Start here if you're new
what it is
Axsome sells brain-health drugs and is racing to turn prescription growth into actual profits.
how it gets paid
Last year Tics made $638M in revenue.
why it's growing
Revenue grew 65.5% last year. Prescriptions totaled 209,000, up 46%, vs. prior year, and payer coverage rose, too.
what just happened
Axsome reported an EPS beat, with loss per share at -$0.56 versus the -$0.72 estimate.
At a glance
B balance sheet — gets the job done, barely
75/100 earnings predictability — reasonably predictable
731.2x trailing p/e — you're paying up for this one
25.0% return on capital — every dollar works hard here
xvary composite: 34/100 — weak
What they do
Axsome sells brain-health drugs and is racing to turn prescription growth into actual profits.
You are not buying a lab experiment anymore. EDGAR shows annual revenue at $638 million, up 65.5% vs. prior year, and third-quarter revenue reached $171.0 million, up 63% vs. prior year. Auvelity is doing the heavy lifting, with prescriptions at 209,000, up 46%, while payer coverage rose too. That means more doctors can prescribe it and more insurers will pay for it, so the sales engine is finally real.
How they make money
$638M
annual revenue · their business grew +65.5% last year
total revenue
$638M
+65.5%
The products that matter
rapid-acting depression therapy
auvelity
sales +69% · 209,000 prescriptions
This is the number that matters most. Prescriptions rose 46% to 209,000 and product sales climbed 69%. If AXSM keeps earning the premium multiple, Auvelity is doing most of the work.
commercial engine
wakefulness treatment
sunosi
sales +35% · 53,000 scripts
Sunosi is smaller, but you need it to matter. Scripts rose 12% to 53,000 while sales climbed 35%. That is the second revenue leg, even if Auvelity still gets the spotlight.
second revenue leg
pipeline and label expansion bets
cns pipeline
$7B market cap · $860M revenue view
Here’s the thing: the marketed business is growing fast, but a $7B market cap against a coming-year revenue view of $860M says investors still expect a next act. This page does not include stage-by-stage pipeline odds, so you should treat that upside as real but less measurable here.
optionality
Key numbers
731.2x
trailing p/e
Price-to-earnings ratio → how much investors pay for each dollar of profit → so what: you are paying a luxury multiple for a company still losing money on operations.
$2.0B
2028 revenue
That is more than 3.1 times today's $638 million, which tells you the stock already assumes years of very fast drug adoption.
26.1%
operating margin
Operating margin → profit after running the business → so what: each extra sales dollar still sits inside a company that has not scaled into clean profitability.
25.0%
return on capital
Return on capital → profit generated from money invested in the business → so what: the marketed-drug base is productive even before full earnings show up.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $118M (2% of capital)
- net profit margin 16.0% — keeps 16 cents of every dollar in revenue
- return on equity 28% — $0.28 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in AXSM 3 years ago → it's now worth $18,880.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Axsome reported an EPS beat, with loss per share at -$0.56 versus the -$0.72 estimate.
The quarter showed the usual Axsome split screen. Revenue growth stayed hot, but the business is still not consistently profitable. The key support came from marketed-drug momentum, especially Auvelity.
$442M
revenue
-$0.56
eps
22.22%
eps surprise
the number that mattered
The 22.22% EPS beat matters most because it shows losses are improving faster than analysts expected, which is the first step toward making a 731.2x multiple look less absurd.
-
axsome therapeutics’ marketed drugs continue to show strength.
-
third-quarter revenue soared 63%, vs. prior year, and 14% sequentially, to $171.0 million.
-
much of the growth was driven by auvelity, axsome’s flagship rapid-acting oral anti-depressant, which generated a 69% gain in product sales.
-
prescriptions totaled 209,000, up 46%, vs. prior year, and payer coverage rose, too.
-
sales for sunosi (for excessive daytime sleepiness related to narcolepsy or sleep apnea) climbed 35%, vs. prior year, with scripts up 12%, to 53,000.
source: company earnings report, 2026
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What could go wrong
This is not a generic biotech warning label. AXSM has a very specific setup: Auvelity is doing the sprinting while profitability is still tying its shoes. If script momentum cools before earnings show up, you do not have much cushion.
med
Auvelity is carrying a lot of the story
Auvelity prescriptions hit 209,000 and rose 46% from a year ago. Product sales climbed 69%. Great news. It also means the stock is highly sensitive to even a modest slowdown in the lead franchise.
If Auvelity growth loses altitude before AXSM has broader earnings support, the market will reprice the whole story fast.
med
Top-line growth still is not reaching the bottom line
AXSM just posted $171.0M in quarterly revenue and still keeps roughly one cent of every dollar as profit. That is what 1.2% net margin means in plain English.
If commercialization costs stay heavy, strong revenue growth can keep looking impressive without making valuation feel safer.
med
The next-act value is real, but this page cannot fully underwrite it
We know AXSM has a broader CNS pipeline. We do not have stage-by-stage probabilities, timelines, or detailed readout framing on this page. At a $7B market cap, that missing detail matters.
If pipeline progress disappoints, investors are left paying a premium mainly for Auvelity and Sunosi plus a still-thin earnings profile.
med
The stock behaves like a high-expectation biotech because it is one
Price stability is 5 / 100 and the 52-week range runs from $64 to $153. That is a wide band around a current price of $146.24.
If you own AXSM, you are not just underwriting the company. You are underwriting the market's mood around execution, readouts, and growth durability.
The setup is simple. If revenue keeps compounding, the stock works. If growth slips, 27.5% downside to $106 stops looking theoretical.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Auvelity prescription pace
Auvelity prescriptions grew 46% to 209,000. If that pace stays strong, the commercialization thesis stays intact. If it fades quickly, the stock loses its cleanest proof point.
outlook
progress toward the $860M revenue view
Management's coming-year revenue view sits around $860M. That is now the benchmark. Here’s the catch: once the market believes the number, simply being ambitious stops helping.
risk
whether growth finally reaches the income statement
A 1.2% net margin leaves very little slack. More revenue matters, but the bigger tell is whether each new dollar starts behaving more like profit.
flow
institutional buying direction
The data on this page points to net institutional buying, but not with enough depth to call it conviction. Direction helps. Size would help more.
Analyst rankings
momentum
bottom 5%
in human-speak, the tape hates this right now even though the business numbers improved.
stability
below average
stability score 4 and price stability 5 / 100 mean larger swings than most stocks.
technical
average
technical score 3 says the chart is not giving you a dramatic edge either way.
earnings predictability
75 / 100
management has been steadier than the share-price behavior suggests. The business is still messy. The reporting cadence has been less so.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 193 buyers vs. 138 sellers in 3q2025. total institutional holdings: 37.5M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$106
$217
$146
current price
$162
target midpoint · +11% from current · 3-5yr high: $250 (+70% · 14% ann'l return)
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