AXSM 8-K: Axsome Q3 product revenue $57.8M (up 244% YoY); Auvelity sales $37.7M

Axsome Q3 product revenue $57.8M (up 244% YoY); Auvelity sales $37.7M

Axsome Therapeutics, Inc.

2023-Q3 EPS reported -$3.14 revenue$199,070,000

Total Q3 product revenue was $57.8M vs $16.8M in Q3 2022; Auvelity net sales $37.7M (36% sequential growth).

Sunosi net product revenue $20.1M, up 20% YoY; total net loss of $62.2M ($1.32 per share) vs $44.8M loss in Q3 2022.

Cash and equivalents of $416.6M at Sept 30, 2023; shares outstanding 47.3M.

Pipeline on track: AXS-12 narcolepsy Phase 3 top-line expected Q1 2024; AXS-07 migraine NDA resubmission and AXS-14 fibromyalgia NDA submission both targeted H1 2024.

Auvelity sales force expanding from 162 to 260 representatives; payer coverage ~70% of covered lives.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Axsome Therapeutics, Inc. reported third quarter ended September 30, 2023 results: revenue Total product revenue for the third quarter of 2023 was $57.8 million, net income Net loss for the third quarter of 2023 was $62.2 million, EPS $(1.32) per share.

Period: third quarter ended September 30, 2023
Revenue: Total product revenue for the third quarter of 2023 was $57.8 million
Net income: Net loss for the third quarter of 2023 was $62.2 million
EPS: $(1.32) per share
Result: reported results

Exact text from the filing

Third Quarter 2023 Financial Highlights • Total product revenue for the third quarter of 2023 was $57.8 million, representing 244% year-over-year growth, and consisting of net product sales of $57.1 million and royalty revenue of $0.7 million. Total product revenue for the comparable period in 2022 was $16.8 million. • Auvelity ® net product sales were $37.7 million for the third quarter of 2023, representing a 36% sequential increase versus the second quarter of 2023. There were no Auvelity sales in the comparable 2022 period as the product was launched in October 2022. • Sunosi ® net product revenue was $20.1 million for the third quarter of 2023, representing 20% year-over-year growth, and consisting of $19.4 million in net product sales and $0.7 million in royalty revenue associated with Sunosi sales in out-licensed territories. Sunosi net product revenue for the comparable period in 2022 was $16.8 million. • Total cost of revenue was $6.5 million for the third quarter of 2023. Tot

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