Axsome Therapeutics Inc Q2 2024 Earnings Report
Intellectia.AI Updated: 2024-08-08
Axsome Therapeutics, Inc. Q2 2024 Earnings Report
Axsome Therapeutics, Inc. (NASDAQ: AXSM) reported its financial results for the second quarter of 2024 on August 5, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $87.2 million | $46.7 million | +87% | $94.61 million | -7.82% | $86.92 million |
| Earnings Per Share (EPS) | -$1.67 | -$1.54 | -8.4% | -$1.22 | -36.89% | -$1.33 |
Interpretation: Axsome Therapeutics reported a total revenue of $87.2 million in Q2 2024, which represents a year-over-year growth of 87% from $46.7 million in Q2 2023. However, the revenue saw a decrease of 7.82% quarter-over-quarter. EPS stood at -$1.67, missing the consensus estimate of -$1.33 and reflecting a larger loss both year-over-year and quarter-over-quarter.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Auvelity Sales | $65.0 million | $27.6 million | +135% |
| Sunosi Sales | $21.5 million | $18.4 million | +16% |
| Royalty Revenue from Sunosi | $0.6 million | $0.7 million | -14.3% |
Interpretation: The company saw a significant increase in Auvelity sales, which grew by 135% year-over-year. Sunosi sales also increased by 16% year-over-year. However, royalty revenue from Sunosi saw a slight decline. The strong performance in these segments drove the overall revenue growth despite a minor dip in quarter-over-quarter total revenue.
Comments from Company Officers
CEO Herriot Tabuteau expressed satisfaction with the company's progress across its CNS-focused portfolio and noted the productive advancements made during the quarter. The CEO highlighted the strong commercial performance and momentum for the launch of Auvelity, bolstered by improved payer coverage and an expanded sales team.
Forward Guidance
Axsome Therapeutics provided forward-looking statements regarding multiple clinical and regulatory milestones expected in the second half of 2024. Specifically, they anticipate results from several pivotal trials: ADVANCE-2 Phase 3, ACCORD-2 Phase 3, and the FOCUS Phase 3 trial for solriamfetol in ADHD.
Stock Price Movement
Following the earnings release, Axsome Therapeutics saw a slight decline in its stock price, with an after-event percentage change of -1.31%.
Conclusion
Axsome Therapeutics delivered robust year-over-year revenue growth for Q2 2024, driven by strong performances from its key products, Auvelity and Sunosi. Despite missing EPS estimates and a quarter-over-quarter revenue decline, the company's ongoing clinical trials and upcoming milestones offer potential for positive momentum in the near future.
The report has been organized into a clear and concise format suitable for investors.