What ACADIA Pharmaceuticals Inc. told the SEC could break it.

ACADIA sells NUPLAZID through a limited number of specialty pharmacies and specialty distributors. Four such U.S.-based customers together accounted for approximately 79% of NUPLAZID product revenue and 44% of total product revenue in 2025. This concentrates collection and channel risk: loss of, or disruption at, one of these few distributors/pharmacies — or a change in their willingness to stock and dispense — would materially affect ACADIA's revenue and cash collections.

“Four of such customers, each based in the United States, accounted for approximately 79% of our NUPLAZID product revenue and 44% of our total product revenue for the year ended December 31, 2025.”

ACADIA's third-party manufacturers carry out manufacturing activities in Canada, the European Union and Switzerland, so U.S. tariffs (implemented and proposed) could raise the cost of, and affect the availability of, imported raw materials and finished drug product, increasing its third-party manufacturing expense; retaliatory measures by other governments add further uncertainty. Because substantially all of its product sales are in the U.S., tariffs on imports of its EU/Canada/Switzerland-made products flow into its cost of goods.

“The third parties that manufacture our products and product candidates have manufacturing activities located in Canada, the European Union and Switzerland. The U.S. has implemented, and has proposed to further implement, tariffs that may affect the availability of imported raw materials used in the production of our products and/or increase the costs of our third-party manufacturers and the expense to us to produce our products and product candidates.”