EarningsQ2 2026 Earnings Report
MX:AXSM Q2 2026 EPS Results
Actual EPS-$18.19
Consensus EPS-$16.39
Beat/MissMissed by -$1.80
One Year Ago EPS-$17.82
MX:AXSM Q2 2026 Revenue Results
Actual Revenue$4.01B
Expected Revenue$4.06B
Beat/MissMissed by -$50.33M
YoY Revenue Growth+45.54%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeBefore Open
Conference CallMonday, August 10, 2026
MX:AXSM Upcoming Earnings
Axsome Therapeutics's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AXSM Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive momentum across Axsome’s commercial portfolio, with 46% revenue growth, accelerating AUVELITY demand, encouraging early Alzheimer’s disease agitation launch metrics, continued SYMBRAVO and SUNOSI prescription growth, improving payer coverage, and substantial pipeline progress. The company remains loss-making, reported higher SG&A and ongoing cash burn, and acknowledged that several Alzheimer’s disease agitation launch metrics are still early and limited. Overall, the highlights significantly outweighed the lowlights.Company Guidance
Commercial Revenue Growth
Second-quarter net product revenue increased to $218 million from $150 million in Q2 2025, representing 46% year-over-year growth, driven by AUVELITY, steady SUNOSI growth, and continued strength in SYMBRAVO prescription demand.
AUVELITY Revenue and Prescription Growth
AUVELITY net product sales were $180.3 million in Q2, increasing 51% year-over-year and 18% quarter-over-quarter. Total prescriptions reached approximately 266,000, up 34% year-over-year and 12% sequentially, substantially outpacing the antidepressant market, which grew 1% and 2% over the same periods, respectively.
Alzheimer’s Disease Agitation Launch Momentum
During the first 8 weeks following the AUVELITY launch in Alzheimer’s disease agitation, new-to-brand prescriptions among patients 65 years of age and older increased 126% compared to the same period in the prior quarter. Management also reported positive early feedback from prescribers, patients, and care partners regarding reductions in agitation symptoms and AUVELITY’s safety and tolerability profile.
Expanded AUVELITY Sales Force Driving New Patient Starts
Overall AUVELITY new-to-brand prescriptions increased 26% in Q2 2026 compared to Q1 2026. The expanded sales organization activated more than 6,800 new AUVELITY prescribers during the quarter, representing 21% growth versus the previous quarter, bringing total unique prescribers since launch to approximately 69,000.
AUVELITY Market Access Improvement
AUVELITY coverage reached approximately 89% of total lives across channels, including 82% of commercial lives and approximately 100% of government lives. Management stated that patient access in both the major depressive disorder and Alzheimer’s disease agitation markets is expected to continue to expand and evolve.
SYMBRAVO Underlying Demand Growth
SYMBRAVO demand grew 30% quarter-over-quarter to approximately 23,500 total prescriptions. Prescriber and patient feedback remained very positive, and the sales force expansion to approximately 150 representatives was described as substantially complete.
SYMBRAVO Market Access Expansion
Following the addition of approximately 17 million covered lives in Q2, SYMBRAVO payer coverage reached approximately 57% of lives across channels, including approximately 56% of commercial lives and 57% of government lives. The company expects coverage to further improve.
SUNOSI Durable Growth
SUNOSI generated $35.8 million in net product, royalty, and milestone revenue, representing 20% year-over-year growth. Approximately 61,000 total prescriptions were written during the quarter, up 14% year-over-year and 8% sequentially, compared with a 1% decline and 2% increase for the wake-promoting agent market over the same periods.
SUNOSI Prescriber and Payer Reach
More than 17,000 clinicians have prescribed SUNOSI since launch, and broad payer coverage was maintained at approximately 82% of lives across all channels.
Improving Operating Leverage
Management stated that the company is seeing continued improvement in operating leverage while investing in commercial opportunities and pipeline priorities. In Q2, revenue grew at 14% while operating expenses grew at 7%, and management expects operating leverage to continue in the second half of the year.
Cash Runway and Path Toward Cash Flow Positivity
Axsome ended the quarter with approximately $320 million in cash and cash equivalents, compared with $323 million at the end of 2025. Based on the current operating plan, management continues to expect that the current cash balance is sufficient to fund anticipated operations into cash flow positivity.
FDA Acceptance of AXS-12 NDA
The FDA accepted Axsome’s NDA submission for AXS-12 for the treatment of cataplexy in narcolepsy, with a PDUFA target action date of May 1, 2027. Management highlighted AXS-12’s differentiated mechanism, rapid onset of action demonstrated at 1 week, efficacy data extending to 6 months, favorable side-effect profile, and potential effects on excessive daytime sleepiness and cognition.
Progress Across the Neuroscience Pipeline
Axsome’s pipeline includes 6 innovative product candidates being developed for 10 serious conditions and positions the company to potentially file, on average, 1 new NDA each year between now and 2030.
Advancement of AXS-05 Programs
The company remains on track to initiate its planned Phase II/III trial of AXS-05 in smoking cessation during the quarter and continues to prioritize exploration of its potential across multiple neuropsychiatric disorders.
Solriamfetol Clinical Development Progress
Solriamfetol programs across 4 new indications continued to advance, with 5 Phase III trials underway in ADHD, binge-eating disorder, major depressive disorder with excessive daytime sleepiness symptoms, and excessive daytime sleepiness associated with shift work disorder. The FOCUS-2 and FOCUS-3 studies in children and adolescents with ADHD were initiated, and top-line results from the ENGAGE Phase III binge-eating disorder trial are anticipated in the fourth quarter of 2026.
Progress on AXS-14, AXS-20, and AXS-17
Enrollment continued in the FORWARD Phase III trial of AXS-14 in fibromyalgia. Chemistry, manufacturing, and controls activities for AXS-20 are progressing toward initiation of a Phase III schizophrenia trial, while Phase II-enabling activities for AXS-17 in epilepsy are also advancing.
Balipodect Development Progress
Chemistry, manufacturing, and controls activities for balipodect are well underway to enable a Phase III schizophrenia trial, and the company also intends to initiate a Phase II trial in Tourette syndrome. Management cited encouraging Phase II results, including a significant treatment effect and favorable side-effect profile.
Continued Commercial and Pipeline Investment
Management stated that the company is continuing to invest behind AUVELITY, SYMBRAVO, and strategic pipeline priorities, with the goal of maximizing the long-term potential of its portfolio.
MX:AXSM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed