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Axsome Q4 Loss Wider Than Expected, Auvelity Drives Sales Growth
AXSMAxsome Therapeutics(AXSM) ZACKS·2025-02-18 17:30

Core Viewpoint - Axsome Therapeutics reported a wider adjusted loss per share in Q4 2024 compared to the previous year, despite a significant increase in total revenues driven by strong sales of its products, particularly Auvelity. Financial Performance - Axsome incurred an adjusted loss of 0.96pershareinQ42024,comparedtoalossof0.96 per share in Q4 2024, compared to a loss of 0.73 per share in the same quarter last year [1] - Total revenues surged 66% year over year to 118.8million,slightlyexceedingtheZacksConsensusEstimateof118.8 million, slightly exceeding the Zacks Consensus Estimate of 118 million [2] - Net product revenues reached 117.3millioninQ4,upfrom117.3 million in Q4, up from 70.7 million in the year-ago period, beating the model estimate of 112.2million[3]ProductSales−Auvelitysaleswere112.2 million [3] Product Sales - Auvelity sales were 92.6 million, reflecting an 89% year-over-year increase and surpassing the model estimate of 87.7million[4]−Approximately158,000prescriptionsforAuvelitywererecordedinthequarter,markinga1087.7 million [4] - Approximately 158,000 prescriptions for Auvelity were recorded in the quarter, marking a 10% sequential increase and an 87% year-over-year increase [4] - Sunosi's net product sales were 26.2 million, up 16% from the previous year, with total prescriptions growing 4% sequentially to 49,000 [5] Expenses - Research and development expenses increased to 55million,up78.655 million, up 78.6% from the previous year, driven by higher costs related to clinical studies [7] - Selling, general and administrative expenses totaled 113.3 million, a 30.5% increase year over year, attributed to higher commercial activities for Sunosi and Auvelity [8] Full-Year Results - For the full year 2024, Axsome generated revenues of 385.7million,reflectingapproximately42.5385.7 million, reflecting approximately 42.5% growth year over year [9] - The company reported an adjusted loss of 5.99 per share for the full year, wider than a loss of 5.27inthepreviousyear[9]GuidanceandFutureProspects−Managementindicatedthatthecashbalanceof5.27 in the previous year [9] Guidance and Future Prospects - Management indicated that the cash balance of 315.4 million as of December 31, 2024, is sufficient to fund future operations until reaching cash flow positivity [10] - The FDA approved Symbravo for migraine treatment, expected to launch in about four months, which will diversify Axsome's commercial drug portfolio [11] - Axsome plans to submit a new drug application for AXS-05 in Alzheimer's disease agitation in the second half of 2025 [13] - The company is also evaluating AXS-12 and AXS-14 for various central nervous system indications, with NDA submissions planned for 2025 [15][16]