ACADIA Pharmaceuticals Inc.(NASDAQ: ACAD) stock lost over 15.9% on Feb 28th, 2018 (as of 12:06PM EST; Source: Google finance) post their fourth-quarter update.
For the fourth quarter of 2017, the group reported a net loss of $68.9 million, or $0.55 per common share, against a net loss of $78.7 million, or $0.65 per common share, for the same period in 2016. The net losses for the fourth quarter of 2017 and 2016 included $22.0 million and $15.4 million, respectively, of non-cash stock-based compensation expense.
They delivered a net loss of $289.4 million, or $2.36 per common share for FY17 against a net loss of $271.4 million, or $2.34 per common share, for the same period in 2016.
Meanwhile, net sales in 2017 rose to $124.9 million, against $17.3 million in 2016 but the growth in net adjustment for the full year was over 16%. Fourth quarter Net sales of 2017 surged 263% yoy to $43.6 million, and increased 22% on a quarter-over-quarter basis. However, for the full year of 2018 the group would not see such an outstanding rise and forecasts gross-to-net adjustment to be in the mid- to high-teens. Moreover, First quarter net sales would reflect the impact of higher, seasonal growth to net adjustment that are related with the annual reset of the donut hole obligation that they manufacturer for Medicare Part D patients. The group forecasts first quarter gross-to-net adjustment to be in the mid-20% range.
On the other hand, the group’s gross-to-net in the fourth quarter surged over 13.5% from around 12% in the third quarter. Their gross margin in the fourth quarter was the highest of 2017 at over 92%.
The group started several new programs in commercial operations for the first quarter. Their efforts are delivering a rise in the rate of growth of new patient acquisitions and an increase in the rate of physicians NUPLAZID. The group’s other late stage program in schizophrenia inadequate response, schizophrenia negative symptoms and major depressive disorder would also continue to move forward. The group has several milestones and data readout from the MDD study which is expected in the second half of 2018 and results from their 2 schizophrenia studies are expected next year.