Goldman Sachs Sees Nuplazid Label Expansion for Acadia Pharmaceuticals (ACAD), Reiterates Buy

Goldman Sachs analyst Salveen Richter reiterated a Buy rating and $73.00 price target on Acadia Pharmaceuticals (NASDAQ: ACAD) after the company reported 4Q20 EPS with Nuplazid revenue in Parkinson’s disease psychosis (PDP) of $121mn (+0.4% QoQ, +23% YoY) below consensus of $124mn noting increases in new patient starts in the office-based channel, broadening of the prescriber base, and gains in market share in a growing overall PDP market benefiting from disease education/awareness efforts. Looking ahead, the company issued FY21 Nuplazid PDP guidance of $510mn-550mn (+20% YoY at the midpoint), bracketing FactSet consensus of $529mn.

The analyst stated "We are focused on the upcoming expansion potential for Nuplazid in dementia-related psychosis (DRP; April 3, 2021 PDUFA - GSe FY21 of $125mn), the key value driver, with management noting ongoing disease education and awareness campaigns ahead of launch and expectations for similar launch dynamics as in PDP. Outside of commercial execution, on the pipeline, ex-Nuplazid growth drivers will begin to emerge in 2021 with pivotal trofinetide LAVENDER data in Rett syndrome (GSe peak sales of $333mn) in 4Q21 and initiation of two Ph2 ACP-044 (non-opioid analgesic) trials in acute postoperative pain and in chronic osteoarthritic pain (data by YE21 and 2022, respectively - not included in model)."

For an analyst ratings summary and ratings history on Acadia Pharmaceuticals click here. For more ratings news on Acadia Pharmaceuticals click here.

Shares of Acadia Pharmaceuticals closed at $48.69 yesterday.

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