ACADIA PHARMACEUTICALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ACADIA PHARMACEUTICALS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17.3	125	224	339	442	484	517	726	958	1,072
Cost of revenue	3.08	9.08	12.4	11.3	10.2	19.1	10.2	41.6	81.8	89
Gross profit	14.3	116	211	328	432	473	507	685	876	983
Research and development	99.3	149	187	240	319	239	362	352	303	329
Selling, general and administrative	186	255	266	326	389	396	369	407	488	549
Operating income	-273	-292	-247	-247	-287	-170	-224	-73.4	231	105
Other non-operating income			-1.84	1	-1	2.33	3.54	5.11	1.82	2.37
Pre-tax income	-270	-288	-244	-234	-281	-168	-213	-51	258	139
Income tax	1.34	1.12	1.26	0.88	0.61	0.35	2.53	10.3	31.6	-252
Net income	-271	-289	-245	-235	-282	-168	-216	-61.3	226	391
EBITDA	-272	-291	-246	-245	-285	-168	-222	-71.9	232	106
EPS, basic	-2.34	-2.36	-1.94	-1.60	-1.79	-1.05	-1.34	-0.37	1.37	2.32
EPS, diluted	-2.34	-2.36	-1.94	-1.60	-1.79	-1.05	-1.34	-0.37	1.36	2.30
Shares, basic (weighted)	116	123	127	147	0.16	0.16	162	164	166	168
Shares, diluted (weighted)	116	123	127	147	0.16	0.16	162	164	166	170

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	164	69.4	135	190	326	147	115	189	320	178
Short-term investments	365	272	339	508	306	373	302	250	436	642
Receivables	5.9	17.3	26.1	35.8	48.2	64.4	62.2	98.3	98.7	121
Inventory	4.18	5.25	4.07	6.34	9.68	14.1	11.6	40.4	91.7	111
Other current assets	7.55	8.46	20.7	18.6	25.7	23.9	21.4	39.1	55.7	59.5
Total current assets	548	373	526	760	718	618	508	616	938	1,062
Property, plant and equipment	3.08	2.66	3.31	3.18	9.16	8.05	6.02	4.61	4.22	7.51
Lease right-of-use assets			0	9.52	47.3	58.3	55.6	51.9	46.6	47.4
Intangible assets	7.02	5.54	4.06	2.59	1.11	0	0	65.5	120	109
Other non-current assets	0.79	0.35	1.9	2.86	1.68	4	7.59	0.48	0.36	3.9
Total assets	561	385	540	783	783	700	588	749	1,188	1,564
Accounts payable	3.91	8.79	3.17	7.22	8.49	6.88	12.7	17.5	16.2	10.9
Accrued liabilities	36	40.2	56.4	67.6	97.5	89.2	113	237	379	266
Deferred revenue	2.64
Total current liabilities	42.6	49	59.6	74.8	106	96.1	126	254	395	277
Lease liabilities				6.36	44.5	56.1	52.7	47.8	42	40.6
Other non-current liabilities			1.56	2.86	5.18	7.03	9.07	15.1	18.1	19.1
Total liabilities	42.7	49.2	61.1	84	156	159	187	317	455	337
Paid-in capital	1,452	1,559	1,948	2,403	2,613	2,695	2,771	2,863	2,937	3,039
Retained earnings	-934	-1,224	-1,469	-1,704	-1,986	-2,154	-2,370	-2,431	-2,204	-1,813
Other comprehensive income	0.11	-0.4	-0.37	0.3	0.04	-0.19	-0.98	0.02	0.29	1.45
Shareholders' equity	518	335	479	699	627	541	400	432	733	1,227
Total equity	518	335	479	699	627	541	400	432	733	1,227
Total liabilities and equity	561	385	540	783	783	700	588	749	1,188	1,564
Shares outstanding	121	124	144	155	160	161	162	165	167	170

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-271	-289	-245	-235	-282	-168	-216	-61.3	226	391
Depreciation and amortization	0.84	1.24	1.53	1.29	1.46	2.24	2.03	1.46	0.92	0.87
Stock-based compensation	55.3	75.5	81.6	82.3	84.4	63.6	68.2	66.4	67	52.1
Deferred income tax						0.35	2.53	0	0	-250
Change in receivables	-5.9	-11.4	-8.75	-9.69	-12.5	-16.1	2.17	-36.1	-0.47	-22.7
Change in inventory	-3.31	-1.01	1.93	-1.74	-3.32	-4.21	2.42	-28.8	-49.6	-18.2
Change in payables	2.24	4.87	-5.62	4.06	1.27	-1.62	5.87	4.8	-1.35	-5.29
Cash from operations	-208	-218	-167	-151	-136	-126	-114	16.7	158	110
Capital expenditures	-1.51	-0.81	-2.1	-1.13	-7.59	-1.12	0	-0.05	-0.52	-4.69
Purchases of investments				-579	-340	-493	-363	-370	-505	-693
Cash from investing	-262	92.5	-71.5	-166	193	-71.1	73.2	32	-30.5	-303
Stock issued	519	31.2	307	372	81	18.2	8.2	25.1	6.85	49.9
Cash from financing	534	31.2	307	372	81	18.2	8.2	25.1	6.85	49.9
Exchange rate effect	0	-0.01
Net change in cash	63.5	-94.1	67.7	54.9	137	-179	-32.6	73.8	134	-143
Free cash flow	-210	-219	-170	-152	-144	-127	-114	16.7	157	105
Income taxes paid	-0.37	1.37	1.26	1.6	1.11	1.04	2.19	5.85	19.5	25.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	91.1%	Gross profit / revenue.
Operating margin	7.6%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.7%	Pre-tax income / revenue.
Net margin	33.4%	Net income / revenue.
FCF margin	12.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.1%	Cash from operations / revenue.
Effective tax rate	-213.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	21.8%	Net income / average total assets.
Return on invested capital (ROIC)	7.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	29.1%	Research and development expense / revenue.
SG&A / revenue	54.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	0.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-54.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-54.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	72.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	69.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-30.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-33.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	67.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	45.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	38.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	304.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.39x	Current assets / current liabilities.
Quick ratio	3.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.65x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	25.0%	Total liabilities / total assets.
Working capital	$863.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.20B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	66.6x	Revenue / average property, plant and equipment.
Inventory turnover	0.93x	Cost of revenue / average inventory.
Days inventory	393 days	365 x average inventory / cost of revenue.
Receivables turnover	7.56x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	161 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	280 days	Days inventory + days sales outstanding - days payables.
FCF conversion	38.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.59	Revenue / diluted weighted shares.
FCF per share	$0.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.93	Cash from operations / diluted weighted shares.
Book value per share	$7.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.99	Tangible book value / shares outstanding.
Cash per share	$5.56	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.56B	Share price x shares outstanding.
Enterprise value	$2.61B	Market cap + total debt - cash - short-term investments.
P/E	9.37x	Market cap / net income. Only when net income is positive.
P/S	3.13x	Market cap / revenue.
P/B	2.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.96x	Market cap / tangible book value, when positive.
P/FCF	24.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.2x	Market cap / cash from operations, when positive.
EV/Sales	2.29x	Enterprise value / revenue.
EV/EBIT	30.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	10.7%	Net income / market cap (the inverse of P/E).

What was ACADIA PHARMACEUTICALS INC's revenue in fiscal 2025?

ACADIA PHARMACEUTICALS INC reported revenue of $1.07B for fiscal 2025, 11.9% higher than the year before.

Was ACADIA PHARMACEUTICALS INC profitable in fiscal 2025?

Yes. Net income was $391.0M, a net margin of 36.5%.

How much free cash flow did ACADIA PHARMACEUTICALS INC generate in fiscal 2025?

Cash from operations of $109.8M minus capital expenditures of $4.7M left free cash flow of $105.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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