What drives AXSM's consistent earnings growth over quarters?

Axsome Therapeutics (AXSM) has demonstrated robust revenue growth across quarters, primarily driven by the significant sales of its commercial products, Auvelity and Sunosi:

1. **Commercial Success of Auvelity**: Auvelity, approved for major depressive disorder (MDD), has seen substantial net product sales of $92.6 million for Q4 and $291.4 million for the full year 2024, representing year-over-year growth of 89%.
2. **Revenue Growth of Sunosi**: Sunosi, for excessive daytime sleepiness, has achieved net product revenue of $26.2 million for Q4 and $94.3 million for the full year 2024, representing year-over-year growth of 16%.
3. **Strategic Investment in R&D**: Axsome has maintained heightened strategic investment in research and development (R&D), reflected in increased spending. This investment is crucial for the development of new therapies and the expansion of the product pipeline.

In summary, AXSM's consistent earnings growth over quarters is driven by the strong sales of its commercial products, Auvelity and Sunosi, and strategic investment in R&D.