Axsome Therapeutics Surpasses $1 Billion Annual Run Rate with 52% Year-over-Year Growth in Commercial Portfolio
Good morning, everyone. Welcome to Axsome's Third Quarter 2026 Earnings Conference Call.
Axsome Therapeutics has announced a robust third quarter performance across its business, driven by continued commercial progress and advancements in its industry-leading neuroscience pipeline.
The company's commercial portfolio generated $260 million in total revenue in the quarter, representing growth of 52% year-over-year and surpassing a $1 billion annual run rate. AUVELITY, Axsome's flagship product for treating major depressive disorder and Alzheimer's disease agitation, continues to show sustained momentum with strong underlying demand growth.
"We expect sustained momentum for AUVELITY driven by strong underlying demand growth in major depressive disorder and continued acceleration of new patient initiations in Alzheimer's disease agitation," said Herriot Tabuteau, Chief Executive Officer. "Our commercial portfolio is growing, and our industry-leading R&D portfolio is well-positioned to potentially deliver multiple waves of innovation to patients."
The company's revenue breakdown for the quarter includes $207.6 million in AUVELITY net product sales, representing 53% year-over-year growth and an increase of over 15% sequential growth. SUNOSI, another key product in Axsome's commercial portfolio, generated $48.2 million in net product revenue, with 47% year-over-year growth.
SYMBRAVO, a novel product candidate, also saw significant growth with $3.9 million in net product sales, representing 88% year-over-year growth. Gross-to-net discounts for all three products improved, with AUVELITY and SUNOSI entering the mid-to-high 40% range.
Cost of revenue remained healthy at a low-to-mid 90% range, while research and development expenses increased to $50.6 million, primarily driven by ongoing late-stage clinical programs for solriamfetol, AXS-14, and AXS-05.
Axsome's industry-leading neuroscience pipeline comprises 10 development programs, including significant label expansion opportunities for AUVELITY and SUNOSI, as well as novel product candidates with potential first-in-class and best-in-class profiles across areas of high unmet need in brain health.
