Axsome Stock Plunges 10%, Wiping Out $725 Million, Even As Quarterly Revenue Jumps 52%
Shares sank despite a much narrower third-quarter loss and rising Auvelity sales.
Axsome Therapeutics 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 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 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% 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 — Yahoo Finance
- Axsome: Q3 Earnings Snapshot – WTOP News — 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 — seekingalpha.com
- The company's filing (Axsome Therapeutics) — SEC filing
- Axsome Therapeutics — Form 10-Q for the quarter ended 2026-06-30 (quarterly results) — SEC EDGAR
