SAN DIEGO, CA – Acadia Pharmaceuticals Inc. (NASDAQ:ACAD), a biopharmaceutical company specializing in central nervous system disorders, has announced the departure of Brendan Teehan, its Executive Vice President, Chief Operating Officer, and Head of Commercial. According to a filing with the U.S. Securities and Exchange Commission, Teehan's termination without Cause, as defined in the company's Management Severance Benefit Plan, was effective immediately as of Monday.
Teehan will continue in a non-executive capacity until December 31, 2024, to ensure a smooth transition of his responsibilities. In the interim, his duties will be covered by Catherine Owen Adams, Acadia's Chief Executive Officer, who has over three decades of commercial experience in the pharmaceutical industry.
The company has not yet named a successor for Teehan's executive role. This development comes at a time when Acadia Pharmaceuticals, headquartered in San Diego, California, continues to navigate the competitive pharmaceutical preparations sector.
In other recent news, ACADIA Pharmaceuticals (NASDAQ:ACAD) Inc. has disclosed its earnings for the third quarter of 2024. The company placed emphasis on the robust performance of its commercial franchises DAYBUE and NUPLAZID. Further updates were provided regarding ACADIA's pipeline program, highlighting the ongoing research and development efforts. The management, led by CEO Catherine Owen-Adams, COO Brendan Teehan, EVP Liz Thompson, and CFO Mark Schneyer, reviewed the financial results for the quarter, expressing confidence in the continued growth and market performance of DAYBUE and NUPLAZID.
No specific challenges or misses were mentioned during the earnings call, indicating a positive outlook. The company remains optimistic about the potential for future growth, as suggested by their confidence in the pipeline program. These are among the recent developments from ACADIA Pharmaceuticals.
InvestingPro Insights
In light of Acadia Pharmaceuticals' recent executive change, InvestingPro data offers additional context for investors. Despite the departure of its COO, ACAD shows promising financial health. The company's revenue growth stands at an impressive 47.06% over the last twelve months, with a robust gross profit margin of 62.64%. This strong performance is reflected in the company's profitability, as indicated by an InvestingPro Tip noting that ACAD has been profitable over the last twelve months.
Another InvestingPro Tip highlights that 9 analysts have revised their earnings upwards for the upcoming period, suggesting positive expectations despite the leadership transition. This optimism is further supported by the company's solid balance sheet, with InvestingPro data showing that ACAD holds more cash than debt.
For investors seeking a deeper understanding of Acadia's potential, InvestingPro offers 7 additional tips, providing a comprehensive analysis of the company's financial position and market outlook.
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