Axsome Therapeutics, Inc. Reports Third Quarter 2024 Financial Results
Axsome Therapeutics, Inc. (NASDAQ: AXSM), a forefront player in CNS disorder treatments, has announced its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | 3Q 2024 | YoY Change | Consensus Estimate | Beat/Miss |
|---|---|---|---|---|
| Total Revenue | $104.8 million | +81% | $98.1 million | Beat |
| Earnings Per Share (EPS) | $(1.34) | N/A | $(1.41) | Beat |
| Net Product Revenue (Auvelity) | $80.4 million | +113% | N/A | N/A |
| Net Product Revenue (Sunosi) | $24.4 million | +21% | N/A | N/A |
Axsome's total revenue for the third quarter stood at $104.8 million, showcasing an impressive 81% year-over-year growth, exceeding the consensus estimate of $98.1 million. The company reported an earnings per share of $(1.34), surpassing analysts' projection of $(1.41).
Segment Revenue Performance
| Segment | 3Q 2024 Revenue | YoY Change |
|---|---|---|
| Auvelity | $80.4 million | +113% |
| Sunosi | $24.4 million | +21% |
Auvelity's revenue increased by 113% year-over-year, marking robust growth driven by strong market uptake. Sunosi's revenue witnessed a 21% growth, indicating steady performance.
Key Developments and Operational Highlights
- Second expansion of the Auvelity psychiatry sales force is planned for 1Q 2025.
- NDA resubmission for AXS-07 for migraine treatment accepted by the FDA, with PDUFA goal date set for January 31, 2025.
- Topline results for several Phase 3 trials are anticipated in late 2024 and early 2025.
Executive Commentary
Dr. Herriot Tabuteau, CEO of Axsome Therapeutics, expressed optimism over the company's recent accomplishments and future prospects. He highlighted the significant demand for Auvelity and impending clinical trial milestones expected to fortify Axsome’s position in the CNS disorder treatment market.
Forward Guidance
The company did not issue specific forward-looking revenue or EPS guidance but emphasized confidence in achieving significant milestones in its pipeline programs.
Stock Market Reaction
Following the earnings release, Axsome's stock experienced a modest increase of approximately 1.01%, reflecting investor optimism about its performance and future prospects.
Axsome Therapeutics continues to strengthen its pipeline and market presence, fostering growth and innovation in tackling central nervous system disorders.
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