Through the first nine months of 2025, Axsome Therapeutics recorded $442.5 million in revenue, representing a 65.8% year-over-year increase compared to the same period in 2024. The company’s gross margin stood at approximately 90%, reflecting strong pricing power across its commercial portfolio. This performance underscores Axsome’s ability to scale its operations efficiently while continuing to invest in late-stage clinical programs.

Axsome’s approved products include Auvelity for depression, Symbravo for migraine prevention and treatment, and Sunosi for daytime sleepiness associated with narcolepsy (acquired from Jazz Pharmaceuticals). Combined annualized run-rate sales for these medications surpassed $600 million by Q3 2025, driven by expanding physician adoption and label extensions. Auvelity alone contributed over 40% of that run-rate, benefiting from rapid formulary coverage and growing prescription volume.

Axsome is nearing submission of a regulatory application for Auvelity in Alzheimer’s disease agitation, an indication affecting an estimated 5 million U.S. patients with only one existing approved therapy. If approved, peak annual sales for this single indication could exceed $1 billion. Additional late-stage candidates include AXS-12 for narcolepsy, AXS-14 for fibromyalgia and Sunosi in ADHD. These programs, together with ongoing clinical readouts expected through 2026, provide multiple catalysts that could drive sustained top-line expansion and support a pathway to profitability.