Acadia Pharmaceuticals: ACP-101 Read-Out Is Not Fully Priced In

  • ACADIA's valuation is justified by strong revenue growth from NUPLAZID and DAYBUE, with total 2025 revenue guidance of $1B–$1.1B. ACP-101's phase 3 trial for Prader-Willi syndrome is a high-risk catalyst, with a 60–65% probability of success due to improved trial design. We believe ACP-101's market potential is lower than consensus, estimating $400M peak revenue due to late market entry and dosing frequency.