primarily to higher product revenue, partly offset by higher research and development and selling, general and administrative costs.

On the second quarter call, Chief Financial Officer Mark Schneyer said the cash position gives the company flexibility to execute its commercial plans, advance its pipeline and pursue business development opportunities.

Cash, Funding and Balance Sheet

Cash, cash equivalents and investment securities were $956.5 million at June 30, 2026 against $819.7 million at December 31, 2025, an increase of $136.8 million that the company attributed to cash provided by operating activities. The company said it expects its cash, investment securities and product sales to fund planned operations through and beyond the next 12 months, and that it may require additional financing in the future.

Disclosed Risks and 2026 Outlook

The company reported an accumulated deficit of approximately $1.8 billion and said it may incur operating losses as research, development and commercialization costs continue.

In litigation, a securities class action filed in April 2021 has a certified class, with a mandatory settlement conference scheduled for August 17, 2026 and a final pretrial conference for September 2, 2026. In the NUPLAZID patent cases, MSN and Aurobindo appealed a June 2025 judgment in the company's favor, and a trial against Zydus is scheduled to begin November 2, 2026.

On its second quarter call, the company raised its 2026 DAYBUE net sales guidance to $480 million to $510 million from $460 million to $490 million, reaffirmed NUPLAZID guidance of $760 million to $790 million, and gave total 2026 revenue of $1.24 billion to $1.3 billion. It lowered research and development expense guidance to $355 million to $380 million from $385 million to $410 million. Management said it expected topline Phase 2 results for remlifanserin in September to October 2026, a trofinetide Phase 3 readout in Japan between September and November, a German launch in early fourth quarter, and a European Commission decision later in the third quarter.