Avadel Pharmaceuticals plc(AVDL) - 2025 Q3 - Quarterly Results

Revenue and Profitability - Generated LUMRYZ™ net product revenue of $77.5 million, a 55% increase compared to third quarter 2024[6] - Net product revenue for Q3 2025 was $77.467 million, a 54.7% increase from $50.025 million in Q3 2024[41] - Gross profit for the quarter was $81.6 million, or 105% of net product revenue, compared to $43.9 million, or 88% of net product revenue, for the same period in 2024[11] - Gross profit for Q3 2025 reached $81.583 million, compared to $43.870 million in Q3 2024, reflecting a significant improvement[41] - Operating income for the nine months ended September 30, 2025, was $7.820 million, a turnaround from a loss of $39.102 million in the same period of 2024[41] - Net income for the quarter was $20 thousand, or $0.00 per diluted share, compared to a net loss of $2.6 million, or ($0.03) per diluted share, for the same period in 2024[14] - Net income for the nine months ended September 30, 2025, was $4.765 million, compared to a loss of $43.789 million in the same period of 2024[41] Expenses - Research and development expenses for the quarter were $27.0 million compared to $3.8 million for the same period in 2024[12] - Selling, general and administrative expenses for the quarter were $52.6 million compared to $40.4 million for the same period in 2024[13] - Research and development expenses surged to $27.010 million in Q3 2025, up from $3.803 million in Q3 2024, indicating increased investment in innovation[41] Cash and Assets - Cash, cash equivalents, and marketable securities were $91.6 million at September 30, 2025, compared to $81.5 million at June 30, 2025[15] - Cash and cash equivalents increased to $79.813 million as of September 30, 2025, up from $51.371 million at the end of 2024[43] - Total assets grew to $199.448 million as of September 30, 2025, compared to $164.236 million at the end of 2024[43] - Total liabilities increased to $101.223 million as of September 30, 2025, from $90.388 million at the end of 2024[43] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $26.670 million, a significant improvement from a cash outflow of $54.780 million in the same period of 2024[45] - The company reported a net change in cash and cash equivalents of $28.442 million for the nine months ended September 30, 2025[45] Patient and Market Developments - Approximately 3,400 patients on LUMRYZ as of September 30, 2025, a 48% increase compared to September 30, 2024[6] - A global settlement with Jazz Pharmaceuticals was announced, allowing Avadel to commercialize LUMRYZ for indications beyond narcolepsy starting March 1, 2028[9] - Patient enrollment in the REVITALYZ study is on track to be completed by the end of 2025[7] Corporate Transactions - Avadel entered into a definitive agreement with Alkermes for a total transaction consideration of up to $20.00 per share, valuing Avadel at approximately $2.1 billion[2]