Axsome Therapeutics Q1 2026 Earnings Review: Gains Mystify Me, But Can't Be Denied

Axsome Therapeutics, Inc. is rated Hold, as revenue growth and pipeline promise are offset by sequential declines and ongoing losses. AXSM's Q1 revenues grew 57% year-on-year to $191m, but both Auvelity and Sunosi saw sequential sales declines. Management's peak revenue targets—over $18bn across the portfolio—appear highly ambitious given current product performance and competitive dynamics.