Axsome Therapeutics (AXSM) Jefferies Global Healthcare Conference 2026 summary

Commercial portfolio and recent milestones

• Three commercial products approved for four indications: Auvelity (MDD, Alzheimer's agitation), Sunosi (excessive daytime sleepiness in narcolepsy/OSA), and SYMBRAVO (acute migraine).

• Auvelity launch for Alzheimer's agitation is on track for this month, with focus on commercial performance and prescriber education for the rest of the year.

• Sales team expanded from 300 to 630 to drive top-line growth, especially for Auvelity.

• Peak sales guidance for Auvelity raised to $8 billion, accounting for IRA impacts expected in 2031 or 2032.

• Market access for Auvelity improved to 86% covered lives, with 56% first line or first switch, and significant penetration into long-term care expected.

Pipeline and development updates

• Six product candidates in development across 10 indications in psychiatry and neurology.

• Auvelity (AXS-05) to begin a smoking cessation study in Q2, with additional neuropsychiatric indications under consideration.

• Sunosi has four phase III programs: ADHD (adult study positive, pediatric trials launching this quarter), MDD with excessive sleepiness, shift work disorder (topline data next year), and binge eating disorder (topline results later this year).

• AXS-12 NDA submitted for narcolepsy/cataplexy; awaiting FDA acceptance.

• AXS-14 in phase III for fibromyalgia, with two prior positive trials.

• AXS-17 (epilepsy) and AXS-20 (schizophrenia) in trial-enabling and tech transfer stages.

Market strategy and financial outlook

• Auvelity positioned as a first-line therapy in both community and long-term care settings, with primary care accounting for about 35% of scripts.

• Gross-to-net for Auvelity improved from mid-50s to upper 40s, with further improvement expected as Medicare coverage increases, especially in long-term care and Alzheimer's agitation.

• Early impact from sales force expansion expected in the second half of the year.

• Revenue from new indications and expanded access expected to drive continued growth.