Neurology-Focused Axsome Therapeutics Reports Deeper Than Expected Q4 Loss, Updates Upcoming Pipeline Milestones
Portfolio Pulse from Vandana Singh
Axsome Therapeutics Inc (NASDAQ:AXSM) reported a Q4 2023 net loss of $(2.08) per share, missing consensus estimates and deeper than the previous year's $(1.41) per share. Despite this, Q4 revenues rose to $71.53 million from $24.37 million a year ago, beating consensus estimates of $67.69 million. The revenue increase was driven by sales of its oral antidepressant Auvelity and sleep disorder drug Sunosi, with significant year-over-year growth. The company also updated its pipeline milestones, including delays in new drug application submissions and clinical trial initiations.
February 20, 2024 | 6:05 pm
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Axsome Therapeutics reported a deeper Q4 loss than expected but saw revenue growth from Auvelity and Sunosi sales. The company also announced delays in its drug development pipeline.
The reported wider loss than expected and the downward price action indicate a negative short-term impact on AXSM's stock. However, the revenue growth from product sales and updates on the drug development pipeline provide a mixed outlook, suggesting potential recovery factors.
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