ACADIA Pharmaceuticals Inc.

Good day, ladies and gentlemen, and welcome to Acadia Pharmaceutical's fourth quarter and full year 2020 financial results conference call. My name is Gigi, and I will be your coordinator for today. At this time, all participants are in listen-only mode. We will be facilitating a question and answer session toward the end of today's call. If at any time during the call you require assistance, please press star followed by zero, and a coordinator will be happy to assist you. I would now like to turn the presentation over to Mark Johnson, Vice President of Investor Relations at Acadia. Please proceed.

Thank you so much. Good afternoon, and thank you for joining us on today's call to discuss Acadia's fourth quarter and full year 2020 financial results. Joining me on the call today from Acadia are Steve Davis, our Chief Executive Officer, who will provide an overview of our 2020 financial performance, a review of our business, and our outlook for 2021. Following Steve, Elena Ridloff, our Chief Financial Officer, We'll then discuss our financial results and guidance. Also joining us today is Amanda Morgan, our Chief Revenue and Customer Officer, and Charmaine Likens, Global Product Planning and Chief Marketing Officer, who will provide updates on our commercial initiatives. Dr. Serge Sankovic, our President, will then discuss our pipeline progress before turning it back to Steve for final remarks and opening the call-up for your questions. I would also like to point out that we are using supplement slides, which are available on the events and presentation section of our website. Before we proceed, I would first like to remind you that during our call today, we will be making a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including goals, expectations, plans, prospects, growth potential, timing of events, or future results, are based on current information, assumptions, and expectations that are inherently subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially. These factors and other risks associated with our business can be found in our filings made with the SEC. Your caution not to place undue reliance on these forward-looking statements, which are made only as of today's date. I'll now turn the call over to Steve.

Thank you, Mark. Good afternoon, everyone, and thank you for joining us today. Please turn to slide five. We had a great year in 2020 with significant progress across our three strategic pillars. Our strong financial performance positions as well were a pivotal year in 2021, as we prepare for the transformative impact of our potential DRP launch while advancing our pipeline of innovative programs. For the full year 2020, we achieved net sales for New Plaza to $441.8 million. This represents a 30% year-over-year increase. These results are due to the focused execution of our commercial team, which continues to perform at a high level despite the challenges of the ongoing pandemic. Since launching in 2016, we've achieved consistent linear growth year-over-year in net sales of nucleoside for patients with Parkinson's disease psychosis, or PDP. Additional highlights from 2020 include our submission of an SNDA for DRP. The FDA review is progressing as expected, and we look forward to the potential of nucleoside becoming the first and only approved treatment for this indication, and the first new treatment in the dementia space in over 15 years. We've progressed our phase three program for tropenotide and Rett syndrome and initiated Advance 2, our Phase 3 study for PIM advancement in the negative symptoms of schizophrenia. These are two indications with high unmet need and no approved therapies. We also further expanded our pipeline with strategic business development. We acquired Sursat Therapeutics, bringing us the first-in-class non-opioid pain program. And through our collaboration with Vanderbilt University, we brought in a novel muscarinic receptor program. Both represent high science approaches within CNS and large potential market opportunities. Please turn to slide six. In 2021, to deliver on our mission, we're focused on three strategic pillars. First is driving the growth of new financing for patients with Parkinson's disease psychosis. Second, delivering on the dementia-related psychosis opportunity. And third, developing the next wave of breakthrough therapies by advancing our development pipeline and acquiring new assets. Let's review these further on slide seven. The significant potential of PIM of answering combined with our clinical pipeline will drive meaningful long-term growth. We continue to grow New Plans and Sales, and based on our 2020 performance and current outlook, we are providing net sales guidance for PDP in fiscal year 2021 of $510 to $550 million. We're on the cusp of a potential approval in DRP, a significantly larger market opportunity for which our teams have been preparing for approximately two years. We will be ready to execute on day one. In addition, we're advancing our pipeline with clinical trials across five separate indications. Today, we have two late stage and two early stage programs focused on the treatment of neurological and psychiatric indications in areas of significant unmet need. As we look to expand our pipeline, we will leverage our CNS expertise and have ongoing efforts dedicated to evaluating new business development opportunities. And with that, I will now turn it over to Elena to discuss our financial performance and guidance.