Acadia Pharma

Q2 FY2026 EarningsQ2 FY26 results significantly outperformed consensus, led by revenue of $308.0M vs. the $295.5M expected, and a diluted GAAP EPS of $0.18, well above the $0.07 mean estimate. The top-line beat was primarily driven by the rare disease franchise, with DAYBUE products growing 29.9% YoY to $124.8M. Despite a slight miss in gross margin (90.8% vs. 92.7% expected), significant operating leverage resulted in an EBIT of $37.8M, vastly exceeding the $4.3M consensus. The outlook is bolstered by a positive CHMP opinion for trofinetide (DAYBU) in the EU, positioning it for expansion beyond North America.