Ann: NEU confirms primary endpoints for Phase 3 trial in PMS, page-127

As the saying goes, a bird in the hand is worth two in the bush.

Acadia’s main value lies in its approved drugs, Nuplazid and DayBue.

It is in Acadia’s interest to extract maximum value from those assets.

I don’t believe Acadia is holding back on sales efforts for DayBue. In fact, I think they’ve thrown the kitchen sink at it and they continue to grow their sales and support staff for DayBue. Their efforts have exceeded my expectations.

Compare US sales of Daybue with those of SkyClarys.

Biogen, a much larger pharma than Acadia, now owns Skyclarys through its US$7.3 bn acquisition of Reata in 2023. SkyClarys was launched at a similar time and has a similar price and US patient population to that of DayBue. SkyClarys probably has the advantage of a better tolerability profile. Biogen has every reason to grow SkyClarys sales as fast as possible. But if you compare 2024 US sales, SkyClarys sales were $302.4m and DayBue sales were $348.4m.

As for the Culper Report, putting aside the fact that the negative impact on share price ended up being greater for NEU, this was a short report that targeted Acadia. It makes zero sense for a company to hire someone to write a short report that attacks one’s own company.

In summary, I don’t believe that Acadia is holding back on sales efforts for DayBue – I think they have been making a stellar effort. And, no, I don’t believe Acadia had a hand in the Culper Report.