Axsome's Third-Quarter Revenue Growth Accelerates

The Tip Desk · November 2, 2026 · 3 min read

Net product revenue reached $259.7 million, up 52% from a year earlier, as the company said it surpassed a one-billion-dollar annual run rate.

Axsome Therapeutics (AXSM), a biopharmaceutical company focused on central nervous system disorders, reported third-quarter 2026 net product revenue of $259.7 million, up 52% from $171.0 million a year earlier. That year-over-year pace quickened from 46% growth in the second quarter. Chief Executive Officer Herriot Tabuteau said the company surpassed a one-billion-dollar annual run rate.

AUVELITY remained the commercial core. Net product sales were $207.6 million, up 53% from $136.1 million a year earlier. About 302,000 prescriptions were written in the quarter, up 40% year-over-year and 14% from the prior quarter. New-to-brand prescriptions, which the company said represent new patient starts, rose 44% year-over-year and 21% quarter-over-quarter. Among patients aged 65 and older, new-to-brand and total AUVELITY prescriptions increased 99% and 43%, respectively, versus the second quarter of 2026. Payer coverage across all channels was about 89% of lives covered.

SUNOSI net product revenue was $48.2 million, up 47% from $32.8 million a year earlier. The figure included $38.5 million in net product sales, $1.2 million in royalty revenue from out-licensed territories, and $8.5 million in milestone revenue. U.S. prescriptions were about 64,400, a 6% increase from the second quarter. SYMBRAVO net product sales were $3.9 million, up 88% from $2.1 million a year earlier. Prescriptions for the migraine product were about 25,000.

The net loss narrowed to $12.9 million, or $(0.25) a share, from $47.2 million, or $(0.94) a share, a year earlier. The third-quarter loss included $26.4 million in stock-based compensation expense. Selling, general, and administrative expenses were $203.1 million, which the company said primarily reflected commercialization of AUVELITY and SYMBRAVO. Research and development expenses were $50.6 million, compared with $40.2 million a year earlier, which the company said primarily reflected ongoing clinical programs for solriamfetol, AXS-14, and AXS-05. Cost of revenue was $17.8 million.

Cash and cash equivalents were $313.9 million at September 30, 2026. Shares outstanding were 52,576,839. Axsome said its current cash is sufficient to fund anticipated operations into cash flow positivity based on the current operating plan.

In August 2026 the company initiated SUMMIT, a Phase 3 trial of AXS-05 for smoking cessation, and said it anticipates topline results in the second half of 2027. An NDA for AXS-12 for cataplexy in narcolepsy is under FDA review, with a PDUFA target action date of May 1, 2027. Target enrollment in the ENGAGE Phase 3 trial of solriamfetol in binge eating disorder has been reached, with topline results anticipated in the first quarter of 2027. FOCUS-2 and FOCUS-3 topline results in pediatric and adolescent ADHD, and SUSTAIN results in shift work disorder, are expected in the second half of 2027. Axsome plans to start a Phase 1B trial of AXS-17 in epilepsy and a pivotal Phase 3 trial of AXS-20 in schizophrenia in the first half of 2027.