Avadel announced its third‑quarter 2025 financial results on November 4, 2025, reporting net product revenue of $77.5 million, a 55 % year‑over‑year increase driven by accelerated uptake of its once‑nightly sodium oxybate, LUMRYZ. The company also disclosed that 3,400 patients were on LUMRYZ as of September 30, 2025, up 48 % from the same date in 2024, underscoring the product’s growing market penetration.
The earnings release highlighted a net income of $20 k for the quarter, a turnaround from the $2.6 million loss reported in Q3 2024. Operating expenses rose modestly to $79.6 million, largely due to expanded commercialization costs, while gross profit reached $81.6 million, reflecting a gross margin of 105 % of net product revenue thanks to a royalty reversal from Jazz Pharmaceuticals. Cash, cash equivalents and marketable securities stood at $91.6 million, giving the company a strong liquidity position.
In addition to the financial results, Avadel announced a global settlement with Jazz Pharmaceuticals that resolves all litigation and includes an upfront cash payment and a royalty arrangement. The company also reiterated its pending acquisition by Alkermes, with a transaction value of up to $20 per share and an expected closing in the first quarter of 2026. The combination of robust revenue growth, improved profitability, and a clear exit strategy positions Avadel for continued value creation for shareholders.
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