Axsome Therapeutics (AXSM) Q3 2026 Earnings Report
MX:AXSM Q3 2026 EPS Results
- Actual EPS
- -MXN 4.65
- Consensus EPS
- -MXN 11.78
- Beat/Miss
- Beat by +MXN 7.14
- One Year Ago EPS
- -MXN 17.47
MX:AXSM Q3 2026 Revenue Results
- Actual Revenue
- MXN 4.83B
- Expected Revenue
- MXN 4.63B
- Beat/Miss
- Beat by +MXN 195.15M
- YoY Revenue Growth
- +51.87%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- Before Open
- Conference Call
- Monday, November 2, 2026
MX:AXSM Upcoming Earnings
Axsome Therapeutics's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:AXSM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with broad-based revenue, prescription, prescriber, payer coverage, and pipeline momentum across AUVELITY, SYMBRAVO, SUNOSI, and multiple late-stage neuroscience programs. The company also reported a substantially reduced net loss and said its cash balance should fund operations through cash flow positivity. Offsetting concerns included higher operating expenses, a still-negative quarterly result, expected seasonal gross-to-net pressure, limited SYMBRAVO coverage, prescription-data capture variability, continuing education needs in Alzheimer's disease agitation, and higher Medicare abandonment.
Company Guidance
Management does not give specific guidance on Q4 or for 2027, but expects continued growth in AUVELITY, with NBRxs turning into TRxs; gross and net discounts for both AUVELITY and Sunosi are expected to increase slightly in Q4, while AUVELITY GTN for 2027 is expected to be similar to 2026, with Low 50s in Q1, approximately 50% in Q2, Mid high forties in Q3, and a slight tick up from that Q3 number this quarter for Q4; current cash is expected to fund anticipated operations through cash flow positivity; AUVELITY is positioned to generate at least $8 billion in annual revenue at peak; AXS-05 smoking-cessation top line results are anticipated in the second half of 27, solriamfetol ADHD top line results from FOCUS-2 and FOCUS-3 in the second half of 27, binge-eating-disorder top line results in the first quarter of 27, shift-work-disorder top line results in the second half of 27, CLARITY enrollment completion in the first half of 27, AXS-20 schizophrenia pivotal Phase III initiation in the first half of 27, AXS-14 enrollment completion in the third quarter of 27, AXS-17 epilepsy clinical-trial initiation in the first half of 27, and the AXS-12 PDUFA target action date is May 1, 2027.
- Strong Revenue GrowthTotal revenue reached $260 million in the third quarter, representing 52% year-over-year growth and 19% sequential growth.
- Commercial Portfolio ExpansionManagement stated that the commercial portfolio generated $2 million in total revenue in the quarter, representing 52% year-over-year growth and surpassing a $1 billion annual run-rate.
- AUVELITY Sales MomentumAUVELITY net product sales were $208 million, representing 53% year-over-year growth and more than 15% sequential growth. Sequential increases over the past two quarters more than doubled the average quarterly increase prior to the Alzheimer's disease agitation label expansion.
- SUNOSI Revenue GrowthSUNOSI net product revenue was $48.2 million, representing 47% year-over-year growth. This included $38.5 million in net product sales, $1.2 million in royalty revenue, and $8.5 million in milestone revenue related to cumulative ex-U.S. net revenue.
- SYMBRAVO Sales GrowthSYMBRAVO net product sales were $3.9 million, representing 88% year-over-year growth.
- Healthy Gross Margin and Improved Gross-to-NetGross margin remained healthy in the low to mid-90% range. Gross-to-net discounts improved to the mid- to high-40s range for AUVELITY and to the high-40s range for SUNOSI.
- Reduced Net Loss and Operating LeverageNet loss decreased to $12.9 million, or $0.25 per share, compared with $47.2 million, or $0.94 per share, in the third quarter of 2025. Management said the improvement underscored continued operating leverage as revenue growth increasingly translates to the bottom line. The quarter's net loss included $26.4 million in stock-based compensation expense.
- Cash RunwayThe company ended the quarter with approximately $314 million in cash and cash equivalents and said its current cash balance is expected to fund anticipated operations through cash flow positivity.
- Prescription Growth Outpaced the Antidepressant MarketTotal prescriptions reached approximately 302 thousand in the third quarter, increasing 40% year-over-year and 14% sequentially, compared with antidepressant market growth of 3% and 2% over the same periods.
- Strong AUVELITY Growth in Older PatientsFor patients aged 65 and older, new-to-brand prescriptions grew 211% year-over-year and 99% sequentially. Total prescriptions in this segment grew 101% year-over-year and 43% sequentially. Monthly total prescriptions were approximately 14.8 thousand as of September 2026, representing 78% growth since approval.
- Continued AUVELITY Growth in Major Depressive DisorderFor patients younger than 65, new-to-brand prescriptions grew 27% year-over-year and 10% sequentially, while total prescriptions grew 33% year-over-year and 10% sequentially. Monthly total prescriptions reached approximately 88.2 thousand as of September 2026, representing approximately 32% growth from approximately 67 thousand before the sales force expansion.
- Expansion of AUVELITY Prescriber BaseAxsome activated approximately 8.2 thousand new AUVELITY prescribers in the quarter, representing 49% growth versus the prior quarter and bringing total unique prescribers to 77 thousand.
- Primary Care AdoptionPrimary care was the fastest-growing AUVELITY prescriber segment and represented nearly 40% of prescribers and 25% of total prescriptions in the quarter. Management expects primary care adoption to continue growing in major depressive disorder and Alzheimer's disease agitation.
- Broad AUVELITY Coverage and Peak Revenue OpportunityAUVELITY coverage remained at approximately 89% of total lives, including 82% of commercial lives and approximately 100% of government lives. Management said AUVELITY is positioned to generate at least $8 billion in annual revenue at peak.
- SYMBRAVO Prescription PerformanceSYMBRAVO generated more than 25 thousand total prescriptions, growing 382% versus the third quarter of 2025 and 7% sequentially, compared with migraine market growth of 6% year-over-year and 4% sequentially.
- SUNOSI Prescription PerformanceSUNOSI had more than 64.4 thousand total prescriptions in the quarter, representing 15% year-over-year growth and 6% sequential growth, compared with a wake-promoting agent market that was flat year-over-year and up 2% sequentially. Nearly 17.6 thousand clinicians have prescribed SUNOSI since launch.
- Broad SUNOSI Payer CoverageSUNOSI maintained payer coverage of approximately 82% of lives across all channels.
- Positive Long-Term Care ProgressThe long-term care channel for Alzheimer's disease agitation was performing well, with growth rates similar to those reported for patients aged 65 and older. Management said the clinical profile had received positive feedback and that the channel is expected to be an important source of AUVELITY business.
- Positive Patient Access and Dispensing TrendsManagement reported good dispensing rates for prescribed Alzheimer's disease agitation patients and said affordability had been manageable for most patients observed, while resources are provided to patients who may face affordability challenges. The company also said there were no major prescribing bottlenecks and that patients were filling prescriptions at a high rate.
- Pipeline Scale and Neuroscience FocusThe neuroscience pipeline comprises 10 development programs, including label expansion opportunities for AUVELITY and SUNOSI and novel product candidates with potential first-in-class and best-in-class profiles across areas of high unmet need in brain health.
- AXS-05 Smoking Cessation Program InitiatedAxsome initiated the SUMMIT Phase III trial of AXS-05 for smoking cessation in August. The three-arm study has a primary endpoint of smoking abstinence at 12 weeks, with top-line results anticipated in the second half of 2027.
- Solriamfetol Label Expansion ProgressSolriamfetol development continues across four indications: ADHD, binge eating disorder, shift work disorder, and major depressive disorder. The FOCUS-2 and FOCUS-3 Phase III ADHD trials are enrolling, with top-line results anticipated in the second half of 2027; ENGAGE in binge eating disorder has completed enrollment with results expected in the first quarter of 2027; SUSTAIN in shift work disorder is expected to report results in the second half of 2027; and CLARITY enrollment completion in major depressive disorder with excessive daytime sleepiness is anticipated in the first half of 2027.
- AXS-20 Schizophrenia Program AdvancingAxsome anticipates initiating a pivotal Phase III trial of AXS-20, a novel selective PDE10A inhibitor, in schizophrenia in the first half of 2027. Management cited a strong efficacy signal in a controlled study and a potential lack of metabolic side effects, and said the program is being developed as a first-line monotherapy.
- AXS-12 FDA Review ProgressingThe NDA for AXS-12 for cataplexy in narcolepsy is under FDA review, with a PDUFA target action date of May 1, 2027. The review is progressing as expected, FDA does not currently plan to hold an advisory committee meeting, and prelaunch activities are underway.
- AXS-14 Fibromyalgia Program ProgressThe FORWARD Phase III trial of AXS-14 in fibromyalgia is advancing, with enrollment completion anticipated in the third quarter of 2027. If positive, the study together with previously completed positive Phase II and Phase III trials would support an NDA filing; management said the filing could occur within approximately six months of top-line results and potentially sooner.
- AXS-17 Epilepsy Development PlannedAxsome plans to initiate clinical trials for AXS-17, a novel GABA-A alpha-2/3 subtype-selective positive allosteric modulator, in epilepsy in the first half of 2027.
- Additional Business Development SupportedManagement said recent business development transactions involving schizophrenia and epilepsy assets made financial sense, could be integrated into the pipeline, and would not impact the investment strategy supporting AUVELITY growth.
- Positive Near-Term Business OutlookManagement said the fourth quarter was shaping up for continued AUVELITY growth in both indications, with a focus on new-to-brand prescription growth and further primary care penetration. The company expects to close the year strong and enter 2027 with significant momentum.
MX:AXSM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | -0.69- | -10.41 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | -11.78-4.65 | -17.47 | 73.40% (+12.82) | |
| Aug 10, 2026 | 2026 (Q2) | -16.57-18.39 | -18.02 | -2.06% (-0.37) | |
| May 04, 2026 | 2026 (Q1) | -15.68-23.41 | -22.67 | -3.28% (-0.74) | |
| Feb 23, 2026 | 2025 (Q4) | -12.90-10.41 | -28.61 | 63.64% (+18.21) | |
| Nov 03, 2025 | 2025 (Q3) | -16.00-17.47 | -24.9 | 29.85% (+7.43) | |
| Aug 04, 2025 | 2025 (Q2) | -19.60-18.02 | -31.03 | 41.92% (+13.01) | |
| May 05, 2025 | 2025 (Q1) | -25.10-22.67 | -26.76 | 15.28% (+4.09) | |
| Feb 18, 2025 | 2024 (Q4) | -18.60-28.61 | -38.65 | 25.96% (+10.03) | |
| Nov 12, 2024 | 2024 (Q3) | -25.70-24.90 | -24.53 | -1.52% (-0.37) |
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
