Axsome Therapeutics Reports $191.2M Net Revenue Growth

By Chris Stiles • Monday, May 04 11:59 • Permanent Link

Axsome Therapeutics said first-quarter 2026 net product revenue rose to $191.2 million, up 57% from $121.5 million a year earlier.

Auvelity drove most of that growth, with net product revenue of $153.2 million, a 59% increase from $96.2 million in the first quarter of 2025. Prescriptions for Auvelity climbed to about 223,000 in the quarter, up 35% from the same period last year, while payer coverage reached about 86% of lives. The company said its expanded sales force of about 630 representatives is now substantially complete.

Sunosi generated $33.9 million in net product revenue, up 34% from $25.2 million a year earlier. That included $32.6 million in net product sales and $1.3 million in royalty revenue, versus $24.1 million and $1.1 million, respectively, in the prior-year quarter. U.S. prescriptions for Sunosi rose 16% year over year to about 54,000.

Symbravo contributed $4.1 million in net product revenue in the quarter. Prescriptions for the migraine drug totaled about 17,000, up 36% from the fourth quarter of 2025. Axsome said commercial payer coverage for Symbravo expanded by 17 million covered lives effective May 2026, bringing total coverage to about 57% of lives.

Total cost of revenue increased to $14.7 million from $9.8 million. Research and development spending rose to $52.7 million from $44.8 million, while selling, general and administrative expenses jumped to $185.0 million from $120.8 million, reflecting higher pre-launch and commercialization spending.

Axsome reported a first-quarter net loss of $64.5 million, or $1.26 per share, compared with a loss of $59.4 million, or $1.22 per share, a year earlier. Cash and cash equivalents fell to $305.1 million at March 31 from $322.9 million at the end of 2025.

In the quarter, the company also said Auvelity was approved for agitation associated with dementia due to Alzheimer’s disease, with a commercial launch planned for June 2026. Axsome submitted an NDA for AXS-12 for cataplexy in narcolepsy and added AXS-20, a PDE10A inhibitor for schizophrenia and Tourette syndrome, to its pipeline. Following these announcements, the company's shares moved 1.77%, and are now trading at a price of $185.96. Check out the company's full 8-K submission here.

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