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- **Revenue and Profitability**: Q2 net revenue $68.1M (+64% YoY), first quarterly net income $9.7M, and full-year guidance raised to $265M-$275M.
- **Patient Growth**: 3,100 active patients (+63% YoY), with 64% YoY revenue growth and 63% new patient starts YoY.
- **IH Expansion**: Phase III IH trial nearing completion, targeting 2026 data readout for 42,000 IH patients (11% treated).
- **Litigation Strength**: Court affirmed LUMRYZ's superiority; antitrust trial seeks >$1B recovery.
- **Operational Efficiency**: 30% sequential revenue growth, 32% gross profit growth, and $15M cash generation.

**【CEO Opening Remarks】**
- **Patient Growth**: 3,100 active patients on LUMRYZ as of Q2, up 63% YoY, with 64% YoY revenue growth to $68.1M.
- **Financial Milestones**: First quarterly net income of $9.7M ($0.10 EPS) and cash generation of $15M.
- **Guidance Update**: Full-year 2025 revenue raised to $265M-$275M, driven by commercial execution and IH expansion.
- **Litigation Progress**: Court affirmed LUMRYZ's clinical superiority; antitrust trial set for Nov 2025 with potential recovery >$1B.
- **IH Pipeline**: Phase III REVITALYZ trial nearing completion, targeting 2026 data readout for IH indication.

**【COO Commercial Update】**
- **Prescriber Adoption**: 80% of new prescribers continue prescribing LUMRYZ, with 94% of switch patients preferring LUMRYZ in Phase III extension.
- **Patient Metrics**: Improved persistency, reimbursement rates, and patient mix (over 50% switch patients).
- **Investments**: Expanded sales force to 60 reps and direct-to-patient programs to accelerate growth.
- **Market Expansion**: LUMRYZ positioned to address IH's 42,000 diagnosed patients (11% treated) with once-nightly dosing.

**【CFO Financial Commentary】**
- **Revenue**: Q2 net revenue $68.1M (+64% YoY), with Q3 guidance of $71M-$75M (+46% YoY).
- **Profitability**: Adjusted operating income $15M, gross profit $61.8M, and cash operating expenses $46.8M.
- **Cash Flow**: $81.5M cash on hand, supporting commercial and clinical initiatives.
- **Cost Structure**: Highly leveraged model with 30% sequential revenue growth and 32% gross profit growth.

**【Q&A Highlights】**
- **Patient Mix**: Over 50% switch patients, with improving persistency and reimbursement rates.
- **Pricing**: Annualized net revenue per patient ~$92,000, driven by gross-to-net improvements.
- **Market Growth**: Oxybate market expanding due to LUMRYZ's simplified dosing, attracting new prescribers.
- **Litigation Strategy**: Focused on defending intellectual property and pursuing antitrust recovery.


Avadel Pharmaceuticals (AVDL)-7 Aug 25-2025 Q2 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AVDL

AVDL fundamentals

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