Revenue growth (46% YoY) and strong early Alzheimer's agitation uptake are tempered by a significant EPS miss and surging SG&A costs. Monitor Q3 2026 for continued AUVELITY Alzheimer's script trajectory and any margin improvement as launch costs stabilize. The AXS-12 PDUFA (May 2027) and solriamfetol BED data (Q4 2026) are key pipeline catalysts.
Price Chart
Executive Summary
Axsome reported Q2 2026 net product revenue of $218.4M (+46% YoY), beating the $221.8M consensus, but GAAP EPS of -$1.26 missed the -$0.84 consensus by 49.1%. AUVELITY Alzheimer's agitation launch data showed strong early uptake (126% NBRx increase in 65+ patients), and SG&A surged 60% to $208.1M to support the expanded sales force. The net loss widened to $51.3M (-$0.99 GAAP EPS), with no change to full-year guidance but cash runway sufficient into cash-flow positivity.
Key Financial Metrics
Key Facts
- Q2 2026 total net product revenue $218.4M (+46% YoY) vs consensus $221.8M (+1.5% beat)
- GAAP EPS -$1.26 vs consensus -$0.84 (-49.1% miss); GAAP diluted EPS -$0.99 from net loss $51.3M
- AUVELITY net sales $180.3M (+51% YoY); SUNOSI $35.8M (+20%); SYMBRAVO $2.3M (+461%)
- SG&A expense $208.1M (+60% YoY) driven by Alzheimer's agitation launch and sales force expansion
- Net loss $51.3M vs $48.0M in Q2 2025; includes $27.1M in stock-based compensation
- Cash $319.9M at June 30, 2026 vs $322.9M at Dec 31, 2025; cash runway into cash-flow positivity
- AUVELITY Alzheimer's agitation launch: NBRx in 65+ patients up 126% in first eight weeks
- AXS-12 NDA accepted with PDUFA May 1, 2027
- Phase 3 ENGAGE trial of solriamfetol in BED topline expected Q4 2026
- Total prescriptions: AUVELITY ~266,000 (+34% YoY); SUNOSI ~61,000 (+14% YoY); SYMBRAVO ~23,500 (+30% QoQ)
Financial Impact
Revenue beat of $218.4M vs $221.8M consensus (+1.5%); EPS miss of -$1.26 vs -$0.84 (-49.1%); net loss widened $51.3M from $48.0M
Risk Factors
- EPS miss of 49% signals higher-than-expected operating leverage; sustained SG&A growth could pressure margins
- No formal guidance change; cash runway claims depend on revenue growth trajectory maintaining 46% YoY pace
- Alzheimer's launch early data (126% NBRx increase) is early and subject to reversion
- Dilution from stock-based compensation ($27.1M in Q2) and potential future equity needs for pipeline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341699 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | Institutional Cluster | $214.66 $211.12 | ▼ −1.65% | ▲ +0.25% | $176.95 (−17.57%) |
Aug 10, 2026 7w ago | 8-K | $220.89 $207.82 | ▼ −5.92% | ▼ −5.00% | $176.95 (−19.89%) |
Aug 10, 2026 7w ago | Press Release | $220.89 $207.82 | ▼ −5.92% | ▼ −5.00% | $176.95 (−19.89%) |
Jul 15, 2026 11w ago | Press Release | $237.53 $214.66 | ▼ −9.63% | ▼ −11.97% | $176.95 (−25.51%) |
Jul 9, 2026 12w ago | Court Ruling | $248.95 $210.13 | ▼ −15.59% | ▼ −17.84% | $176.95 (−28.92%) |
Jul 7, 2026 12w ago | Press Release | $249.76 $211.04 | ▼ −15.50% | ▼ −16.84% | $176.95 (−29.15%) |
Jul 1, 2026 13w ago | 144 | $244.31 $234.64 | ▼ −3.96% | ▼ −3.54% | $176.95 (−27.57%) |
Jun 15, 2026 15w ago | Press Release | $253.40 $228.28 | ▼ −9.91% | ▼ −9.16% | $176.95 (−30.17%) |
Jun 12, 2026 16w ago | Insider Cluster | $255.17 $233.80 | ▼ −8.37% | ▼ −10.15% | $176.95 (−30.66%) |
Jun 11, 2026 16w ago | 144 | $255.17 $233.80 | ▼ −8.37% | ▼ −10.15% | $176.95 (−30.66%) |
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