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SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced DAYBUE® STIX (trofinetide) for oral solution, a dye- and preservative-free powder formulation of trofinetide, is now broadly available in the United States for the treatment of Rett syndrome in adults and pediatric patients two years of age and older. The new formulation, approved by the U.S. Food and Drug Administration (FDA) in December 2025, is bioequivalent to the original DAYBUE® oral solution, delivering the same efficacy and safety profile, while offering children and adults living with Rett syndrome new flexibility and choice regarding the dose volume and taste of their DAYBUE treatment.1

"Initial feedback from a small group of caregivers following the limited launch revealed that more than 80% of early users reported satisfaction with DAYBUE STIX, highlighting the added flexibility and portability of this new formulation,"2 said Tom Garner, Acadia’s Chief Commercial Officer. “We are hearing that the new formulation may allow for more customized care in real-world settings. Ongoing evaluation from patients and caregivers remains a priority; their perspectives are essential as we identify ways to better assist families managing this complex condition.”

The importance of flexible, patient-centered approaches was reinforced in a recent publication of expert recommendations for real-world use of trofinetide in Rett syndrome. A steering group comprised of experts based at International Rett Syndrome Foundation (IRSF)-designated centers of excellence (COEs) reached consensus recognizing trofinetide oral solution as part of the standard of care for individuals with Rett syndrome. They also aligned on key real-world considerations such as early initiation and sustained use over time. The recommendations also reflect shared perspectives on the need for individualized decision making in clinical practice to help optimize outcomes for patients, families, and caregivers.3

“The availability of DAYBUE STIX gives us an additional, flexible way to administer trofinetide, which allows us more options to address unique patient and caregiver needs,” said Arthur Beisang, M.D., Department of Pediatrics, Gillette Children's Specialty Healthcare, Saint Paul, Minn. “This patient-centered approach aligns with recently published expert consensus recommendations, which advocate for the integration of trofinetide as part of the standard of care and comprehensive Rett syndrome management. This new option provides additional customization, supporting individualized care for people with Rett syndrome.”

DAYBUE STIX is a for oral solution powder that caregivers can mix with a variety of water-based liquids such as juice, tea, lemonade, limeade, or liquid hydration so that caregivers have the ability to customize to their loved ones' taste.4 The product comes in individual packets that are easily portable.

The efficacy and safety of DAYBUE STIX is based on the results of the pivotal Phase 3 LAVENDER™ study with DAYBUE oral solution in patients with Rett syndrome.4 The approval of this new formulation was informed by the results of a bioequivalence study, which demonstrated that both original DAYBUE oral solution and the new DAYBUE STIX for oral solution powder formulation provide comparable exposure.1

Families interested in exploring this new option should speak with their healthcare provider. Acadia also offers families access to Acadia Connect®, a multi-faceted support program that offers a dedicated, experienced support team assisting with financial resources and prescription support to patients and caregivers throughout the DAYBUE treatment journey. The original oral solution formulation approved by the U.S. Food and Drug Administration in 2023 will remain available.

About Rett Syndrome

Rett syndrome is a rare, complex, neurodevelopmental disorder that may occur over four stages and occurs in approximately one of every 10,000 to 15,000 female births worldwide.5-7 In the U.S., 6,000 to 9,000 patients are affected.8 A child with Rett syndrome exhibits an early period of apparently normal development until six to 18 months, when their skills seem to slow down or stagnate. This is typically followed by a duration of regression when the child loses acquired communication skills and purposeful hand use. The child may then experience a plateau period in which they show mild recovery in cognitive interests, but body movements remain severely diminished. As they age, those living with Rett may continue to experience a stage of motor deterioration, which can last the rest of the patient’s life.6 Rett syndrome is typically caused by a genetic mutation on the MECP2 gene.9 In preclinical studies, deficiency in MeCP2 function is thought to lead to impairment in synaptic communication, and the deficits in synaptic function may be associated with Rett manifestations.9-11

Symptoms of Rett syndrome may also include development of hand stereotypies, such as hand wringing and clapping, and gait abnormalities.12 Most Rett patients typically live into adulthood and require round-the-clock care.5,13

About DAYBUE® (trofinetide) and DAYBUE® STIX (trofinetide)

Trofinetide is a synthetic analog of the N-terminal tripeptide of insulin-like growth factor-1. The mechanism by which trofinetide exerts therapeutic effects in patients with Rett syndrome is unknown. In animal studies, trofinetide has been shown to increase branching of dendrites and synaptic plasticity signals.14

Indication and Important Safety Information for DAYBUE® (trofinetide) and DAYBUE® STIX (trofinetide)

Indication

DAYBUE and DAYBUE STIX are indicated for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older.

Important Safety Information

Warnings and Precautions Diarrhea: In a 12-week study and in long-term studies, 85% of patients treated with DAYBUE experienced diarrhea. In those treated with DAYBUE, 49% either had persistent diarrhea or recurrence after resolution despite dose interruptions, reductions, or concomitant antidiarrheal therapy. Diarrhea severity was mild or moderate in 96% of cases. In the 12-week study, antidiarrheal medication was used in 51% of patients treated with DAYBUE.
Advise patients to stop laxatives before starting DAYBUE or DAYBUE STIX. If diarrhea occurs, patients should notify their healthcare provider, consider starting antidiarrheal treatment, and monitor hydration status and increase oral fluids, if needed. Interrupt, reduce dose, or discontinue DAYBUE or DAYBUE STIX if severe diarrhea occurs or if dehydration is suspected. Vomiting: In a 12-week study, vomiting occurred in 29% of patients treated with DAYBUE and in 12% of patients who received placebo.
Patients with Rett syndrome are at risk for aspiration and aspiration pneumonia. Aspiration and aspiration pneumonia have been reported following vomiting in patients being treated with DAYBUE. Interrupt, reduce dose, or discontinue DAYBUE or DAYBUE STIX if vomiting is severe or occurs despite medical management. Weight Loss: In the 12-week study, 12% of patients treated with DAYBUE experienced weight loss of greater than 7% from baseline, compared to 4% of patients who received placebo. In long-term studies, 2.2% of patients discontinued treatment with DAYBUE due to weight loss. Monitor weight and interrupt, reduce dose, or discontinue DAYBUE or DAYBUE STIX if significant weight loss occurs. Adverse Reactions: The common adverse reactions (≥5% for DAYBUE-treated patients and at least 2% greater than in placebo) reported in the 12-week study were diarrhea (82% vs 20%), vomiting (29% vs 12%), fever (9% vs 4%), seizure (9% vs 6%), anxiety (8% vs 1%), decreased appetite (8% vs 2%), fatigue (8% vs 2%), and nasopharyngitis (5% vs 1%). Drug Interactions: Effect of DAYBUE and DAYBUE STIX on other Drugs Trofinetide, a weak inhibitor of CYP3A and an inhibitor of P-gp, can increase the plasma concentrations of CYP3A and/or P-gp substrates (e.g., loperamide), which may increase the risk of adverse reactions associated with these substrates.
Closely monitor patients when DAYBUE or DAYBUE STIX is administered concomitantly with sensitive CYP3A and/or P-gp substrates for which a minimal increase in substrate plasma concentration (i.e., drugs with a narrow therapeutic index) may lead to serious adverse reactions. Use in Specific Population: Renal Impairment DAYBUE and DAYBUE STIX are not recommended for patients with severe renal impairment. DAYBUE is available as an oral solution (200 mg/mL).

DAYBUE STIX for oral solution powder is available in 5,000 mg, 6,000 mg, and 8,000 mg packets.

Please read the full Prescribing Information also available at DAYBUEhcp.com.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact and can be identified by terms such as “may,” “will,” “should,” “expects,” “anticipates,” and similar expressions (including the negative thereof) intended to identify forward-looking statements. Forward-looking statements contained in this press release, include, but are not limited to, statements about: (i) the efficacy and safety profile of DAYBUE and DAYBUE STIX and anticipated Rett syndrome symptom improvements, (ii) the flexibility in administration and allowance for customized care provided by DAYBUE STIX, (iii) the use of DAYBUE and DAYBUE STIX as the standard of care for patients with Rett syndrome and (iv) potential future use of DAYBUE and DAYBUE STIX. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Such risks, uncertainties, assumptions and other factors include, but are not limited to: our ability to continue to successfully commercialize DAYBUE and DAYBUE STIX and our ability to continue to stay in compliance with applicable laws and regulations. Given the risks and uncertainties, you should not place undue reliance on these forward-looking statements. For a discussion of these and other risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ, please refer to our annual report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on February 26, 2026, as well as our subsequent filings with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein are made as of the date hereof, and we undertake no obligation to update them after this date, except as required by law.

References

1

Mona D, Yamamoto A, Adegbenle Y, et al. A Phase 1, Randomized, Open-Label Study to Assess the Bioequivalence of Trofinetide as a Ready-to-Use Oral Solution and Constituted Powder for Oral Solution in Healthy Adults. Adv Ther. 2026.

2

Acadia Pharmaceuticals Inc., Data on file.

3

Prange EO, Beisang A, Pehlivan D, et al. Expert Consensus on Real-World Use of Trofinetide for Rett Syndrome Using a Modified Delphi Method. Ann Child Neurol. 2026; 4:38-51

4

Acadia Pharmaceuticals Inc. DAYBUE® [package insert]. San Diego, CA; 2025

5

Fu C, Armstrong D, Marsh E, et al. Consensus guidelines on managing Rett syndrome across the lifespan. BMJ Paediatrics Open. 2020; 4:1-14.

6

Kyle SM, Vashi N, Justice MJ. Rett syndrome: a neurological disorder with metabolic components. Open Biol. 2018; 8:170216.

7

May DM, Neul JL, Satija A, et al. Real-world clinical management of individuals with Rett syndrome: a physician survey. J of Med Econ. 26(1), 1570–1580.

8

Acadia Pharmaceuticals Inc., Data on file. RTT US Prevalence. March 2022.

9

Amir RE, Van den Veyver IB, Wan M, et al. Rett syndrome is caused by mutations in X-linked MECP2, encoding methyl-CpG-binding protein 2. Nat Genet. 1999; 23(2):185-188.

10

Fukuda T, Itoh M, Ichikawa T, et al. Delayed maturation of neuronal architecture and synaptogenesis in cerebral cortex of Mecp2-deficient mice. J Neuropathol Exp Neurol. 2005; 64(6):537-544.

11

Asaka Y, Jugloff DG, Zhang L, et al. Hippocampal synaptic plasticity is impaired in the Mecp2-null mouse model of Rett syndrome. Neurobiol Dis. 2006; 21(1):217-227.

12

Neul JL, Kaufmann WE, Glaze DG, et al. Rett syndrome: revised diagnostic criteria and nomenclature. Ann Neurol. 2010; 68(6):944-950.

13

Tarquinio DO, Hou W, Neul JL, et al. The changing face of survival in Rett syndrome and MECP2-related disorders. Pediatr Neurol. 2015; 53(5):402-411.

14

Acadia Pharmaceuticals Inc., Data on file. Study Report 2566-026. 2010.

More News From Acadia Pharmaceuticals Inc.

Posted by Defense World Staff on Apr 9th, 2026

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD – Get Free Report) EVP Mark Schneyer sold 2,709 shares of the firm’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $22.20, for a total value of $60,139.80. Following the transaction, the executive vice president directly owned 62,836 shares in the company, valued at $1,394,959.20. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

ACADIA Pharmaceuticals Stock Performance Shares of ACAD opened at $22.56 on Thursday. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 9.85, a price-to-earnings-growth ratio of 22.07 and a beta of 0.83. ACADIA Pharmaceuticals Inc. has a one year low of $13.40 and a one year high of $28.35. The stock’s fifty day moving average is $22.69 and its 200-day moving average is $23.79.

ACADIA Pharmaceuticals (NASDAQ:ACAD – Get Free Report) last released its earnings results on Thursday, February 26th. The biopharmaceutical company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $1.48. The firm had revenue of $298.00 million for the quarter, compared to analyst estimates of $292.54 million. ACADIA Pharmaceuticals had a return on equity of 12.49% and a net margin of 36.49%.ACADIA Pharmaceuticals’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 earnings per share. Analysts forecast that ACADIA Pharmaceuticals Inc. will post 0.7 EPS for the current fiscal year.

More ACADIA Pharmaceuticals News Here are the key news stories impacting ACADIA Pharmaceuticals this week:

Positive Sentiment: Analysts/Zacks note ACAD’s history of quarterly earnings surprises and say the company currently has the key attributes that make another beat likely — supporting upside into the next report. Will Acadia (ACAD) Beat Estimates Again in Its Next Earnings Report? (Yahoo) Will Acadia (ACAD) Beat Estimates Again in Its Next Earnings Report? (Zacks) Positive Sentiment: Acadia launched DAYBUE® STIX (trofinetide) — a dye- and preservative-free powder formulation of its Rett syndrome medicine — and said it is now broadly available in the U.S.; FDA-approved bioequivalence and easier dosing could boost uptake and sales. Acadia Announces DAYBUE STIX Now Broadly Available (BusinessWire) Positive Sentiment: Analyst coverage and institutional activity are constructive: several firms raised price targets or hold “outperform/overweight” views, and reports show large institutional stakes increasing — a supportive backdrop for the shares. Acadia Pharmaceuticals: A Mid-Cap Biotech Making Large Moves (MarketBeat) Neutral Sentiment: Recent fundamentals: ACAD posted a sizable EPS beat in its last quarter (reported $1.60 vs. $0.12 est.) and revenue growth (~9% y/y); valuation metrics (low-teens P/E) and its 50/200-day moving averages are mixed signals for different investor horizons. ACAD Price & Profile (MarketBeat) Negative Sentiment: Insider selling: EVP Mark C. Schneyer sold 2,709 shares and director/executive James Kihara sold 1,030 shares at about $22.20 on April 7; while dollar amounts are modest relative to institutional holdings, insider sales can raise short-term caution for some investors. James Kihara Sells 1,030 Shares of ACADIA Pharmaceuticals (InsiderTrades) SEC Form 4 (Kihara) SEC Form 4 (Schneyer) Hedge Funds Weigh In On ACADIA Pharmaceuticals Hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of ACADIA Pharmaceuticals by 67.5% in the 4th quarter. Farther Finance Advisors LLC now owns 958 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 386 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of ACADIA Pharmaceuticals in the 4th quarter valued at $26,000. Geneos Wealth Management Inc. boosted its position in shares of ACADIA Pharmaceuticals by 113.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 1,425 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 756 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of ACADIA Pharmaceuticals by 107.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,712 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 885 shares during the period. Finally, Transamerica Financial Advisors LLC boosted its position in shares of ACADIA Pharmaceuticals by 304.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,335 shares of the biopharmaceutical company’s stock valued at $36,000 after purchasing an additional 1,005 shares during the period. Institutional investors and hedge funds own 96.71% of the company’s stock.

Analyst Ratings Changes A number of research firms recently issued reports on ACAD. JPMorgan Chase & Co. lifted their target price on ACADIA Pharmaceuticals from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, March 4th. Citizens Jmp lifted their target price on ACADIA Pharmaceuticals from $34.00 to $35.00 and gave the stock a “market outperform” rating in a report on Thursday, February 26th. Piper Sandler set a $37.00 target price on ACADIA Pharmaceuticals in a report on Tuesday, December 16th. Oppenheimer reaffirmed a “market perform” rating on shares of ACADIA Pharmaceuticals in a report on Friday, February 6th. Finally, Wolfe Research began coverage on ACADIA Pharmaceuticals in a report on Monday, February 23rd. They set an “outperform” rating and a $33.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ACADIA Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $31.21.

Check Out Our Latest Research Report on ACAD

About ACADIA Pharmaceuticals (Get Free Report)

ACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA’s research centers concentrate on conditions with significant unmet medical needs, including Parkinson’s disease psychosis, Alzheimer’s disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company’s flagship product, NUPLAZID® (pimavanserin), received U.S.

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Company to host conference call and webcast on Wednesday, May 6, 2026, at 4:30 p.m. Eastern Time

SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that it will report first quarter 2026 financial results on Wednesday, May 6, 2026, after the close of the U.S. financial markets. Acadia’s management team will also host a conference call and webcast on May 6, 2026, at 4:30 p.m. Eastern Time.

The conference call will be available on Acadia’s website, acadia.com under the investors section and will be archived there until August 15, 2026. The conference call may also be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

More News From Acadia Pharmaceuticals Inc.

Back to Newsroom

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SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced that it will participate at two upcoming investor conferences:

BofA Securities 2026 Health Care Conference
Fireside Chat: Tuesday, May 12, 2026 at 4:20 p.m. Pacific Time in Las Vegas, NV

2026 RBC Capital Markets Global Healthcare Conference
Fireside Chat: Tuesday, May 19, 2026 at 9:00 a.m. Eastern Time in New York, NY

Live webcasts will be accessible on the company’s website, acadia.com, under the investors section and an archived recording will be available on the website for approximately one month following each presentation.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

More News From Acadia Pharmaceuticals Inc.

Back to Newsroom

Investors interested in Medical - Biomedical and Genetics stocks are likely familiar with CSL Limited Sponsored ADR (CSLLY - Free Report) and Acadia Pharmaceuticals (ACAD - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Right now, CSL Limited Sponsored ADR is sporting a Zacks Rank of #2 (Buy), while Acadia Pharmaceuticals has a Zacks Rank of #3 (Hold). This means that CSLLY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

CSLLY currently has a forward P/E ratio of 12.78, while ACAD has a forward P/E of 49.66. We also note that CSLLY has a PEG ratio of 1.45. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. ACAD currently has a PEG ratio of 23.21.

Another notable valuation metric for CSLLY is its P/B ratio of 2.11. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, ACAD has a P/B of 3.06.

Based on these metrics and many more, CSLLY holds a Value grade of B, while ACAD has a Value grade of C.

CSLLY has seen stronger estimate revision activity and sports more attractive valuation metrics than ACAD, so it seems like value investors will conclude that CSLLY is the superior option right now.

- First quarter DAYBUE® GAAP net sales of $101 million, up 20% year-over-year; successful launch of DAYBUE STIX underway

- First quarter NUPLAZID® GAAP net sales of $167 million, up 6% year-over-year on a non-GAAP adjusted basis

- Reaffirms expectation for topline results from the Phase 2 remlifanserin study in Alzheimer’s disease psychosis between August and October 2026

SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD), today announced its financial results for the first quarter ended March 31, 2026.

“Acadia delivered a solid first quarter of 2026 with total revenues of $268 million, driven by a strong start from DAYBUE, which generated sales of $101 million,” said Catherine Owen Adams, Chief Executive Officer. “We are very encouraged by the early enthusiasm for DAYBUE STIX, which is now broadly available in the U.S., and by the initial uptake during our focused launch. NUPLAZID generated sales of $167 million, supported by strong new referrals and underlying demand, with performance strengthening as the quarter progressed. As we look ahead, we remain focused on advancing our deep, differentiated pipeline, with remlifanserin representing a key value driver as we approach expected Phase 2 topline data in Alzheimer’s disease psychosis later this year. We are reaffirming our full year guidance and remain confident in our ability to deliver long‑term value for both patients and shareholders.”

Company Updates

Full launch of DAYBUE STIX (trofinetide) in the U.S. is underway, with ~30% of STIX patients being either treatment-naive or returning after previously discontinuing the liquid formulation. Phase 2 topline results readout from the remlifanserin Alzheimer’s disease psychosis study remains on track for August to October 2026 timeframe. Accelerated enrollment in the trofinetide clinical trial in Japan, with topline results now anticipated in the September to November 2026 timeframe. Delphi expert consensus panel recently recommended DAYBUE as part of the standard of care for eligible patients with Rett syndrome.1 Financial Results

Revenues

GAAP total revenues, comprised of net product sales from NUPLAZID and DAYBUE, were $268 million for the first quarter of 2026, up 10% as compared to GAAP total revenues of $244 million in the first quarter of 2025, and up 11% as compared to non-GAAP adjusted total revenues of $242 million in the first quarter of 2025.

GAAP net product sales of NUPLAZID were $167 million for the first quarter of 2026, up 5% compared to GAAP net product sales of $160 million for the first quarter of 2025, and up 6% as compared to non-GAAP adjusted net product sales of $157 million for the first quarter of 2025.

Net product sales of DAYBUE were $101 million for the first quarter of 2026, an increase of 20% as compared to $85 million for the first quarter of 2025.

A reconciliation of NUPLAZID non‑GAAP adjusted net sales and non‑GAAP adjusted total revenues is provided in Table 1. A description of these adjustments is included under ‘Non-GAAP Financial Measures.’

Research and Development

Research and development expenses for the first quarter of 2026 were $77 million, compared to $78 million for the same period of 2025.

Selling, General and Administrative

Selling, general and administrative expenses for the first quarter of 2026 were $171 million, compared to $126 million for the same period of 2025. The increase in selling, general and administrative expenses during the first quarter was primarily driven by increased investments to support continued growth of NUPLAZID and DAYBUE.

Net Income

For the first quarter of 2026, Acadia reported net income of $4 million, or $0.02 per diluted share, compared to a net income of $19 million, or $0.11 per diluted share, for the same period in 2025.

Cash and Investments

At March 31, 2026, Acadia’s cash, cash equivalents, and investment securities totaled $851 million, compared to $820 million at December 31, 2025.

Full Year 2026 Financial Guidance (GAAP):

Acadia is reaffirming its 2026 guidance as first provided on February 25, 2026:

Total revenues in the range of $1.22 to $1.28 billion. NUPLAZID net product sales in the range of $760 to $790 million. DAYBUE net product sales in the range of $460 to $490 million. R&D expense in the range of $385 to $410 million. SG&A expense in the range of $660 to $700 million. Conference Call and Webcast Information

Acadia will host a conference call to discuss the first quarter 2026 results today, Wednesday, May 6, 2026 at 1:30 p.m. PT/4:30 p.m. ET. The conference call may be accessed by registering for the call here. Once registered, participants will receive an email with the dial-in number and unique PIN number to use for accessing the call.

About NUPLAZID® (pimavanserin)

Pimavanserin is a selective serotonin inverse agonist and antagonist preferentially targeting 5-HT2A receptors. These receptors are thought to play an important role in neuropsychiatric disorders. In vitro, pimavanserin demonstrated no appreciable binding affinity for dopamine (including D2), histamine, muscarinic, or adrenergic receptors. Pimavanserin was approved for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis by the U.S. Food and Drug Administration in April 2016 under the trade name NUPLAZID.

About DAYBUE® (trofinetide)

Trofinetide is a synthetic version of a naturally occurring molecule known as the tripeptide glycine-proline-glutamate (GPE). The mechanism by which trofinetide exerts therapeutic effects in patients with Rett syndrome is unknown. Trofinetide was approved for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older by the U.S. Food and Drug Administration in March 2023 under the trade name DAYBUE or DAYBUE STIX.

About Acadia Pharmaceuticals

Acadia is committed to turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. Our commercial portfolio includes the first and only FDA-approved treatments for Parkinson’s disease psychosis and Rett syndrome. We are developing the next wave of therapeutic advancements with a robust and diverse pipeline that includes mid- to late-stage programs in Alzheimer’s disease psychosis and Lewy body dementia psychosis, along with earlier-stage programs that address other underserved patient needs. At Acadia, we’re here to be their difference. For more information, visit us at acadia.com and follow us on LinkedIn and X.

Non-GAAP Financial Measures

This press release contains the following financial measures that do not comply with U.S. generally accepted accounting principles (GAAP): non-GAAP adjusted net sales for NUPLAZID for the first quarter of 2025 and non-GAAP adjusted total revenues for the first quarter of 2025. In preparing these non-GAAP financial results, the Company includes adjustments made to reflect the impact of a change in estimate related to NUPLAZID IRA rebate accruals. Please refer to our press release dated February 25, 2026, for additional details. These non-GAAP financial measures complement GAAP results and are used by management to analyze financial performance and evaluate period-to-period changes. Management believes these non-GAAP financial measures are useful to investors and other users of the Company’s financial statements to facilitate period-to-period comparability. These non-GAAP financial measures are not meant to be considered as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are unlikely to be comparable with non-GAAP disclosures released by other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact and can be identified by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential,” “guidance,” “continue” and similar expressions (including the negative thereof) intended to identify forward-looking statements. Forward-looking statements contained in this press release, include, but are not limited to, statements about: (i) our business strategy, objectives and opportunities, including support for and innovations in our pipeline assets and business development opportunities, DAYBUE sales growth, interest in DAYBUE STIX, and potential for enhanced shareholder value; (ii) plans for, including timing, development and progress of commercialization or regulatory timelines for our products, including NUPLAZID and DAYBUE, and our product candidates; (iii) benefits to be derived from and efficacy of our products, including the potential advantages of our products; (iv) the timing and conduct of our clinical trials; and (v) our estimates regarding our future financial performance, profitability, capital requirements or expenses, including our full year 2026 financial guidance. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to: our dependency on the continued successful commercialization of our products and our ability to maintain or increase sales of our products; our plans to continue commercial growth; the costs of our commercialization plans and development programs, and the financial impact or revenues from any commercialization we undertake; our ability to obtain necessary regulatory approvals for our product candidates and, if and when approved, market acceptance of our products; the risks associated with clinical trials and their outcomes, including risks of unsuccessful enrollment and negative or inconsistent results; our dependence on third-party collaborators, clinical research organizations, manufacturers, suppliers and distributors; the impact of competitive products and therapies; our ability to generate or obtain the necessary capital to fund our operations; our ability to grow, equip and train our specialized sales forces; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; and our ability to continue to stay in compliance with applicable laws and regulations. Given the risks and uncertainties, you should not place undue reliance on these forward-looking statements. For a discussion of these and other risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ, please refer to our annual report on Form 10-K for the year ended December 31, 2025 as well as our subsequent filings with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein are made as of the date hereof, and we undertake no obligation to update them after this date, except as required by law.

  ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

  Three Months Ended March 31,

2026

2025

Revenues

Product sales, net

$

268,062

$

244,317

Total revenues

268,062

244,317

Operating expenses

Cost of product sales (1)(2)

24,791

20,392

Research and development (2)

76,868

78,265

Selling, general and administrative (2)

171,019

126,370

Total operating expenses

272,678

225,027

(Loss) income from operations

(4,616

)

19,290

Interest income, net

8,055

7,901

Other income

542

588

Income before income taxes

3,981

27,779

Income tax expense

344

8,792

Net income

$

3,637

$

18,987

Earnings per share:

Basic

$

0.02

$

0.11

Diluted

$

0.02

$

0.11

Weighted average common shares outstanding:

Basic

170,517

166,808

Diluted

172,706

167,668

(1) Includes license fees and royalties

(2) Includes the following stock-based compensation expense

Cost of product sales

$

328

$

334

Research and development

$

4,142

$

3,433

Selling, general and administrative

$

10,228

$

7,613

  ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

  March 31,
2026

December 31,
2025

(unaudited)

Assets

Cash, cash equivalents and investment securities

$

851,458

$

819,686

Accounts receivable, net

135,350

121,457

Interest and other receivables

13,034

26,774

Inventory

31,574

34,670

Prepaid expenses

64,600

59,526

Total current assets

1,096,016

1,062,113

Property and equipment, net

14,652

7,511

Operating lease right-of-use assets

46,274

47,354

Intangible assets, net

106,171

108,893

Restricted cash

7,846

7,845

Long-term inventory

80,719

76,704

Deferred tax assets

249,624

249,879

Other assets

3,928

3,896

Total assets

$

1,605,230

$

1,564,195

Liabilities and stockholders’ equity

Accounts payable

$

12,246

$

10,903

Accrued liabilities

293,278

266,211

Total current liabilities

305,524

277,114

Operating lease liabilities

39,003

40,554

Other long-term liabilities

12,637

19,137

Total liabilities

357,164

336,805

Total stockholders’ equity

1,248,066

1,227,390

Total liabilities and stockholders’ equity

$

1,605,230

$

1,564,195

Table 1. ACADIA PHARMACEUTICALS INC.

NON-GAAP RECONCILIATION

(in millions)

(Unaudited)

  1Q25

1Q26

GAAP NUPLAZID Net Sales

$

159.7

$

166.9

Allocation of 2025 Amount

$

(2.3

)

$

—

Non-GAAP Adjusted NUPLAZID Net Sales

$

157.4

$

166.9

DAYBUE Net Sales

$

84.6

$

101.2

Non-GAAP Adjusted Total Revenues

$

242.0

$

268.1

References

Prange EO, Beisang A, Pehlivan D, et al. Expert Consensus on Real-World Use of Trofinetide for Rett Syndrome Using a Modified Delphi Method. Ann Child Neurol. 2026; 4:38-51. More News From Acadia Pharmaceuticals Inc.

ACADIA Pharmaceuticals Inc. (ACAD) Q1 2026 Earnings Call Transcript

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Acadia Pharmaceuticals: A Mid-Cap Biotech Making Large MovesACADIA Pharmaceuticals NASDAQ: ACAD executives used an RBC Capital Markets investor session to outline the company’s clinical rationale for remlifanserin in Alzheimer’s disease psychosis, provide updates on commercial trends for NUPLAZID and DAYBUE, and discuss selected pipeline and business development priorities.

The discussion, hosted by RBC Capital Markets analyst Nevin Varghese, featured ACADIA executives including Sanjeev Pathak, senior vice president and head of clinical development, and Tom Garner, chief commercial officer.

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Remlifanserin Program Focuses on Higher Exposure and Trial Design Pathak said the key distinction between remlifanserin and pimavanserin is ACADIA’s effort to eliminate or mitigate QTc prolongation concerns. He said non-clinical data, in vitro studies and emerging clinical observations have supported that view, potentially allowing ACADIA to test higher doses and exposures.

“What it allows us to do is increase the dose, increase the exposures,” Pathak said. He added that ACADIA’s prior pimavanserin work suggested higher average blood levels were associated with stronger efficacy.

Pathak said the remlifanserin program includes two doses: 30 milligrams, which he described as equivalent to pimavanserin 34 milligrams or the NUPLAZID dose, and 60 milligrams, which is intended to provide higher exposure. He also noted that remlifanserin has a shorter half-life than pimavanserin, reaching steady state in roughly five to six days in elderly patients, compared with 12 to 15 days for pimavanserin.

In Alzheimer’s disease psychosis, Pathak said ACADIA is applying several lessons from its earlier pimavanserin experience. Those include running a dedicated program with multiple studies, enriching for patients with more severe psychosis, and using what the company considers a more sensitive endpoint, SAPS-H+D.

Asked about trial conduct and placebo response, Pathak said ACADIA is using experienced staff from the pimavanserin program, emphasizing site selection, investigator training, blinded monitoring and biomarker confirmation of Alzheimer’s disease. He said the company is seeking to reduce patient heterogeneity and exclude patients whose symptoms may resemble Alzheimer’s disease psychosis but arise from other psychiatric causes.

Pathak said the current study is powered at 80% for a moderate standardized effect size of 0.4. He said the goal is to generate data that can inform and enrich potential Phase 3 development. While acknowledging that effect sizes can shrink from Phase 2 to Phase 3, he said ACADIA hopes to use Phase 2 learnings to refine the Phase 3 population and biomarkers, depending on the data.

NUPLAZID Sales Force Expansion Still in Early Stages Garner said ACADIA expanded its NUPLAZID sales team in the first quarter, increasing overall reach by about 30%. He said the company now covers roughly 10,000 customers, with neurologists representing about 45% of that group and remaining a primary focus.

Garner said ACADIA has seen a shift in the mix of NUPLAZID prescribers over the past two years, helped by direct-to-consumer and healthcare professional outreach. In the first quarter, he said about 25% of total writers were new-to-brand writers.

However, Garner cautioned that it remains early to judge the full impact of the sales force expansion. The expanded team was fully trained and in the field around the middle of the first quarter, and ACADIA expects a six- to nine-month ramp before the model reaches full efficiency. He said the company expects the impact to be more weighted toward the back half of the year.

Garner also addressed refill delays seen in the first quarter, saying the company did not identify a specific underlying issue. He attributed the disruption to a larger-than-usual group of patients returning late, noting that NUPLAZID has high Medicare exposure, with roughly 80% of patients on Medicare. He said the company does not expect the issue to create a continuing drag through the rest of the year.

DAYBUE STIX Launch Aims to Support Persistence and Reengagement Garner said ACADIA’s DAYBUE strategy has expanded beyond Rett syndrome Centers of Excellence into community settings. He said about two-thirds of Rett patients fall outside direct care at a Center of Excellence, and ACADIA remains under-penetrated in that segment, in the late-20% range.

On persistence, Garner said ACADIA is seeing a growing base of patients remaining on therapy as more cohorts move through 12 and 18 months. He said 12-month persistence across cohorts is north of 50%, close to 55%, while 18-month persistence is in the 50% range.

Garner said the launch of DAYBUE STIX in the first quarter could help support additional growth and longer treatment duration. The product is a powder formulation that can be mixed with non-dairy liquids, requires no refrigeration and is more portable than the liquid formulation. He said ACADIA has removed many excipients that had been a concern for some patients and caregivers.

Initial demand has come from treatment-naive patients, returning patients and patients considering a switch from liquid DAYBUE, Garner said. He added that feedback from caregivers and healthcare professionals has been positive, particularly because the formulation responds to concerns raised about the liquid product.

Garner said ACADIA amplified its direct-to-consumer efforts in April after the initial Centers of Excellence-focused launch. He said the company’s Family Support Educators have also been reengaging families, including those who discontinued therapy because of formulation concerns.

European Review and Pipeline Updates Pathak said the reexamination process for DAYBUE in the European Union is structured and time-bound, with ACADIA expecting it to conclude by the end of June. He said rapporteurs have been assigned, the company has submitted its grounds for reexamination and ACADIA is preparing for both a Scientific Advisory Group meeting and an oral reexamination.

Pathak also discussed ACP-271, ACADIA’s GPR88 agonist, saying the company is excited by the program’s potential in movement disorders and associated neuropsychiatric symptoms. He said GPR88 is abundant in motor areas of the brain and present at lower density in areas tied to higher cognitive function. ACADIA has seen consistent non-clinical benefit in animal models, including tardive dyskinesia models, without typical safety findings such as sedation, according to Pathak.

On business development, a company representative said ACADIA continues to take a “barbell” approach, looking at both neuroscience and rare disease opportunities. The company is interested in late-stage assets that could launch within the next several years, as well as earlier-stage assets that could supplement its early-stage portfolio.

About ACADIA Pharmaceuticals NASDAQ: ACADACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA's research centers concentrate on conditions with significant unmet medical needs, including Parkinson's disease psychosis, Alzheimer's disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.

The company's flagship product, NUPLAZID® (pimavanserin), received U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Edison power workers help repair power lines in Orange County, California, U.S., December 3, 2020. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab

April 28 (reuters) - Edison International (EIX.N), opens new tab beat expectations for first-quarter profit on Tuesday, as the utility benefited from higher ​electricity rates.

U.S. power companies are seeking higher ‌customer electricity rates, driven by surging demand from AI-focused data centers, increased domestic manufacturing and extreme weather events including ​wildfires.

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Southern California Edison, a subsidiary of Edison ​International, posted first-quarter core earnings of $1.65 per share, ⁠as it benefited from the adoption of its ​2025 general rate case final decision.

Regulated utilities, such ​as Southern California Edison, determine customer charges for services such as electricity, natural gas, private water and steam through rate case ​proceedings.

U.S. power consumption hit a record high in 2025 ​and is projected to keep climbing through 2027, according to ‌the ⁠EIA, driven largely by AI and crypto data centers, along with growing electrification of homes, businesses, and transportation.

The Rosemead, California-based utility posted adjusted earnings of $1.42 ​per share ​for the ⁠quarter ended March 31, compared with analysts' estimates of $1.31 per share, according to ​LSEG data.

Last month, Edison won the dismissal of ​a ⁠shareholder lawsuit that accused the company of defrauding investors by overstating its ability to reduce wildfire risk ⁠ahead ​of the January 2025 Los ​Angeles-area fires.

The utility company affirmed its 2026 adjusted profit guidance of $5.90-$6.20 ​per share.

Reporting by Anushka Chourasia; Editing by Tasim Zahid

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Edison International (EIX) Q1 2026 Earnings Call Transcript

Key Takeaways EIX Q1 adjusted EPS rose to $1.42, beating estimates by 7.6% and up 3.6% Y/Y.EIX Q1 operating revenues climbed 7.7% to $4.1B, topping consensus by 2.8%.EIX expenses jumped 80.6% and operating income fell to $1.07B; 2026 EPS guided at $5.86-$6.16. Edison International (EIX - Free Report) reported first-quarter 2026 adjusted earnings of $1.42 per share, which surpassed the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line also increased 3.6% from $1.37 in the year-ago quarter.

The company recorded GAAP earnings of $1.38 per share compared with $3.73 in the first quarter of 2025.

EIX’s Total RevenuesEdison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line also increased 7.7% from the year-ago quarter’s figure of $3.81 billion.

Operational Highlights of Edison InternationalDuring the first quarter of 2026, EIX’s total operating expenses rose 80.6% year over year to $3.03 billion.

Purchased power and fuel costs decreased 7.4% year over year, while depreciation and amortization expenses rose 12.4% during the same time frame.

Operation and maintenance (O&M) costs increased 3.5% in the first quarter of 2026, whereas property and other taxes climbed 7.8%.

The operating income amounted to $1.07 billion during the first quarter of 2026 compared with $2.13 billion in the prior-year period.

Segmental Results of EIXSouthern California Edison’s first-quarter adjusted earnings were $1.65 per share compared with $1.61 in the year-ago quarter. The year-over-year increase was due to the adoption of the 2025 GRC final decision in the third quarter of 2025, partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025.

Edison International Parent and Other incurred an adjusted loss of 23 cents per share compared with the year-ago quarter’s loss of 24 cents. The year-over-year decrease was due to lower preferred stock dividends.

Edison International’s Financial UpdateAs of March 31, 2026, Edison International's cash and cash equivalents amounted to $168 million compared with $158 million as of Dec. 31, 2025.

The long-term debt was $37.31 billion as of March 31, 2026, higher than the 2025-end level of $36.07 billion.

Net cash flow from operating activities during the first three months of 2026 was $1.43 billion compared with net cash flow of $1.22 billion in the prior-year period.

Total capital expenditures were $1.54 billion as of March 31, 2026, higher than $1.41 billion in the year-ago period.

EIX’s 2026 GuidanceEIX expects to generate earnings in the range of $5.86-$6.16 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.13 per share, which is at the higher end of the company’s guided range.

EIX’s Zacks RankEdison International currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility ReleasesCenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2026 adjusted earnings of 56 cents per share, which missed the Zacks Consensus Estimate of 58 cents by 3.8%. However, the bottom line increased 5.7% from 53 cents in the year-ago quarter.

CNP generated revenues of $2.98 billion, which lagged the Zacks Consensus Estimate of $3.04 billion by 1.4%. However, the top line improved 2% from the year-ago reported figure of $2.92 billion.

PG&E Corporation (PCG - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 43 cents, which beat the Zacks Consensus Estimate of 39 cents by 10.3%. The bottom line also increased 30.3% from the year-ago quarter’s figure of 33 cents.

PCG reported first-quarter total revenues of $6.88 billion, up 15% from $5.98 billion registered in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.46 billion by 6.6%.

CMS Energy Corporation (CMS - Free Report) reported first-quarter 2026 EPS of $1.13, which outpaced the Zacks Consensus Estimate of $1.11 by 1.8%. The bottom line also increased 10.8% from $1.02 in the prior-year quarter.

Operating revenues totaled $2.73 billion, which topped the Zacks Consensus Estimate of $2.53 billion by 8.1%. The top line also increased 11.6% from $2.45 billion in the prior-year quarter.

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Value stocks are generally companies that trade at a price below their fundamental value or what their performance suggests they should be worth. Typically, these are shares of companies with solid fundamentals that are priced below those of their peers, based on an analysis of price-to-earnings ratios, yields, price-to-book ratios, and other relevant factors. Value stocks are often overlooked by the market or undervalued due to factors such as market volatility, economic downturns, or negative news surrounding the company, which may be temporary.

The BofA Securities Value 10 portfolio is generated quantitatively using the firm’s proprietary BofA Securities model. The analysts use the S&P 500 as their universe. We screened the current list for companies that pay dependable dividends and are trading at under 10 times price-to-earnings ratios, which could deliver solid total returns for the remainder of 2026. Here at 247 Wall St., we consistently emphasize the power of total return to our readers. This strategy can significantly boost your overall investing success. Total return is the combined increase in a stock’s value and the dividends it pays. All of the BofA Securities Value 10 picks are rated Buy.

Allstate This insurance giant raised its dividend by 8% in January and currently yields 1.89%. Allstate (NYSE: ALL | ALL Price Prediction), together with its subsidiaries, provides property, casualty, and other insurance products in the United States and Canada and trades at 5.6 times earnings.

It operates in five segments:

Allstate Protection Run-off Property-Liability Protection Services Allstate Health and Benefits Corporate and Other The company offers private passenger auto, homeowners, personal lines, and commercial insurance products through agents, contact centers, and online, as well as property and casualty insurance. It also provides consumer product protection plans, device and mobile data collection services, and analytic solutions using automotive telematics information, roadside assistance, protection, and insurance products, such as identity protection and restoration through:

Allstate Protection Plans Allstate Dealer Services Allstate Roadside Arity Allstate Identity Protection In addition, the company offers life, accident, critical illness, hospital indemnity, short-term disability, and other health insurance products; self-funded stop-loss and fully insured group health products to employers; Medicare supplement, ancillary products, and short-term medical insurance to individuals through independent agents, owned agencies, benefits brokers, and Allstate exclusive agents; and net investment income, net gains on investments, other revenue, debt service, holding company activities, and certain non-insurance operations.

The company also offers automotive protection, vehicle service contracts, guaranteed asset protection, road hazard tires and wheels, paintless dent repair protection, roadside assistance, mobility data collection services, and analytic solutions using automotive telematics information, identity theft protection, and remediation services.

BofA Securities has a huge $297 target price.

Edison International Trading at 6.2 times earnings with one of the highest dividends in the utility sector at 4.78%, this is a strong idea for the rest of 2026. Edison International (NYSE: EIX) is an electric utility holding company focused on providing clean and reliable energy and energy services through its independent companies. It is the parent holding company of Southern California Edison Company (SCE) and Trio.

SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central, and Coastal California.

Trio is a global energy advisory firm providing integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe.

Trio provides integrated strategy and implementation solutions in:

Sustainability Renewables Energy procurement Conventional supply Energy optimization Transportation electrification The Bank of America target price is $80.

Synchrony Financial This fast-growing financial trades at 8.10 times estimated earnings and offers a 1.64% dividend yield. Synchrony Financial (NYSE: SYF) is a consumer financial services company focused on delivering digitally enabled product suites.

The company provides a range of credit products through financing programs established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers.

It offers private-label, dual-card, co-brand, and general-purpose credit cards, as well as short- and long-term installment loans, and savings products through Synchrony Bank. The company primarily manages its credit products through five sales platforms, such as:

Home & Auto Digital Diversified & Value Health & Wellness Lifestyle The bank offers a range of deposit products to retail, affinity, and commercial customers, including:

Certificates of deposit Individual retirement accounts (IRAs) Money market accounts Savings accounts Sweep and affinity deposits The Bank of America target price for the shares is $90.

Utilities stocks and the related ETFs have warded off interest rate disappointment this year. Indeed, they’ve delivered admirable performances, particularly in the context of the sector as a slow-moving bond proxy.

Talk of major consolidation and the sector’s clear inroads to the AI trade support utilities upside this year. To be sure, those are compelling reasons for investors who want to avoid stock-picking to examine utilities ETFs. They ought to include the Invesco S&P 500 Equal Weight Utilities ETF (RSPU) on their shopping lists.

As its name implies, the $534.1 million RSPU is an equal-weight ETF. That methodology is bearing fruit this year, as the Invesco ETF is beating several of its well-known cap-weighted rivals. Actually, that’s nothing new. RSPU beat the two largest ETFs in the categories by 700 basis points over the past three years. That’s in the past, but there are good reasons to consider the Invesco sector ETF today.

RSPU Holds Some of the Sector’s Best Names RSPU, which turns 20 years old in November, holds 32 stocks. That group includes stocks some experts consider the cream of the utilities crop, like Edison International (EIX), one of the dominant for-profit utilities in California. Edison is working through a drag created by costs tied to funding wildfire insurance; cash flow could prove sturdy.

“That earnings drag is much smaller after regulators approved recovery and securitization of $3.6 billion of costs related to the 2017-18 wildfire and mudslides,” noted Morningstar analyst Travis Miller. “That should boost cash in 2026. Settlement costs related to the Eaton fire could be a slight near-term drag, but provisions in California’s AB 1054 and SB 254 legislation should minimize long-term cash flow constraints.”

American Electric Power (AEP), another RSPU holding, is one of the biggest regulated utilities in the U.S. and another example of an RSPU component considered to be one of the sector’s top names. The company’s data center positioning may be one reason that’s the case.

“AEP’s system peak demand could increase by 63 gigawatts by year-end 2030, with load additions in Texas, the mid-Atlantic, and the southwest,” said Morningstar’s Andrew Bischoff. “Data centers account for more than 80% of this incremental load. The new demand is supported by either signed energy service agreements or letters of agreement, which give us confidence in the company’s growth outlook.”

FirstEnergy (FE), which operates in the Mid-Atlantic and Midwest regions, is another RSPU holding viewed as a potentially utility winner. A potential catalyst for upside with this RSPU holding is an improving balance sheet.

“FirstEnergy aims to strengthen its balance sheet and achieve its targeted 14%-15% funds from operations/debt ratio. Balance-sheet strength has been a major focus for investors,” observed Bischoff.

For more news, information, and strategy, visit the Innovative ETFs Content Hub.

SCE Delivers Payments to More Than 1,200 Community Members Impacted by Eaton Fire Southern California Edison today announced another milestone in recovery efforts following the Eaton Fire, with more than 1,200 individual claimants paid through the Wildfire Recovery Compensation Program.

“Every payment represents a step forward for someone after the Eaton Fire,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “We remain focused on moving claims forward as efficiently and thoughtfully as possible, recognizing how important timely support is to recovery.”

Just this week, more than 250 individual claimants were paid.

As of May 21, 2026:

Nearly 3,400 claims submitted, consisting of about 10,200 individuals, trusts and legal entities. More than 1,750 offers extended to over 4,300 claimants, totaling nearly $600 million. More than 1,200 claimants paid, totaling $175 million, with many more in process. Fast Offers and Payments

The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation.

The comprehensive program includes owner and tenant claims for total and partial structure loss, commercial property loss, business interruption, non-burn damage (such as smoke, soot or ash), physical injury and loss of life.

Offers are delivered within 90 days of a fully documented, substantially complete claim. More than 70% have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many offers and payments are being processed in a fraction of that time. The program is voluntary and available through Nov. 30, 2026. Get Started

To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. Those who need help with advancing an existing claim, a status update or assistance with filing a new claim are encouraged to contact the dedicated support team at 888-912-8528.

About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260521036048/en/

Bank of America’s (NYSE: BAC | BAC Price Prediction) Chief Investment Strategist Michael Hartnett adopted a cautious yet opportunistic stance in his latest Flow Show, warning that investors are approaching a pivotal juncture. He highlighted rising bond yields, elevated technology valuations, and evolving global capital flows as forces likely to trigger a rotation in market leadership. Despite the AI-fueled surge that has lifted major U.S. indexes to record highs, Hartnett sees attractive opportunities shifting toward previously neglected segments—including international equities, bonds, financials, and other value-oriented areas. At the core of his outlook: the trajectory of long-term Treasury yields will be the decisive variable. Their direction, he argues, will ultimately determine whether the current bull market broadens sustainably or risks a sharp correction. The bottom line: if yields on the 30-year bond move and stay above 5%, the economy could be in trouble.

We have covered Hartnett’s work for years here at 24/7 Wall St., and while he is by no means a perma-bear, his recent Flow-Show commentary for investors warned that many of the current valuations and metrics increasingly resemble the dot-com bubble era of 2000 to 2001. Hartnett continues to caution that many AI, semiconductor, and large-cap technology stocks are significantly overbought after their explosive rally. Instead, he sees more compelling opportunities in lagging sectors, particularly healthcare, defense, Treasury bonds, and select international markets.

Hartnett’s signature theme of being “long Detroit, short Davos” remains firmly in place. This means he continues to favor U.S. small- and mid-cap stocks, banks, real estate investment trusts (REITs), industrials, and other beneficiaries of the domestic economy, while steering clear of the Magnificent Seven and other richly valued global growth names. He expects rising political pressure ahead of the 2026 midterm elections to increasingly support policies focused on affordability, domestic investment, and lower interest rates.

One very disturbing statistic Hartnett pointed to was that recently, 21 stocks, which are roughly 4% of the S&P 500, accounted for all the new all-time highs while the headline index rose. This is an almost identical concentration pattern to the peak of the dot-com bubble in March 2000. He also noted that 331 S&P 500 stocks are trading at least 20% below their all-time highs, indicating that market breadth remains severely distorted.

We decided to screen our 24/7 Wall St. research database for dividend-paying companies in sectors Hartnett is positive on and that are rated Buy at Bank of America. We found five ideas that may interest investors concerned about the current state of the stock market and the economy.

Acadia Realty Trust This is a perfect idea for conservative growth and income investors, paying a dependable 3.63% dividend. Acadia Realty Trust (NYSE: AKR) is an equity REIT. The company is focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States.

The company operates through three segments:

Core Portfolio, which consists primarily of retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas with a long-term investment horizon. Investment Management holds primarily retail real estate in which the Company co-invests with high-net-worth institutional investors. Structured Financing consists of earnings and expenses related to notes and mortgages receivable. The company has ownership interests in approximately 210 properties within its core portfolio and investment management.

Bank of America has a $24 target price.

American Healthcare REIT American Healthcare REIT (NYSE: AHR) is a self-managed REIT and is one of the bank’s top picks, as it resides on the US 1 list. With an aging global population, this company is in the right real estate silo and pays a 2.05% dividend to shareholders. It acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities in the United States, the United Kingdom, and the Isle of Man.

Its segments include:

Integrated senior health campuses OM, SHOP, and triple-net leased properties Its OM buildings are leased to multiple tenants under separate leases. Its integrated senior health campuses each provide a range of independent living, assisted living, memory care, skilled nursing services, and ancillary businesses.

Its triple-net leased properties include:

Senior housing Skilled nursing facilities Hospital investments SHOP includes senior housing, which may provide:

Assisted living care Independent living Memory care Skilled nursing services The BofA Securities target price for the shares is $36.

Edison International Trading in the middle of its 52-week range with one of the highest dividends in the utility sector at 4.88%, this is a strong idea for the rest of 2026. Edison International (NYSE: EIX) is an electric utility holding company focused on providing clean and reliable energy and energy services through its independent companies.

Edison is the parent holding company of Southern California Edison Company (SCE) and Trio. SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central, and Coastal California. Meanwhile, Trio is a global energy advisory firm providing integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe. It provides integrated strategy and implementation solutions in:

Sustainability Renewables Energy procurement Conventional supply Energy optimization Transportation electrification Bank of America has a $78 target price.

Getty Realty With a whopping 5.87% dividend, this is one of the top small-cap picks at Bank of America. Getty Realty (NYSE: GTY) is a net lease REIT specializing in the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate.

The company’s portfolio includes approximately 1,137 freestanding properties located in 44 states across the United States and the District of Columbia. The portfolio is comprised of:

Convenience stores Express tunnel car washes Automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision) Freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers. The company’s tenants operate under a variety of national and regional brands. They either operate their businesses at its properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet its properties and supply fuel to third parties who operate the businesses.

Bank of America has a $37 price objective.

KeyCorp This regional bank offers a sizable 3.84% dividend and outstanding growth prospects. KeyCorp (NYSE: KEY) is a bank-based financial services company that operates through its subsidiary, KeyBank National Association (KeyBank).

Through KeyBank and certain other subsidiaries, it provides a range of:

Retail and commercial banking Commercial leasing Investment management Consumer finance Student loan refinancing Commercial mortgage servicing and special servicing Investment banking products and services to individual, corporate, and institutional clients Its Consumer Bank segment serves individuals and small businesses by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity services, credit card services, treasury services, and more.

The Commercial Bank segment consists of the Commercial and Institutional operating businesses. The former focuses on serving clients’ borrowing, cash management, and capital markets needs.

Bank of America’s price target is $25.

More Than $650 Million Offered as SCE Continues Relief for Community Members Impacted by Eaton Fire Southern California Edison today announced that relief efforts for community members impacted by the Eaton Fire continue to advance, with over $650 million offered through the Wildfire Recovery Compensation Program. More than 70% of offers have been accepted, with additional decisions pending, as more participants move from claims to compensation.

“We know recovery doesn’t happen all at once — it happens one step at a time,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Each offer and payment represent a meaningful step forward, and we’re committed to helping more community members reach these points as quickly as possible.”

As of June 4:

More than 3,500 claims submitted, consisting of nearly 10,700 individuals, trusts and legal entities. Nearly 1,900 offers extended to more than 4,600 claimants, totaling over $650 million. Nearly 1,500 claimants paid, totaling over $200 million, with many more in process. Compensation amounts vary significantly based on the nature of a claim, from payments to renters with smoke and ash damage in Zone 2 of the Eligibility Area to larger payments for complex total losses. Available insurance also factors into certain compensation categories and payments from the program. Real examples include:

Average total for homeowner with total loss: $1,700,627 Average payment through the program: $754,204 Average insurance coverage: $946,423 Highest total for homeowner with total loss: about $6,061,000 Payment through the program: about $1,484,000 Available insurance coverage: about $4,577,000 Average payment for tenant with smoke and ash damage: $44,368 Lowest payment for tenant in Zone 2 with smoke and ash damage: $15,000 See how multiple forms of compensation come together in these examples.

On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.

Submitting a claim, on average, takes under two hours. To date:

Over 70% of offers have been accepted, with more pending. 32% of claims submitted are by attorneys or authorized representatives. The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Whether pursued through litigation or SCE’s claims process, wildfire claims are typically resolved through a signed agreement. Through the Wildfire Recovery Compensation Program, this resolution — and compensation — can come much sooner.

Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.

Get Started

To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604311884/en/

Southern California Edison today announced it will host a community meeting at Westminster Presbyterian Church in Pasadena on June 30, bringing together company leaders and program participants to share updates on the Wildfire Recovery Compensation Program and connect community members with resources to support recovery following the Eaton Fire.

The event will include a panel discussion with program participants who will share their experiences navigating the program and receiving compensation. To date, more than $675 million has been offered to community members through the program.

“SCE remains focused on helping Altadena community members recover by providing a path to fair and timely compensation,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Hearing directly from participants who have gone through the program is one of the most powerful ways to help others better understand the support available and how to access it.”

New Survey Provides Early Insight into Participant Experience

As part of ongoing efforts to better understand claimant experiences and improvement opportunities, SCE launched a survey on June 1 for participants who have received payment. While results are preliminary, the initial feedback from nearly 100 respondents provides insight into how participants view the program, with 82% reporting a favorable opinion of the program.

"Everyone we met was so nice and helpful. They conveyed a sense of genuine care for our situation," said Vicki Ruiz, a homeowner who experienced a total loss. "We were very satisfied with the settlement we received."

“It seemed daunting at first, but once I started, it was all pretty easy,” said another respondent. “I have encouraged everyone to apply.”

“How can anyone make a decision without knowing what the offer from SCE is?” asked another participant, emphasizing that attorneys have a responsibility to provide their clients with a complete view of all available options so they can make informed decisions about their path forward.

The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.

As of June 11:

Nearly 3,600 claims submitted, consisting of about 10,900 individuals, trusts and legal entities. More than 1,950 offers extended to nearly 4,800 claimants, totaling more than $675 million. Nearly 1,600 claimants paid, totaling almost $230 million, with many more in process. On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Over 72% of offers have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.

Register for the Community Meeting on June 30

The meeting will take place on Tues., June 30, from 6 p.m. to 8 p.m. at Westminster Presbyterian Church in Pasadena. Refreshments will be provided. Spanish translation will be available. In addition to a panel featuring program participants, SCE experts will also be available to help answer questions about rebuilding and recovery. To register and submit a question in advance, click here.

Get Started

To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260611458214/en/

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced Sonadrill Holding Ltd ("Sonadrill"), its 50:50 joint venture with an affiliate of Sonangol E.P. ("Sonangol"), has been awarded a contract extension.

A seven-well priced option for the ultra-deepwater drillship Sonangol Quenguela has been exercised, extending operations in Angola by approximately 480 days and committing the rig into June 2028.

Seadrill earns a management fee for providing management, operational and technical support to Sonadrill.

About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced the ultra-deepwater drillship, West Polaris, was awarded a 1,095-day contract extension with Petrobras for the Búzios field in the Santos Basin, offshore Brazil.

The additional term adds approximately $480 million in contract backlog and is expected to commence in direct continuation of the current program in January 2028.

Additionally, the current contracted dayrate has been updated as follows:

April 1, 2026 through March 31, 2027 - $409,200 April 1, 2027 through January 15, 2028 - $454,700 Seadrill’s President and Chief Executive Officer, Samir Ali, commented, "This award enhances Seadrill’s earnings visibility for a mature asset into the next decade. It provides significant value to both Seadrill and Petrobras, while strengthening our relationship with a valued, long-term partner.”

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (NYSE: SDRL) today announced two contract awards with LLOG Exploration Company LLC, a subsidiary of Harbour Energy in the U.S. Gulf, adding approximately $260 million to contract backlog.

The ultra-deepwater drillship West Neptune was awarded a 365 day contract extension, with operations scheduled to commence in September 2026. In addition, the ultra-deepwater drillship West Vela was awarded a program with a duration of 270 days, with an expected commencement in August 2026.

“We are pleased to extend our working relationship with LLOG, building on more than a decade of productive collaboration and shared success. The strong operational performance delivered by the West Vela and West Neptune teams continues to help us win follow-on work,” said President and Chief Executive Officer Samir Ali. “Securing this backlog enhances revenue visibility and supports free cash flow generation as we navigate near-term softness in the U.S. Gulf. The West Vela and West Neptune are positioned favorably for availability in 2027 as global floater utilization is expected to improve.”

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (“Seadrill” or the “Company”) (NYSE: SDRL) today announced its first quarter 2026 results.

Highlights

Secured multiple contract awards across the U.S. Gulf, Brazil and Angola, adding over $860 million to Contract Backlog(1) since the February fleet status report. Contract Backlog now stands at $3.1 billion. West Capella and West Jupiter projects completed ahead of schedule and on budget. Reported a net loss of $7 million and Adjusted EBITDA(2) of $97 million. Increased full year 2026 Total operating revenues and Adjusted EBITDA(3) guidance ranges as follows: Total operating revenues range increased to $1.43 - $1.48 billion (previously $1.40 - $1.45 billion), excluding $50 million of reimbursable revenues, Adjusted EBITDA range increased to $370 - $420 million (previously $350 - $400 million). Capital Expenditure and Long-Term Maintenance range maintained at $200 - $240 million. Financial Highlights

Figures in USD million, unless otherwise indicated

Three months ended March 31, 2026

Three months ended December 31, 2025

Total operating revenues

358

362

Contract revenues

277

273

Net loss

(7

)

(10

)

Adjusted EBITDA

97

88

Adjusted EBITDA margin excluding Reimbursables(2)

27.9

%

25.4

%

Diluted loss per share ($)

(0.11

)

(0.16

)

“Seadrill delivered a solid quarter financially and operationally, including the completion of two major projects ahead of schedule and on budget. These achievements, together with recent commercial success, enhance visibility toward higher earnings and Free Cash Flow(4) in the second half of 2026 and into 2027,” said President and CEO Samir Ali. “Increasing demand for deepwater rigs is supported by multiple customers across multiple regions, and with a renewed global focus on energy security, we see growing tailwinds into 2027 to drive positive dayrate momentum.”

Financial and Operational Results

First quarter 2026 Total operating revenues decreased to $358 million, compared to $362 million in the prior quarter. The decrease was largely attributable to fewer operating days and lower reimbursable revenues, partially offset by increases in fleet-wide Economic utilization(5) and average contractual dayrates. First quarter 2026 Total operating expenses decreased by $10 million to $334 million, compared to $344 million in the prior quarter, primarily driven by the capitalization of expenses related to the West Jupiter's first quarter contract preparations.

Net loss for the first quarter was $7 million. Adjusted EBITDA was $97 million, compared to $88 million in the prior quarter.

Balance Sheet and Cash Flow

At quarter-end, Seadrill had gross principal debt of $625 million and $329 million in cash, cash equivalents and restricted cash, for a net debt position of $296 million. The use of cash during the first quarter of 2026 included $51 million for capital additions and long-term maintenance, and was impacted by payments for contract preparation activities for West Jupiter and West Capella as well as timing of working capital. Both rigs successfully commenced operations late in the first quarter of 2026, with mobilization revenue relating to West Jupiter and West Capella due to be collected in the second quarter of 2026.

Commercial Activity and Contract Backlog

West Polaris was awarded a three-year contract extension with Petrobras in Brazil, commencing in January 2028 and adding approximately $480 million to Contract Backlog. West Neptune and West Vela both secured work in the U.S. Gulf with LLOG, a subsidiary of Harbour Energy, adding $260 million to Contract Backlog. West Neptune was awarded a 365 day contract extension, with operations scheduled to commence in October 2026, and West Vela was awarded a program with a duration of 270 days, with an expected commencement in September 2026. Sonangol Quenguela secured a contract extension with TotalEnergies in Angola. The additional term is for an estimated 480 days, committing the rig into July 2028. West Carina extended its current contract in Brazil into June 2026. As of May 11, 2026, Seadrill’s Contract Backlog was approximately $3.1 billion. The Company has provided an updated fleet status report on the Investor Relations section of its website, www.seadrill.com.

Conference Call Information

The Company will host a conference call to discuss its results on Monday, May 11, 2026 at 08:00 CT / 15:00 CET. Interested participants may join the call by dialing +1 (800) 715-9871 (Conference ID: 2874047) at least 15 minutes prior to the scheduled start time. The Company will webcast the call live on the Investor Relations section of its website, where a replay will be available afterwards.

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s outlook and guidance, plans, strategies, business prospects, contract awards, financial performance, operations, litigation, rig activity and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the United States ("U.S.") Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys, upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, U.S. trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, our ability to maintain relationships with suppliers, customers, employees and other third parties, our ability to maintain adequate financing to support our business plans, our ability to successfully complete and realize the intended benefits of any mergers, acquisitions and divestitures, and the impact of other strategic transactions, our liquidity and the adequacy of cash flows to satisfy our obligations, future activity under and in respect of the Company’s share repurchase program, our ability to satisfy (or timely cure any noncompliance with) the continued listing requirements of the New York Stock Exchange, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard, construction and other delays, the results of meetings of our shareholders, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East (including the current conflict in Iran), and any related sanctions, the effect and results of litigation, regulatory matters, settlements, audits, assessments and contingencies, including any litigation related to acquisitions or dispositions, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. In many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to any person(s) acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by securities laws.

Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors, and we intend to post presentations and fleet status reports there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release. Furthermore, references to our website URLs are intended to be inactive textual references only.

SEADRILL LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

  Three months ended March 31,

(In $ millions, except per share data)

2026

2025

Operating revenues

Contract revenues

277

248

Reimbursable revenues (1)

10

15

Management contract revenues (1)

63

61

Leasing revenues (1)

8

8

Other revenues

—

3

Total operating revenues

358

335

Operating expenses

Vessel and rig operating expenses

(181

)

(179

)

Reimbursable expenses

(10

)

(15

)

Depreciation and amortization

(71

)

(55

)

Management contract expenses

(46

)

(45

)

Selling, general and administrative expenses

(25

)

(23

)

Merger and integration related expenses

(1

)

—

Total operating expenses

(334

)

(317

)

Operating profit

24

18

Financial and other non-operating items

Interest income

2

4

Interest expense

(15

)

(15

)

Equity in earnings of equity method investments (net of tax)

4

8

Other financial and non-operating items

1

(14

)

Total financial and other non-operating items, net

(8

)

(17

)

Profit before income taxes

16

1

Income tax expense

(23

)

(15

)

Net loss

(7

)

(14

)

Basic LPS ($)

(0.11

)

(0.23

)

Diluted LPS ($)

(0.11

)

(0.23

)

  (1) Includes revenue from related parties of $75 million and $79 million, for the three months ended March 31, 2026, and March 31, 2025, respectively.

SEADRILL LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

  (In $ millions, except share data)

March 31,
2026

December 31,
2025

ASSETS

Current assets

Cash and cash equivalents

304

339

Restricted cash

25

26

Accounts receivables, net

214

162

Amounts due from related parties, net

7

—

Other current assets

261

231

Total current assets

811

758

Non-current assets

Equity method investment

62

58

Drilling units, net of accumulated depreciation of 754 as of March 31, 2026 (December 31, 2025: 682)

2,950

2,969

Deferred tax assets

29

44

Equipment

15

8

Other non-current assets

125

110

Total non-current assets

3,181

3,189

Total assets

3,992

3,947

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Trade accounts payable

80

61

Other current liabilities

337

313

Total current liabilities

417

374

Non-current liabilities

Long-term debt

614

613

Deferred tax liabilities

16

14

Other non-current liabilities

94

88

Total non-current liabilities

724

715

Shareholders' equity

Common shares of par value $0.01 per share: 375,000,000 shares authorized as of March 31, 2026 (December 31, 2025: 375,000,000) and 62,449,447 issued as of March 31, 2026 (December 31, 2025: 62,374,171)

1

1

Additional paid-in capital

1,986

1,986

Accumulated other comprehensive income

1

1

Retained earnings

863

870

Total shareholders' equity

2,851

2,858

Total liabilities and shareholders' equity

3,992

3,947

SEADRILL LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

  Three months ended March 31,

(In $ millions)

2026

2025

Cash flows from operating activities

Net loss

(7

)

(14

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

71

55

Equity in earnings of equity method investment (net of tax)

(4

)

(8

)

Deferred tax expense

17

3

Unrealized gain on foreign exchange

—

(1

)

Amortization of bond issuance costs

1

1

Share based compensation expense

1

4

Other

—

12

Other cash movements in operating activities

Additions to long-term maintenance

(38

)

(54

)

Changes in operating assets and liabilities

Accounts receivable, net

(52

)

42

Trade accounts payable

11

(35

)

Prepaid expenses

2

(2

)

Deferred revenue

(10

)

(9

)

Deferred contract costs

(35

)

6

Related party receivables

(7

)

—

Other assets

(12

)

(2

)

Other liabilities

40

(25

)

Net cash used in operating activities

(22

)

(27

)

Cash flows from investing activities

Additions to drilling units and equipment

(13

)

(45

)

Other

—

(4

)

Net cash used in investing activities

(13

)

(49

)

Cash flows from financing activities

Taxes withheld on employee stock transactions

(1

)

—

Net cash used in financing activities

(1

)

—

Effect of exchange rate changes on cash

—

1

Net decrease in cash and cash equivalents, including restricted cash

(36

)

(75

)

Cash and cash equivalents, including restricted cash, at beginning of the period

365

505

Cash and cash equivalents, including restricted cash, at the end of period

329

430

Appendix I - Reconciliation of Net loss to Adjusted EBITDA (Unaudited)

Adjusted EBITDA represents Net loss before depreciation and amortization, loss on impairment of long-lived assets, gain on disposals, income tax expense/benefit, total financial and non-operating items, other income and similar non-cash charges. Additionally, in any given period, the Company may have significant, unusual or non-recurring items which may be excluded from Adjusted EBITDA for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Total operating revenues. Adjusted EBITDA excluding Reimbursables, represents Adjusted EBITDA, excluding Reimbursable revenues and Reimbursable expenses. Adjusted EBITDA Margin excluding Reimbursables represents Adjusted EBITDA excluding Reimbursables as a percentage of Total operating revenues excluding Reimbursable revenues.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables are non-GAAP financial measures. The Company believes that the aforementioned non-GAAP financial measures assist investors by excluding the potentially disparate effects between periods of depreciation and amortization, income tax expense/benefit, total financial items and non-operating items, merger and integration related expenses, loss on impairment of long-lived assets, gain on disposals and other adjustments specified, which are affected by various and possibly changing financing methods, capital structure and historical cost basis and which may significantly affect Net loss between periods.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables should not be considered as alternatives to Net loss or any other indicator of Seadrill Limited’s performance calculated in accordance with GAAP. Because the definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.

The tables below reconcile Net loss, the most directly comparable GAAP measure, to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables.

(In $ millions, unless otherwise indicated)

Three months ended March 31, 2026

Three months ended December 31, 2025

Net loss (a)

(7

)

(10

)

Depreciation and amortization

71

69

Loss on impairment of long-lived assets

—

22

Gain on disposals

—

(1

)

Income tax expense/(benefit)

23

(29

)

Total financial and other non-operating items, net

8

36

Merger and integration related expenses

1

1

Other adjustments (1)

1

—

Adjusted EBITDA (b)

97

88

Total operating revenues (c)

358

362

Net loss margin (a)/(c)

(2.0

)%

(2.8

)%

Adjusted EBITDA margin (b)/(c)

27.1

%

24.3

%

(In $ millions, unless otherwise indicated)

Three months ended March 31, 2026

Three months ended December 31, 2025

Adjusted EBITDA (b)

97

88

Reimbursable revenues

(10

)

(16

)

Reimbursable expenses

10

16

Adjusted EBITDA excluding Reimbursables (d)

97

88

Total operating revenues (c)

358

362

Reimbursable revenues

(10

)

(16

)

Total operating revenues excluding Reimbursable revenues (e)

348

346

Adjusted EBITDA margin excluding Reimbursables (d)/(e)

27.9

%

25.4

%

  (1) Primarily related to executive management separation costs.

Appendix II - Contract Revenues Supporting Information (Unaudited)(1)

Three months ended March 31, 2026

Three months ended December 31, 2025

Average number of rigs on contract(2)

9

10

Average contractual dayrates(3) (in $ thousands)

343

319

Economic utilization(4)

94.6

%

91.0

%

  (1) Excludes three drillships managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos).

(2) The average number of rigs on contract is calculated by dividing the aggregate days the Company's rigs were on contract during the reporting period by the number of days in that reporting period.

(3) The average contractual dayrate is calculated by dividing the aggregate contractual dayrates during a reporting period by the aggregate number of days for the reporting period.

(4) Economic utilization is defined as dayrate revenue earned during the period, excluding bonuses, divided by the contractual operating dayrate, multiplied by the number of days on contract in the period. If a drilling unit earns its full operating dayrate throughout a reporting period, its economic utilization would be 100%. However, there are many situations that give rise to a dayrate being earned that is less than the contractual operating rate, such as planned downtime for maintenance. In such situations, economic utilization reduces below 100%.

Appendix III - Reconciliation of Net cash used in operating activities to Free Cash Flow (Unaudited)

The Company also presents Free Cash Flow as a non-GAAP liquidity measure. Free Cash Flow is calculated as Net cash used in operating activities less Additions to drilling units and equipment. The Company believes Free Cash Flow is useful to investors, as it allows greater transparency of the utilization or generation of cash by the business. Because the definition of Free Cash Flow may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The table below reconciles Net cash used in operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the three months ended March 31, 2026 and December 31, 2025.

Three months ended March 31, 2026

Three months ended December 31, 2025

(In $ millions) Net cash used in operating activities

(22

)

(40

)

Additions to drilling units and equipment

(13

)

(23

)

Free Cash Flow

(35

)

(63

)

Seadrill Limited (SDRL) Q1 2026 Earnings Call Transcript

-

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (NYSE: SDRL) ("Seadrill" or the "Company") today announced the 2026 Annual General Meeting of the Shareholders of the Company was held on June 3, 2026, at the Hamilton Princess Hotel & Beach Club, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2025 were laid before the Meeting.

In addition, the following resolutions were passed by shareholders:

To determine that the number of Directors comprising the Board of Directors of the Company (the “Board”) be set at up to nine (9) Directors until such number is determined or changed in accordance with the bye-laws of the Company (the “Bye-laws”) and to authorize the Board to fill any vacancy on the Board left unfilled at any general meeting of shareholders. To re-elect, by way of separate resolutions, each of Julie J. Robertson, Jean Cahuzac, Jan Kjærvik, Mark McCollum, Harry Quarls, Andrew Schultz, Paul Smith, Jonathan Swinney and Ana Zambelli as Directors of the Company to serve until the Company’s next annual general meeting of shareholders or until their respective offices are otherwise vacated in accordance with the Bye-laws. To approve the appointment of PricewaterhouseCoopers LLP, United States (“PwC US”), to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 and until the close of the Company’s next annual general meeting of shareholders thereafter and the authorization of the Board (acting through the Audit and Risk Committee of the Board) to determine the remuneration of PwC US. To approve and ratify the remuneration of the Directors. To conduct an advisory vote to approve the compensation of the Company’s named executive officers for 2025. To approve Amendment No. 1 to the Amended and Restated Seadrill Limited 2022 Management Incentive Plan. About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For additional information, visit www.seadrill.com.

More News From Seadrill Limited

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HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today announced the Company’s Board of Directors (the “Board”) has unanimously approved a plan to change the Company’s corporate domicile from the Netherlands to the Cayman Islands (the “Redomicile”). The Company and the Board believe that the Redomicile will promote the sustainable success of its business, taking into account the interests of its shareholders and other stakeholders, and will enhance shareholder value over the long-term by providing potential strategic opportunities and benefits.

Following shareholder approval, the Redomicile will be completed through a series of proposed transactions, which will include: (i) the Company merging with and into Expro Luxembourg S.A., with Expro Luxembourg S.A. surviving, and (ii) as soon as practicable thereafter, Expro Luxembourg S.A. merging with and into Expro Ltd (“Expro Cayman”). Upon completion of such transactions, Expro shareholders will hold one ordinary share of Expro Cayman (“Expro Cayman Ordinary Shares”) for each share of common stock of Expro (“Expro Common Stock”) owned immediately prior to the Redomicile. Expro Common Stock will continue to trade on the New York Stock Exchange (“NYSE”) up to and including the effective date of the Redomicile. Following the effective date of the Redomicile, Expro Cayman Ordinary Shares will be listed on the NYSE under the ticker symbol “XPRO.” The Company’s shares will continue to trade uninterrupted during and upon completion of the Redomicile.

Benefits from the Redomestication will include: (i) simplifying the Expro group’s corporate structure and streamlining reporting requirements, (ii) providing a more favorable corporate structure for growth and (iii) providing enhanced flexibility in corporate governance principles under Cayman Islands law.

The Redomicile requires a shareholder vote for approval, which is expected to be conducted through the Company’s 2026 annual meeting of Expro shareholders, which is anticipated to occur in June 2026. Further details are provided in the Company’s preliminary proxy statement/prospectus included in a registration statement on Form S-4 of Expro Cayman, filed with the U.S. Securities and Exchange Commission (“SEC”) on April 1, 2026.

About Expro

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.

With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 50 countries.

For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.

Important Information for Shareholders

In connection with the proposed change to the Company’s corporate domicile that includes, among other things, the Redomicile, Expro Cayman has filed a registration statement on Form S-4, which includes Expro Cayman’s prospectus as well as the Company’s proxy statement (the “Proxy Statement/Prospectus”), with the SEC. The Company plans to mail the definitive Proxy Statement/Prospectus to its shareholders in connection with the proposed change to the Company’s corporate domicile. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, EXPRO CAYMAN, THE REDOMICILE AND RELATED MATTERS. Investors and securityholders will be able to obtain free copies of the definitive Proxy Statement/Prospectus (when available) and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. In addition, investors and securityholders will be able to obtain free copies of the documents filed with the SEC on the Company website at www.expro.com or by contacting the Company’s Corporate Secretary.

Participants in the Solicitation

The Company and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed corporate reorganization. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the securityholders of the Company in connection with the corporate reorganization, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the preliminary Proxy Statement/Prospectus described above filed with the SEC. To the extent that holdings of the Company's securities have changed from the amounts reported in the Proxy Statement/Prospectus, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents are available free of charge as described above.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).

Forward-Looking Statements

This release, as well as other statements we make, includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding: the expected timing, completion, effects and benefits of the Redomicile and the future revenue, profitability, business strategies and developments of the Company. These forward-looking statements are subject to various important cautionary factors, including: the ability to receive, in a timely manner and on satisfactory terms, required securityholder and stock exchange approvals; the ability to achieve anticipated benefits of the change in the Company’s corporate domicile; publicity resulting from the Redomicile and impacts to the Company’s business and share price; risks and uncertainties related to the oil and natural gas industry; business and general economic conditions, including inflationary pressures, international markets, international political climates (such as the ongoing Russian war in Ukraine and heightened tensions resulting from the ongoing conflicts in the Middle East); and any related actions taken by businesses and governments, and other factors as more fully described in the Proxy Statement/Prospectus and the Company’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. These important factors could cause the Company’s actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company’s performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company’s future performance.

The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.