Overview

• U.S. CNS drugmaker's Q1 net product revenue rose 57% yr/yr to $191.2 mln

• Company posted Q1 net loss of $64.5 mln as operating expenses increased

• FDA approved Auvelity for agitation in Alzheimer's dementia; new schizophrenia drug added to pipeline

Outlook

• Company says current cash is sufficient to fund operations into cash flow positivity

• AUVELITY commercial launch for Alzheimer's disease agitation indication scheduled for June 2026

• Axsome expects topline results from ENGAGE Phase 3 trial in binge eating disorder in 2H 2026

Result Drivers

• AUVELITY SALES GROWTH - Q1 revenue was driven by a 59% yr/yr increase in Auvelity sales, supported by higher prescription volumes and expanded payer coverage

• SUNOSI PRESCRIPTION GROWTH - Sunosi revenue rose 34% yr/yr, with U.S. prescriptions up 16% and payer coverage at 83% of covered lives

• OPERATING EXPENSES - Higher SG&A costs reflected pre-launch and commercialization activities for Auvelity’s new Alzheimer’s indication and Symbravo

Company press release: ID:nGNX2cGVvK

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$1.26
Q1 Net Income		-$64.54 mln
Q1 Operating Expenses		$254.56 mln
Q1 Operating Income		-$63.36 mln
Q1 Pretax Profit		-$64.54 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Axsome Therapeutics Inc is $241.50, about 16.9% above its May 1 closing price of $206.53

• The stock recently traded at 121 times the next 12-month earnings vs. a P/E of 193 three months ago

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