Axsome Therapeutics Q3 revenue rises on Auvelity and Sunosi

Axsome Therapeutics

Mon 12:07

Overview
U.S. biopharma firm's Q3 net product revenue rose 52% yr/yr, driven by Auvelity and Sunosi
Q3 net loss narrowed sharply from prior year
Company initiated Phase 3 trial for AXS-05 in smoking cessation

Outlook
Axsome expects current cash to fund operations into cash flow positivity
Company expects sustained momentum from Auvelity demand and new patient initiations
Axsome anticipates multiple clinical trial results and regulatory milestones through 2027

Result Drivers
AUVELITY DEMAND - Co said strong demand for Auvelity in major depressive disorder and increased new patient starts for Alzheimer’s disease agitation drove results
SUNOSI SALES AND MILESTONES - Co attributed revenue growth to higher Sunosi sales and milestone payments
SYMBRAVO PRESCRIPTIONS - Co said increased Symbravo prescriptions contributed to revenue growth

Company press release: ID:nGNX6QsmW5

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Loss
 
$12.88 mln
 
Q3 Operating Expenses
 
$270.76 mln
 
Q3 Operating Income
 
-$11.07 mln
 
Q3 Pretax Loss
 
$12.79 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the pharmaceuticals peer group is "buy"
Wall Street's median 12-month price target for Axsome Therapeutics, Inc. is $275.50, about 90.7% above its October 30 closing price of $144.43
The stock recently traded at 42 times the next 12-month earnings vs. a P/E of 77 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)