Avadel Pharmaceuticals Misses Earnings Estimates But Posts 150% Sales Increase From Narcolepsy Drug LUMRYZ
Avadel Pharmaceuticals (NASDAQ:AVDL) slipped by 25.63% in after-hours on Wednesday after it missed the fourth quarter sales estimate by 5.12%. Still, the sales of its narcolepsy drug, LUMRYZ rose by 150% on an annual basis.
What Happened: The preliminary earnings results for the fourth quarter pegged a 150% increase in net product revenue to $50 million, as compared to $19.5 million in the fourth quarter of 2023. This missed the consensus analyst estimate by 5.12%, which was expected to be $52.7 million, according to Benzinga.
The biopharmaceutical company is focused on treating cataplexy, excessive daytime sleepiness, and other sleep disorders in adults and children above seven.
The company reported a full-year net product revenue of approximately $169 million compared to $28 million in 2023. Its cash flow from operations stood at approximately $73 million for the quarter ended Dec. 31, 2024.
Greg Divis, CEO of Avadel Pharmaceuticals, highlighted 2024 as a pivotal year, …
Full story available on Benzinga.com