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Sep 30, 2023
Avadel Q3 2023 Earnings Report
Reported third quarter 2023 financial results and provided a corporate update.
Key Takeaways
Avadel Pharmaceuticals reported $7.0 million in net product revenue for the third quarter of 2023, driven by LUMRYZ sales. The company also highlighted the submission of an sNDA for LUMRYZ in the pediatric narcolepsy population and the addition of LUMRYZ to preferred position for CVS commercial formularies effective January 1, 2024.
Generated $7.0 million in third quarter LUMRYZ net revenue from U.S. commercial launch.
Greater than 1,000 patients enrolled in RYZUP and more than 400 patients initiating therapy as of September 30.
LUMRYZ to be added to preferred position for CVS commercial formularies effective January 1, 2024.
Submitted sNDA for LUMRYZ in pediatric narcolepsy population on November 7th.
Avadel
Avadel
Avadel Revenue by Segment
Revenue by Segment
LUMRYZ Net Product Revenue
CapyFin.com Forward Guidance
This press release includes forward-looking statements that relate to our future expectations, beliefs, plans, strategies, objectives, results, conditions, financial performance, prospects or other events.
Positive Outlook
- Potential therapeutic benefit of LUMRYZ
- Success of the commercialization of LUMRYZ
- Anticipated market availability, demand and sales opportunity of LUMRYZ
- Potential expansion of LUMRYZ into the pediatric narcolepsy population including acceptability for filing and FDA’s review of the sNDA for such population
- Potential benefits of payor coverage, including CVS preferred status
Challenges Ahead
- Risks and uncertainties described in the “Risk Factors” section of Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022
- The Company’s business and operations are subject to significant risks
- There can be no assurance that actual results and the results of the company’s business and operations will not differ materially from the results contemplated in such forward-looking statements.
- Forward-looking statements speak only as of the date they are made and are not guarantees of future performance.
- You should not place undue reliance on forward-looking statements.