Axsome Therapeutics 2025 Q3 Earnings Revenue Surges 63% Despite Narrowed Losses

Axsome Therapeutics (AXSM) reported fiscal 2025 Q3 earnings on Nov 3, 2025, with revenue surging 63.2% year-over-year to $170.99 million, exceeding FactSet estimates of $163 million. While the company narrowed its net loss by 26.9% to $47.23 million, or $0.94 per share, it still missed GAAP EPS expectations by $0.07. The stock rose 9.56% in the latest trading day, reflecting optimism about its commercial and pipeline progress.

Revenue

Axsome’s revenue growth was driven by robust demand for its CNS therapies, with product sales accounting for $169.78 million of total revenues. The company’s flagship antidepressant, AUVELITY, delivered $136.1 million in net sales, up 69% year-over-year, while SUNOSI contributed $32.8 million (35% growth) and newly launched SYMBRAVO added $2.1 million. Royalty revenue rounded out total revenues at $1.21 million.

Earnings/Net Income

Despite improved operational efficiency—driven by a 24.8% reduction in operating losses to $46.1 million—Axsome’s net loss remained significant at $47.2 million, or $0.94 per share. While this marked a 26.9% improvement from the prior year’s $64.6 million loss, the EPS decline indicates ongoing challenges in achieving profitability.

Price Action

Following the earnings report, AXSM shares surged 9.56% on the day, 0.79% for the week, and 13.18% month-to-date, reflecting investor confidence in the company’s commercial execution and pipeline advancements.

Post-Earnings Price Action Review

The stock’s post-earnings rally was fueled by strong revenue performance and positive guidance on its late-stage pipeline, including the supplemental NDA submission for AXS-05 in Alzheimer’s agitation. Despite the narrowed loss, investors appeared to focus on Axsome’s strategic momentum, with SYMBRAVO’s commercial launch and AUVELITY’s market penetration driving optimism. The 9.56% daily gain suggests market validation of the company’s growth trajectory, though sustained profitability remains a key watchpoint.

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CEO Commentary

CEO Herriot Tabuteau highlighted the 63% revenue growth, crediting AUVELITY’s demand and SYMBRAVO’s launch. He emphasized disciplined execution and a robust R&D pipeline, including AXS-05’s sNDA and AXS-12’s NDA target for Q4 2025. Tabuteau reiterated confidence in Axsome’s “stronger than ever” fundamentals and multiple value-creation pathways.

Guidance

Axsome expects cash flow positivity based on current operations, with $325.3 million in cash reserves. CFO Nick Pizzie noted Q4 gross-to-net discounts for AUVELITY and SUNOSI but expressed confidence in maintaining liquidity for at least the next 12 months.

Additional News

1. FDA Approval Milestone: Symbravo, Axsome’s acute migraine treatment, received FDA approval in January 2025 and launched commercially in June 2025.


2. Pipeline Advancements: The company submitted a supplemental NDA for AXS-05 in Alzheimer’s agitation and plans to file an NDA for AXS-12 in narcolepsy by Q4 2025.


3. Commercial Expansion: Axsome is expanding market access for AUVELITY and SYMBRAVO, targeting additional GPO contracts and commercial coverage.