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# Axsome Stock Plunges 10%, Wiping Out $725 Million, Even As Quarterly Revenue Jumps 52%
- URL: https://www.bullished.co/axsome-stock-plunges-10-wiping-out-725-million-even-as-quarterly-revenue-jumps-52-d91dae32/
- Published: 2026-11-02T14:48:08.000Z
- Updated: 2026-11-02T14:48:08.000Z
- Description: Shares sank despite a much narrower third-quarter loss and rising Auvelity sales.
- Author: Matteo Parrino
- Tags: Markets, AXSM, Industry: Healthcare

[Axsome Therapeutics](https://www.bullished.co/tag/axsm/) shares fell 9.58% to $130.59 in Monday trading, as of 9:46 a.m. ET, erasing $725 million in market value, even after the company reported [net product revenue of $259.7 million](https://www.sec.gov/Archives/edgar/data/0001579428/000119312526442628/axsm-20261102.htm?ref=bullished.co) and a net loss of $12.9 million for the third quarter.

## Auvelity drives a narrower loss

Auvelity, the company's depression drug, brought in $207.6 million of the quarter's revenue. Operating costs for sales and administration climbed to $203.1 million.

The company's second-quarter [filing](https://www.sec.gov/Archives/edgar/data/1579428/000119312526342360/axsm-20260630.htm?ref=bullished.co) showed revenue of $218.4 million, up 45.5% from a year earlier, and a net loss of $51.3 million. Auvelity scripts reached 302,000 in the period, a 40% annual gain.

On the earnings call, executives pointed to prescription trends for the Alzheimer's agitation launch. They declined to guide on fourth-quarter or 2027 expectations.

## A stock already down 21% this year

Axsome is a biopharmaceutical company that develops and sells medicines for central nervous system conditions. Its three FDA-approved US products are Auvelity, Sunosi for excessive daytime sleepiness and Symbravo for acute migraine. The three generated $638.5 million of revenue in 2025, up 66% from 2024, according to its annual report.

The stock was on pace for its biggest one-day drop in at least 274 trading sessions, since September 30, 2025\. At Friday's close it was [down about 21%](https://finance.yahoo.com/healthcare/articles/axsome-therapeutics-axsm-reports-q3-121502633.html?.tsrc=rss&ref=bullished.co) for the year, while the S&P 500 was up about 11%.

Shares had already fallen 22% over the previous month and sat 43% below their highest close of the past year, set on June 12\. The company's market value stood near $6.8 billion in Monday trading.

The reaction came on a day the company posted a loss far smaller than the $51.3 million it reported in the second quarter.

### Sources

- [Axsome Therapeutics (AXSM) Reports Q3 Loss, Tops Revenue Estimates](https://finance.yahoo.com/healthcare/articles/axsome-therapeutics-axsm-reports-q3-121502633.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Axsome: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/11/axsome-q3-earnings-snapshot/?ref=bullished.co) — wtop.com
- [Axsome Therapeutics GAAP EPS of -$0.25 beats by $0.38, revenue of $259.7M beats by $10.51M (AXSM:NASDAQ) | Seeking Alpha](https://seekingalpha.com/news/4662046-axsome-therapeutics-gaap-eps-of-0%5F25-beats-by-0%5F38-revenue-of-259%5F7m-beats-by-10%5F51m?ref=bullished.co) — seekingalpha.com
- [The company's filing (Axsome Therapeutics)](https://www.sec.gov/Archives/edgar/data/0001579428/000119312526442628/axsm-20261102.htm?ref=bullished.co) — SEC filing
- [Axsome Therapeutics — Form 10-Q for the quarter ended 2026-06-30 (quarterly results)](https://www.sec.gov/Archives/edgar/data/1579428/000119312526342360/axsm-20260630.htm?ref=bullished.co) — SEC EDGAR

### More on Axsome Therapeutics

- [Axsome Says Alzheimer's Agitation Launch Is Working, Won't Guide Fourth Quarter After Stock Slide](https://www.bullished.co/axsome-says-alzheimers-agitation-launch-is-working-wont-guide-fourth-quarter-after-stock-6692a193/)
- [Axsome's Quarterly Net Loss Shrinks To $12.9 Million As Sales Climb 52%](https://www.bullished.co/axsomes-quarterly-net-loss-shrinks-to-12-9-million-as-sales-climb-52-f07a0199/)

[All Axsome Therapeutics (AXSM) coverage →](https://www.bullished.co/tag/axsm/)