Avadel Pharmaceuticals (AVDL) Goldman Sachs 45th Annual Global Healthcare Conference summary

Market overview and opportunity

• Narcolepsy market includes about 170,000 diagnosed patients, with 130,000 on pharmacologic treatments and 14,000 currently on oxybates.

• LUMRYZ targets three segments: current oxybate users, new patient starts (3,000–4,000 annually), and patients who discontinued oxybates in the past 3–4 years (up to 15,000 individuals).

• Total addressable market for LUMRYZ is estimated at 50,000 patients, significantly larger than just new starts.

Competitive landscape and positioning

• Oxybates are typically third-line treatments after failure of wake-promoting agents or stimulants, with most patients also on antidepressants.

• LUMRYZ is positioned as the preferred, once-nightly oxybate, aiming to be the first choice for new, switch, and previously discontinued patients.

• Future market may include combination therapies with orexins, but LUMRYZ aims to remain the leading oxybate.

Clinical data and real-world evidence

• Pivotal phase III trial showed statistically significant results across all endpoints and doses, with efficacy as early as week one in some analyses.

• Real-world data from the RESTORE study: 94% of patients preferred LUMRYZ's dosing, over 90% would recommend it, and over 95% were satisfied with treatment.

• Patient and physician feedback highlights improved quality of life and convenience compared to twice-nightly regimens.