Business
Axsome Therapeutics Reports Third Quarter 2023 Financial Results and Provides Business Update
Total 3Q 2023 product revenue of $57.8 million, representing 244% year-over-year growth Auvelity® 3Q 2023 net product sales of $37.7 million, representing 36%
About this update from Axsome Therapeutics, Inc.
[{"type":"text","content":"Total 3Q 2023 product revenue of $57.8 million, representing 244% year-over-year growth Auvelity® 3Q 2023 net product sales of $37.7 million, representing 36% quarter-over-quarter growth Sunosi® 3Q 2023 net product revenue of $20.1 million, representing 20% year-over-year growth SYMPHONY Phase 3 trial of AXS-12 in narcolepsy on track for completion of enrollment in 4Q 2023; topline results expected in 1Q 2024 Phase 3 trial of solriamfetol in binge eating disorder on track for initiation in 4Q 2023 Phase 3 trial of solriamfetol in shift work disorder on track for initiation in 1Q 2024 NDA submission for AXS-14 in fibromyalgia and NDA resubmission for AXS-07 in migraine both expected in 1H 2024 Company to host conference call today at 8:00 AM Eastern NEW YORK, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company developing and delivering novel therapies for the management of central nervous system (CNS) disorders, today reported financial results for the third quarter ended September 30, 2023. “Results for the third quarter evidenced significant revenue momentum for Axsome driven by solid performance from both Auvelity and Sunosi. This positive trajectory will be further enhanced by our Auvelity field force expansion, which is expected to be fully implemented by the first quarter,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome. “We also progressed our extensive and innovative neuroscience pipeline in the quarter, enabling Axsome to potentially execute on numerous important clinical and regulatory milestones over the next 12 months, including multiple potential NDA submissions, and multiple pivotal trial readouts and initiations in new indications. The advancement of our commercial portfolio and clinical programs positions us well to continue to deliver potentially life-changing new medicines to patients with serious brain disorders, and to their health care providers.” 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, representi...