Summary: Avadel Pharmaceuticals reported preliminary fourth-quarter 2024 results, highlighting a 150% year-over-year increase in revenue for its once-nightly narcolepsy treatment Lumryz, reaching approximately $50 million. The company also outlined its 2025 commercial strategy, which includes expanding its field sales and reimbursement teams, enhancing patient support services, and advancing pipeline projects such as a phase 3 study for idiopathic hypersomnia.
Key Takeaways
- Revenue Growth: Lumryz generated approximately $50 million in Q4 2024, reflecting a 150% increase from the same period in 2023, driven by strong patient demand.
- Strategic Investments for 2025: Avadel is expanding its field sales and reimbursement teams, enhancing patient support initiatives, and targeting broader physician outreach to boost Lumryz adoption and persistency.
- Pipeline Progress: The company is advancing its REVITALYZ phase 3 trial for idiopathic hypersomnia and developing a low-/no-sodium oxybate formulation.
Avadel Pharmaceuticals announced preliminary fourth-quarter results showing a more than 150% year-over-year increase in revenue for its once-nightly narcolepsy treatment Lumryz, alongside expanded commercial efforts and pipeline progress aimed at accelerating growth in 2025.
Fourth-quarter net product revenue was approximately $50 million, an increase compared to $19.5 million in the fourth quarter of 2023.
The company recently made several commercial investments to accelerate Lumryz’s reach. These include expanding and upgrading the field sales team by nearly 15% to gain broader physician reach and impact into the under-penetrated 75% prescriber universe, as well as doubling the field reimbursement team to align with the field sales team to accelerate the time and pace of patient fulfillment.
Avadel also expanded patient ambassador direct-to-patient initiatives to better educate and activate oxybate patients to seek Lumryz and is progressing field-based patient support services beyond the traditional telephonic and digital interventional tools to a more personal intervention at the patient and physician office level.
“As we move into 2025, we are building on this momentum with a refined commercial strategy to increase demand for and persistency on Lumryz with the primary goal of enhancing the overall Lumryz experience for both patients and providers,” says Greg Divis, chief executive officer of Avadel Pharmaceuticals, in a release. “We believe the strategic initiatives we’re introducing now will drive uptake among each of the three narcolepsy patient segments—switches, new to oxybates, and previously treated and discontinued—and allow us to further unlock the market potential of Lumryz.”
The company expects to announce its full results for the 12 months ended Dec 31, 2024, on or before March 3.
Lumryz Launch Progress
As of Dec 31, 2024, there were 2,500 patients on Lumryz, a more than 275% increase compared to 900 as of Dec 31, 2023. In the fourth quarter, 600 patients initiated therapy.
Demand continued from all three patient segments during the fourth quarter, with 38% of patients switching from first-generation oxybates, 34% who are new to oxybate, and 28% who have previously tried and discontinued oxybates.
Approximately 74% of patients on therapy were reimbursed as of Dec. 31.
Pipeline Updates
Patient enrollment is ongoing in the REVITALYZ pivotal study, a phase 3 double-blind, placebo-controlled, randomized withdrawal, multicenter study designed to evaluate the efficacy and safety of Lumryz in idiopathic hypersomnia. Completion of this study is expected during the second half of 2025.
Preclinical development is ongoing for a once-nightly, low-/no-sodium oxybate formulation with a target product profile bioequivalent to Lumryz.
Full-Year 2025 Guidance
For the full year 2025, Avadel expects net product revenue in the range of $240–260 million, representing a 50% increase at the midpoint of guidance from 2024.
The company’s full-year 2025 guidance is preliminary and based upon the company’s current view of existing market conditions and assumptions for the year ending Dec 31, 2025.
Photo caption: Lumryz
File photo/Avadel Pharmaceuticals
