Avadel Pharmaceuticals (AVDL) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Business performance and market progress

• Over 2,400 patients initiated on therapy since launch, with 1,900 on therapy at end of Q2 2024.

• Consistent quarterly growth with 600+ new patient starts and 500+ net new patients per quarter.

• LUMRYZ is capturing patients from switches, new starts, and those who previously discontinued oxybate.

• Discontinuation rate at month 13 is 21.7%, lower than legacy oxybate products.

• Over 100 prescribers new to oxybate have enrolled and prescribed LUMRYZ, expanding market reach.

Product differentiation and patient feedback

• LUMRYZ offers once-at-bedtime dosing, eliminating the need for a middle-of-the-night dose.

• 94% of patients in open-label extension preferred LUMRYZ over twice-nightly alternatives.

• Over 90% of patients would recommend LUMRYZ to others.

• Key benefits cited include improved sleep and convenience for both patients and caregivers.

• Market research and real-world data confirm dosing convenience as the most valued attribute.

Market opportunity and strategy

• LUMRYZ targets not only 3,000 new annual patient starts but also 30,000+ current or former oxybate users.

• Fastest-growing segment is de novo, naive-to-oxybate patients.

• Pediatric NDA decision expected imminently, with plans to expand outreach to pediatric sleep specialists if approved.

• Commercial infrastructure is highly leverageable, supporting future growth and potential business development.

• Net pricing characterized as steady state for 2024, with 6% uplift in Q2 due to reduced financial assistance impact.