ACAD 2Q26: STIX Restores Daybue Momentum, But RADIANT Holds the Key

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M

Idea

August 7, 2026 10:11 PM GMT

Acadia Pharmaceuticals Inc | North America

Morgan Stanley & Co. LLC

Sean Laaman, Ph.D.

Equity Analyst

ACAD 2Q26: STIX Restores

Daybue Momentum, But

RADIANT Holds the Key

Michael H Riad, Ph.D.

Research Associate

Katherine Sun

Research Associate

Natasha Arya

Research Associate

What’s Changed

Acadia Pharmaceuticals Inc (ACAD.O)

From

To

Price Target

$26.00

$27.00

2Q26 strengthens the ACAD story as Daybue/STIX drives a

beat-and-raise, Nuplazid remains on track toward ~$1B sales, and

a debt-free balance sheet funds growth. However, with shares

above our $27 PT and Remlifanserin P2 data looming, risk/

reward remains balanced at Equal-weight.

Key Takeaways

Results improved as Daybue drove a revenue beat and guidance raise, while

Nuplazid stayed steady and management clarified 2H cadence.

A strong net-cash balance sheet with no long-term debt supports flexibility,

alongside a path to higher free cash flow via operating leverage.

RADIANT is expected to report primary efficacy and safety, with responder

analyses plus cognitive and motor effects helping interpret the dataset.

Acadia Pharmaceuticals Inc (ACAD.O, ACAD US)

Biotechnology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

Mkt cap, curr (mm)

52-Week Range

Enterprise Value, For Consensus

(12/26e) (mm)**

Equal-weight

Attractive

$27.00

$29.21

$4,994

$29.48-19.69

$3,945

** = Based on consensus methodology

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

Revenue, net ($mm)

EBITDA ($mm)**

Net income ($mm)**

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

1,071

106

391

2.33

11.5

0.81

1,300

122

120

0.69

0.40

42.3

0.58

1,459

198

186

1.09

0.91

26.9

0.90

1,637

254

233

1.35

1.14

21.7

1.57

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

STIX now appears to broaden Daybue adoption rather than cannibalize oral

Quarterly EPS ($)

solution use, supporting confidence in the Rett syndrome franchise.

Quarter

2025

…