Avadel Pharmaceuticals (AVDL) UBS Virtual CNS Day 2025 summary

Company and product overview

• LUMRYZ is a once-at-bedtime oxybate therapy for narcolepsy, launched 18 months ago and rapidly adopted, with over 2,500 net new patients as of December 31, nearly three times more than the nearest competitor in the same period.

• The product's clinical value, especially its once-at-bedtime dosing, is recognized by both patients and physicians, and it has received Orphan Drug Exclusivity for being clinically superior to first-generation therapies.

• LUMRYZ is expanding the oxybate market by attracting new prescribers and patients, including those previously naive to oxybate or who discontinued other therapies.

• Lifecycle management includes a phase III trial for idiopathic hypersomnia and work on a lower/no sodium formulation.

• The company is confident in sustained growth for 2025 and beyond, supported by strategic investments and a differentiated product profile.

Commercial strategy and growth outlook

• Investments in patient support, sales force expansion, and enhanced provider engagement are designed to accelerate patient growth and adherence.

• Early 2025 shows higher patient demand and improved retention, confirming alignment with market needs.

• 2025 is expected to deliver approximately 50% revenue growth over 2024, with quarter-over-quarter growth anticipated, especially from Q2 onward as commercial actions take effect.

• Expansion of the prescriber base and more efficient patient onboarding are attributed to the expanded sales and field support teams.

• Patient retention, especially in the first 90 days, has improved due to increased nurse and field support resources.

Market dynamics and patient mix

• The patient mix has shifted from mostly switch patients in the first year to about 60% new oxybate patients in the second half of 2024.

• Discontinuation rates are higher among new oxybate patients, while switch patients show much lower rates; efforts are focused on improving persistency and optimizing the patient mix.

• The market opportunity is large, with about 90% of potential patients coming from switch or previously discontinued segments.

• Direct-to-patient education and activation efforts have increased in 2025, aiming to empower patients to request LUMRYZ from their physicians.