ACADIA Pharmaceuticals: Hold Rating Amid Pipeline Shifts and Product FocusWe think majority of investor focus will be on Daybue and whether growth in new patients can exceed the mid 30's. New patients, net of discontinuation stood at 987 unique U.S. patients in 2Q ( Exhibit 2 ), with management emphasizing the improved >50% 12-month persistence and >45% at 18 months. Of note, there was a net addition of 33 patients in 2Q25 (in line with 34 new patients in 1Q25), and we believe investor focus is likely to be on whether the growth in new patients, net of discontinuation, can exceed with mid-30s achieved in 1Q and 2Q. Daybue international expansion is underway via named-patient programs in Programs initiated in 2Q. Recall that EMA review is underway, with decision expected around 1Q26, and we believe commentary on EMA review progress and early ex-U.S. uptake should help to evaluate the commercial opportunity and timing.