AVADEL PHARMACEUTICALS PLC
avadel.comWhat Do They Do?
Sells LUMRYZ, an extended-release sodium oxybate medicine for narcolepsy, to specialty pharmacies serving patients with narcolepsy.
10-K for FY2024, filed Mar 3, 2025Avadel Pharmaceuticals plc (Nasdaq: AVDL) (“Avadel,” the “Company,” “we,” “our,” or “us”) is a biopharmaceutical company. LUMRYZ is an…View ↗
As of the date of this Annual Report, LUMRYZ is the only commercial product in our portfolio. We continue to evaluate opportunities to…View ↗
The Company sells LUMRYZ to specialty pharmacies and considers those specialty pharmacies to be its customers. Under ASC 606, revenue from…View ↗
How Do They Make Money?
Avadel sells LUMRYZ to specialty pharmacies; the pharmacies typically receive the product before the sale is counted, and reported sales are reduced for discounts, fees, assistance, rebates and returns.
10-K for FY2024, filed Mar 3, 2025Revenue. Revenue includes sales of LUMRYZ. ASC 606 applies to all contracts with customers, except for contracts that are within the scope…View ↗
The Company sells LUMRYZ to specialty pharmacies and considers those specialty pharmacies to be its customers. Under ASC 606, revenue from…View ↗
Revenues from product sales are recorded at the estimated net selling price, which includes reserves for estimated variable consideration…View ↗
$169.1M
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10-K for FY2024, filed Mar 3, 2025
$169.1M ↗
Who Are Their Customers?
Specialty pharmacies buy LUMRYZ directly from Avadel. The company identifies Caremark, Accredo and Optum as its customers.
10-K for FY2024, filed Mar 3, 2025
10-K for FY2024, filed Mar 3, 2025
Sales by Customer: 2024 2023 Caremark 44 % 39 % Accredo 37 % 41 % Optum 19 % 20 %View ↗
Do Revenues Turn Into Profits?
No. It lost $48.8M in FY2024.
10-K for FY2024, filed Mar 3, 2025
−$42.4MView ↗
10-K for FY2024, filed Mar 3, 2025
−$48.8MView ↗
10-K for FY2024, filed Mar 3, 2025
−$46.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2025, filed Nov 5, 2025
$20KView ↗
- ▲ Now profitable
- vs −$2.6M in Q3 FY2024
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Feb 12, 2026
Alkermes completed its acquisition of Avadel
Avadel became a wholly owned subsidiary of Alkermes, and Avadel shares ceased trading on Nasdaq.
Sources
8-K, filed Feb 12, 2026
On February 12, 2026, Avadel and Alkermes plc (“Alkermes”), completed the transactions contemplated by the previously announced Transaction…View ↗
Growing. Revenue grew 7.6x in 4 years, from $22.3M in FY2020 to $169.1M in FY2024, about 66% a year.
From development to commercial sales
The older report described an oxybate product candidate awaiting FDA review; the latest report describes LUMRYZ as an approved medicine sold commercially.
10-K for FY2021, filed Mar 16, 2022 10-K for FY2024, filed Mar 3, 2025Avadel Pharmaceuticals plc (Nasdaq: AVDL) (“Avadel,” the “Company,” “we,” “our,” or “us”) is a biopharmaceutical company. Our lead product…View ↗
Hospital products sold
The older report included a portfolio of hospital-use sterile injectable products, which Avadel said it had sold. The latest report centers its commercial business on LUMRYZ.
10-K for FY2021, filed Mar 16, 2022 10-K for FY2024, filed Mar 3, 2025
Who Do They Compete With?
Competes with Hikma Pharmaceuticals, Amneal Pharmaceuticals, and Jazz Pharmaceuticals
10-K for FY2024, filed Mar 3, 2025LUMRYZ competes with twice-nightly oxybate formulations, as well as a number of daytime wake promoting agents including lisdexamfetamine…View ↗
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