ACADACADIA PHARMACEUTICALS INC

Pharmaceutical Preparations

Revenue: $1.1B; 12% YoY
Operating margin: 9.8%; 59% YoY
EBITDA: $106M; 54% YoY
Market cap: $3.5B
Employees: 9,000; $119K revenue each
Net debt / EBITDA: —
AI in 10-K: 1.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
28% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$119K · 33rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$484M	$517M	$726M	$958M	$1.1B	12%
Operating income	−$170M	−$224M	−$73M	$231M	$105M	55%
Net income	−$168M	−$214M	−$61M	$226M	$391M	73%
Operating cash flow	−$126M	−$114M	$17M	$158M	$110M	30%
Capex	$1M	$0	$50K	$523K	$5M	797%
Stock-based comp	$64M	$68M	$66M	$67M	$52M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 26, 2026	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	25.3%	Passive
May 24, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	26.5%	Passive
Jan 17, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	26.0%	Passive
Sep 20, 2019	BAKER BROS. ADVISORS LP	SC 13D/A	27.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 25
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	50	120
FY2024	—	—	34	91
FY2023	—	—	59	92
FY2022	—	—	30	89
FY2021	—	—	44	99