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NEW YORK - Axsome Therapeutics, Inc. (NASDAQ:AXSM) reported better-than-expected first quarter results on Monday, driven by strong sales growth of its key products AUVELITY and SUNOSI.
The biopharmaceutical company’s shares rose 1.60% in premarket trading following the earnings release.
Axsome posted a Q1 loss of $1.22 per share, narrower than analysts’ estimates of a $1.30 per share loss. Revenue surged 62% YoY to $121.5 million, roughly in line with expectations of $121.58 million.
AUVELITY net product sales jumped 80% YoY to $96.2 million, while SUNOSI net product revenue grew 17% to $25.2 million. Total (EPA:TTEF) prescriptions for AUVELITY increased 76% compared to the same period last year.
"The first quarter was strong and eventful, with the approval of SYMBRAVO for the acute treatment of migraine, continued growth of AUVELITY and SUNOSI, and significant advancements across our broad late-stage neuroscience pipeline," said Herriot Tabuteau, MD, Chief Executive Officer of Axsome Therapeutics.
The company maintained its guidance that current cash is sufficient to fund operations into cash flow positivity. Axsome ended the quarter with $300.9 million in cash and cash equivalents.
Looking ahead, Axsome plans to launch SYMBRAVO commercially in June 2025. The company also expects to submit regulatory filings for several pipeline candidates this year, including AXS-05 for Alzheimer’s disease agitation and AXS-12 for narcolepsy.
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