Overview
- Axsome, which reported first‑quarter results Monday, booked $191.2 million in product revenue, up 57% year over year across Auvelity, Sunosi, and Symbravo.
- The FDA recently approved Auvelity to treat agitation in Alzheimer’s dementia, with a U.S. launch planned in June, and management now pegs the drug’s long‑term peak sales at at least $8 billion.
- To support the rollout, the company expanded its field force to about 630 sales reps and says commercial and Medicare payers now cover roughly 86% of lives.
- Higher operating costs drove a $64.5 million net loss as selling, general and administrative expense rose to $185 million and R&D reached $52.7 million, and shares pulled back Monday on the wider‑than‑expected loss.
- Axsome ended the quarter with about $305 million in cash, filed an FDA application for AXS‑12 in narcolepsy, and added AXS‑20 for schizophrenia and Tourette syndrome through an April acquisition.