Avadel Pharmaceuticals PLC: Q4 2024 Earnings Call Highlights Strong Revenue Growth and Patient Adoption

Avadel Pharmaceuticals PLC (AVDL) recently reported strong preliminary Q4 2024 results for LUMRYZ, their narcolepsy treatment. The company's net revenue from sales of LUMRYZ™ reached approximately $50.0 million in the fourth quarter, representing a greater than 150% increase over $19.5 million in the comparable period in 2023. Full-year 2024 net product revenue was approximately $169.0 million, up from $28.0 million in 2023. The company ended the year with approximately $73.0 million of cash, cash equivalents, and marketable securities.

As of December 31, 2024, there were 2,500 patients on LUMRYZ, a more than 275% increase from 900 patients at the end of 2023. In the fourth quarter, 600 patients initiated therapy, with 38% switching from first-generation oxybates, 34% new to oxybate, and 28% previously discontinued oxybate users. Approximately 74% of patients on therapy were reimbursed.

Avadel Pharmaceuticals PLC's CEO, Greg Divis, attributed the strong performance to consistent patient adoption of LUMRYZ and overwhelmingly positive feedback from both patients and providers about the transformative benefits of once-nightly dosing. The company's commercial execution, including the expansion of the sales force by 15% and doubling the field reimbursement team, also contributed to the growth.

For 2025, Avadel Pharmaceuticals PLC projects net product revenue in the range of $240 – 260 million, representing a 50% increase at the midpoint of guidance from 2024. The company expects positive cash flow of $20 – $40 million and 2,800 – 3,000 patients initiating therapy, with 3,300 – 3,500 total patients on therapy at December 31, 2025.

Patient enrollment is ongoing in the REVITALYZ pivotal study, a Phase 3 double-blind, placebo-controlled, randomized withdrawal, multicenter study designed to evaluate the efficacy and safety of LUMRYZ in idiopathic hypersomnia (IH). Completion of this study is expected during the second half of 2025. Preclinical development is also ongoing for a once-nightly, low-/no-sodium oxybate formulation with a target product profile bioequivalent to LUMRYZ.




In conclusion, Avadel Pharmaceuticals PLC's strong preliminary Q4 2024 results, driven by consistent patient adoption of LUMRYZ and positive feedback from patients and providers, position the company for continued growth in 2025. The company's commercial execution and strategic initiatives, coupled with the ongoing REVITALYZ study and preclinical development of a low-/no-sodium oxybate formulation, support the company's positive outlook for the coming year.