Axsome Therapeutics disclosed preliminary net product revenue for the fourth quarter and full year 2025, reporting $196.0 million in Q4 and $638.5 million for the year, representing 65% and 66% year‑over‑year increases, respectively.
The growth is driven by the company’s three approved products. Auvelity generated $155.1 million in Q4 and $507.1 million for the year, up 65% from $118.8 million in Q4 2024 and 66% from $385.7 million in 2024. Sunosi contributed $36.7 million in Q4 and $124.8 million for the year, while the newly launched Symbravo added $4.1 million in Q4 and $6.6 million for the year, reflecting early traction after its June 2025 commercial launch.
The preliminary revenue figures surpassed analyst consensus estimates. Consensus for Q4 2025 was $187 million and for the full year $629.5 million, so Axsome beat expectations by $9 million in both periods, a 4.8% and 1.4% overrun, respectively.
Gross margin remained strong at 91.86%, underscoring efficient cost management despite the company’s ongoing investment in research and development. While the company has not yet achieved cash‑flow positivity, the high margin profile supports a path toward profitability as sales volumes grow.
CEO Herriot Tabuteau highlighted the company’s “accelerating commercial momentum” and emphasized continued focus on cost discipline and pipeline progress. The market reacted positively, with analysts noting the revenue beat and the strong performance of Auvelity and Symbravo as key drivers of the company’s outlook.
Looking ahead, Axsome’s early revenue from Symbravo and the continued expansion of payer coverage for Auvelity and Sunosi position the company to sustain growth momentum. Management’s confidence in cost control and pipeline development suggests a trajectory toward cash‑flow positivity in the near term, while the company remains focused on scaling its commercial operations and advancing late‑stage pipeline candidates.
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