Short answer is "Yes". 

From the Enterprise Tool Kit:

http://www.adobe.com/devnet-docs/acrobatetk/tools/AdminGuide/citrix.html#requirements

12.2   Requirements

12.2.1   License requirements

Adobe requires that organizations have a valid Acrobat software license for every user that has access to Acrobat on the Citrix server. Note the 10.x licenses can only be used for 10.x products, 11.x licenses can only be used for 11.x products, and so on.

Note:  Only licensed users should have access to the Acrobat instance on Citrix. For more information, see

http://www.adobe.com/products/eulas/pdfs/Citrix_Policy_AX_AXI_11-12-2012.pdf.

http://www.adobe.com/devnet-docs/acrobatetk/tools/AdminGuide/wts.html

13   Windows Terminal Services¶

13.1   Tested environments

Adobe has validated all of the Acrobat family of products in a Windows Terminal Services environment.

The environments used for validation were set up in the following ways:

• Acrobat 11.0:

  • Windows Server 2008 R2 Enterprise Edition 64-bit.
  • Client operating systems: Windows XP SP3, Windows 7 (32-bit and 64-bit), and Windows 8 (32-bit and 64-bit).
  • Standard and administrator user profiles were set up via Active Directory.

• Acrobat 10.0:

  • Windows Server 2008 R2 Enterprise Edition 64-bit.
  • Client operating systems: Windows XP Professional SP3, Windows Vista SP2 and Windows 7 (both 32-bit and 64-bit).
  • Standard/Administrator user profiles were set up via Active Directory.

• Acrobat 9:

  • The WTS environment used Remote Desktop Client version 6.0.2448.0 with Microsoft Windows Server 2003 Enterprise Edition with Service Pack 2 and version 5.1.2600.2180 with Windows XP Professional Service Pack 2.
  • Client operating systems tested were Windows XP Professional Service Pack 2 and above, and Windows Vista Professional with and without Service Pack 1.
  • A user account was set up using a Microsoft Active Directory domain user group. Note The Anonymous User profile was not tested.
  • The user account was set up on the server with a restricted Common User profile, with Read, Read and Execute, and List Folder Contents permissions. These permissions enable the user to operate the computer and save documents; they do not allow the user to install programs or make changes to the system files or settings.
  • The server machine was running Microsoft Office Professional Edition 2003 and 2007, Microsoft Internet Explorer 6.x and 7.0, Microsoft Office Publisher 2003, Microsoft Office Project Professional 2003, Lotus Notes 7.0 and 8.0, and McAfee VirusScan Enterprise 8.5.

Hi Asa,

If it is for multiple user than you need to purchase Volume Licensing license for Acrobat.