Axsome Q3 revenue up on Auvelity, defends Alzheimer’s agitation launch, no revenue guidance

 

Axsome Q3 revenue climbs 52% on Auvelity as management defends Alzheimer’s agitation launch and updates binge-eating, AXS-12 timelines

• Q3 revenue $259.7M, +52% YoY and +19% QoQ, above $1B run-rate and beating estimates.
• Auvelity sales $207.6M, +53% YoY; prescriptions +40% YoY, outpacing 2–3% market growth.
• Alzheimer's agitation NBRx +211% YoY, +99% QoQ; TRx +101% YoY, +43% QoQ.
• Under-65 MDD NBRx +27% YoY, +10% QoQ; TRx +33% YoY, +10% QoQ.
• Sunosi revenue $48.2M, +47% YoY; Symbravo $3.9M, +88% YoY, TRx +382% YoY.
• Gross margin low-to-mid 90%; net loss narrowed to $12.9M, or $0.25 per share, from $47.2M year-ago.
• Management sees continued operating leverage; SG&A flat sequentially despite heavy Auvelity commercialization investment.
• Company provides no formal revenue guidance but describes Q4 and 2027 momentum as strong.
• Late-stage pipeline progressing, including AXS-12 narcolepsy PDUFA May 1, 2027 and solriamfetol binge-eating data expected Q1 2027.
• AXS-05 ENGAGE binge-eating topline readout delayed to Q1 2027 from prior 2026 guidance.
• SUMMIT Phase 3 AXS-05 smoking-cessation trial initiated, with topline data expected in the second half of 2027.
• Key risks: education-dependent Alzheimer's agitation market, high gross-to-net, and Medicare affordability, though manageable.
• Main concern: Pace and durability of Alzheimer’s agitation launch versus elevated investor expectations and high gross-to-net discounts.
• Strong quarter, driven by accelerating Auvelity growth and improving operating leverage despite Alzheimer’s agitation uncertainties.

https://finviz.com/stock?t=AXSM&p=d