Axsome Revenue Climbs as Auvelity Demand Rebounds
The drugmaker narrowed its quarterly net loss to $51.3 million.
Axsome Therapeutics (AXSM) reported a 46% rise in second-quarter net product revenue to $218.4 million, as stronger AUVELITY demand drove a return to sequential growth.
The biopharmaceutical company’s revenue increased 14% from the first quarter, reversing the prior period’s 2% decline. Year-over-year growth moderated from 57% in the first quarter and 65% in the fourth quarter of 2024.
The net loss narrowed from the prior quarter to $51.3 million, or $0.99 a share, from $64.5 million, or $1.26 a share. The loss widened from $48.0 million, or $0.97 a share, a year earlier. Cost of revenue fell 7% sequentially to $13.6 million while product revenue rose, reducing that cost to about 6.2% of revenue from 7.7%.
AUVELITY sales rose 51% from a year earlier to $180.3 million and increased 18% sequentially, reversing a 1% decline in the first quarter. Prescriptions reached about 266,000, up 34% year over year and 12% sequentially, while new-to-brand prescriptions increased 26% from the prior quarter. The company launched AUVELITY for Alzheimer’s-disease agitation in June after completing an expansion of its sales force to about 630 representatives.
SUNOSI revenue rose 20% to $35.8 million and increased 6% sequentially, though it remained below the fourth quarter’s $36.7 million. SYMBRAVO prescriptions increased 30% sequentially to about 23,500, while sales fell 44% to $2.3 million. AUVELITY consequently accounted for about 83% of product revenue, up from roughly 80% in the first quarter.
Selling, general and administrative expense climbed 60% from a year earlier to $208.1 million, reflecting spending on the AUVELITY sales-force expansion, the agitation launch and SYMBRAVO commercialization. Research and development expense declined 7% to $46.2 million. Axsome ended June with $319.9 million in cash and reiterated that its current cash is expected to fund operations through cash-flow positivity under its operating plan.
The company also advanced two clinical programs. The Food and Drug Administration accepted the AXS-12 application and set a May 1, 2027, target-action date, while Axsome began two Phase 3 studies of solriamfetol in pediatric attention-deficit hyperactivity disorder.