Axsome Says AUVELITY Prescriptions Hit Record as Alzheimer's Launch Grows

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Axsome Therapeutics said AUVELITY prescriptions are accelerating after its sales-force expansion and the drug's launch in Alzheimer's disease agitation, with weekly new-to-brand prescriptions reaching a record 3,800. Speaking at Morgan Stanley's Global Healthcare Conference, Chief Financial Officer Nick Pizzie said patients aged 65 and older now account for about 31% of new-to-brand prescriptions, up from roughly 19% before the indication's approval, and that agitation is the fastest-growing segment. Average weekly new-to-brand prescriptions were about 2,400 in the first quarter and 3,000 in the second quarter. Management reiterated its $8 billion long-term peak-sales outlook for AUVELITY, split evenly between $4 billion in major depressive disorder and $4 billion in Alzheimer's disease agitation, and reported 89% coverage of total covered lives, including 100% Medicare coverage. Pizzie said second-quarter selling, general and administrative expense of $208 million should be a reasonable reference point for the back half of the year, while research and development expense of $46 million is expected to rise modestly, and management expects revenue to grow faster than operating expenses on a very clear path toward positive cash flow and profitability.

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Management reiterated $8B peak-sales outlook and expects revenue to grow faster than opex on a path to positive cash flow and profitability.

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