Avadel Pharmaceuticals PLC Announces Third Quarter 2024 Financial Results

Avadel Pharmaceuticals PLC, a biopharmaceutical company, has recently disclosed its financial results for the third quarter ended on September 30, 2024. The company reported a net product revenue of $50.0 million from sales of LUMRYZ™ during this period. This figure marks a significant increase compared to the same period in 2023.

The company revealed that as of September 30, there were approximately 2,300 patients utilizing LUMRYZ, with 700 patients initiating therapy during the quarter. Avadel Pharmaceuticals also highlighted the continued growth in patient demand, particularly from individuals new to oxybate, indicating an upward trend in LUMRYZ adoption.

Moreover, Avadel Pharmaceuticals disclosed several corporate updates, including the FDA’s approval of LUMRYZ for the treatment of cataplexy or excessive daytime sleepiness in patients aged 7 and older with narcolepsy. The approval was paired with Orphan Drug Exclusivity through October 2031, further solidifying the market positioning of LUMRYZ.

The company emphasized its commitment to ongoing research and development, notably the Phase 3 pivotal study evaluating the efficacy and safety of LUMRYZ in idiopathic hypersomnia. Avadel Pharmaceuticals expressed satisfaction with the recent court ruling upholding the FDA’s determination that LUMRYZ is clinically superior to its counterparts, removing legal uncertainties.

Financially, Avadel Pharmaceuticals recorded a gross profit of $43.9 million for the third quarter of 2024, with total operating expenses amounting to $44.2 million. The company’s operating loss for the period decreased significantly compared to the same timeframe in 2023.

Furthermore, Avadel Pharmaceuticals reported a net loss of $2.6 million for the quarter ended September 30, 2024, reflecting a notable improvement from the net loss of $36.3 million reported for the corresponding period in 2023. The company’s cash, cash equivalents, and marketable securities stood at $65.8 million as of September 30, 2024.

Avadel Pharmaceuticals also provided an overview of its financial status, stating total assets of $158.3 million as of September 30, 2024. The company’s financial reports indicate a strategic focus on innovation, growth, and continued market expansion for its flagship product, LUMRYZ.

Investors and stakeholders can access additional details and updates through Avadel Pharmaceuticals’ corporate communications or its Investor Relations website.

Please note that this article is a summary of Avadel Pharmaceuticals PLC’s 8-K SEC filing and subsequent press release.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Avadel Pharmaceuticals’s 8K filing here.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is LUMRYZ, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017.