Axsome Therapeutics vs. Moderna: Consistent Revenue Growth or Sharp Volatility
Key Points
Axsome Therapeutics currently demonstrates a stronger revenue profile than Moderna, ultimately surpassing its counterpart in total sales volume for the quarter ended June 2026 despite starting from a considerably lower historical baseline at the very beginning of the charted timeline.
Axsome Therapeutics maintained a continuous trajectory of steady quarter-over-quarter revenue growth across all corresponding reporting periods provided in the underlying data, whereas Moderna recorded regular top-line fluctuations marked by periodic peaks that preceded deep sequential drop-offs over the same timeframe.
Investors should closely watch whether the newly established revenue gap between the two distinct companies continues to widen steadily, or if historical volatility eventually causes their comparative positions to swap once again in upcoming reporting cycles as more data becomes available.
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Axsome Therapeutics: Steady and Consistent Revenue Growth Trends
Axsome Therapeutics (NASDAQ:AXSM) primarily discovers, develops, and exclusively commercializes innovative medical treatments targeting numerous central nervous system disorders domestically.
It formally initiated an extensive late-stage clinical trial evaluating solriamfetol as a targeted treatment for pediatric attention deficit hyperactivity disorder, and the U.S. Food and Drug Administration officially accepted its newly submitted New Drug Application for cataplexy in narcolepsy candidate AXS-12.
Moderna: Severe Sequential Revenue Fluctuations and Steep Declines
Moderna (NASDAQ:MRNA) researches, develops, and globally commercializes diverse therapeutic applications and preventive medicines utilizing its proprietary messenger RNA technology.
The U.S. Food and Drug Administration officially approved its completely updated seasonal vaccine formulas, while it simultaneously priced an upsized $2.6 billion public offering of convertible senior notes intended to provide ongoing general corporate funding for broader business investments and debt repayment.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, which serves as a direct and fundamental baseline indicator of overall commercial traction by continually tracking all incoming sales dollars generated during the financial period.
Quarterly Revenue Results for Axsome Therapeutics and Moderna
| Calendar quarter | Axsome Therapeutics Revenue | Moderna Revenue |
|---|---|---|
| Q3 2024 | $104.8 million (quarter ended Sept. 30, 2024) | $1.9 billion (quarter ended Sept. 30, 2024) |
| Q4 2024 | $118.8 million (quarter ended Dec. 31, 2024) | $956.0 million (quarter ended Dec. 31, 2024) |
| Q1 2025 | $121.5 million (quarter ended March 31, 2025) | $107.0 million (quarter ended March 31, 2025) |
| Q2 2025 | $150.0 million (quarter ended June 30, 2025) | $142.0 million (quarter ended June 30, 2025) |
| Q3 2025 | $171.0 million (quarter ended Sept. 30, 2025) | $1.0 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $196.0 million (quarter ended Dec. 31, 2025) | $678.0 million (quarter ended Dec. 31, 2025) |
| Q1 2026 | $191.2 million (quarter ended March 31, 2026) | $389.0 million (quarter ended March 31, 2026) |
| Q2 2026 | $218.4 million (quarter ended June 30, 2026) | $145.0 million (quarter ended June 30, 2026) |
Foolish Take
The COVID-19 vaccine developed by Moderna was a proof of concept of the power of mRNA research to quickly produce new treatments. Unfortunately for Moderna, the decline in people getting the COVID vaccine, along with numerous competitors with their own vaccines, has hammered the company's revenue in recent years, as the chart shows. A more recent RSV vaccine reached the market after competing vaccines, resulting in less-than-robust adoption and continuing the recent trend of weak revenue relative to past performance.
Axsome right now is a three-drug business: Auvelity, Sunosi, and Symbravo. But there is promise of a broadening of the offerings in the future. Axsome has trials ongoing in smoking cessation, ADHD, binge eating disorder, major depressive disorder with symptoms of excessive daytime sleepiness or excessive sleepiness, fibromyalgia, and shift work disorder. It also has programs that are in the works for schizophrenia, epilepsy, and Tourette's.
Still, the near term is driven by its three offerings. Auvbelity generated $180 million in sales in the second quarter of 2026, with management seeing peak sales of $8 billion. Similarly, Sunosi brought in $36 million in quarterly sales--most of which are reflected in the latest bar for Axsome in the chart. Management says its peak could be $300 million to $500 million one day.
Revenue trends are important for investors, and right now Axsome is showing sales trending in the right direction, while Moderna, for its excellent long-term promise, is showing the effects of overreliance on a handful of products that have run their course.
Data source: Financial Modeling Prep. Data as of Sept. 25, 2026.
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Brendan Coffey has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axsome Therapeutics and Moderna. The Motley Fool has a disclosure policy.
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