Axsome Therapeutics sees 57% revenue growth but cautious outlook due to sales dips and ambitious targets

Axsome Therapeutics reported a 57% year-on-year revenue increase to $191 million in Q1 2026, yet experienced sequential sales declines in key products Auvelity and Sunosi. Despite management's ambitious peak revenue goal of over $18 billion, current product performance and competitive pressures raise doubts. The analyst remains cautious, awaiting important catalysts like the solriamfetol binge eating disorder trial results before making a buy or sell recommendation. Shares rose over 10% in early trading following the earnings release.