Avadel Pharmaceuticals plc (AVDL - Free Report) is an emerging biopharmaceutical company, that currently markets a portfolio of sterile injectable drugs developed under its unapproved marketed drug (UMD) program.
Avadel is developing its lead product candidate, FT218, an investigational once-nightly formulation of sodium oxybate for the treatment of excessive daytime sleepiness (EDS) and cataplexy in narcolepsy patients. In April 2020, the company announced positive top-line results from the pivotal phase III study, REST-ON, which evaluated FT218 for the given indication. The study met its three co-primary efficacy endpoints with all three doses of FT218 (9 g, 7.5 g and 6 g), thus demonstrating highly significant, clinically meaningful improvements compared to placebo.
In the last reported quarter, Avadel delivered a positive earnings surprise of 72.00%.
Currently, Avadel has a Zacks Rank #2 (Buy). We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Beat: Avadel reported loss of 2 cents per share in the first quarter of 2020, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Moreover, year over year loss narrowed 94.2%.
Revenues Beat: Revenues were down 25.6% year over year at $12.2 million. Revenues also beat the Zacks Consensus Estimate of $10.2 million.
Key Stats: Avadel’s top line mainly comprises sales of sterile injectable drugs used in hospital setting. Revenues declined yearly in first quarter 2020 due to lower overall sales volume for hospital products as a result of increased market competition. Selling, general and administrative expenses were down 24% to $7.9 million while Research & development expenses decreased 24.6% to $5.5 million. The company ended the quarter with $113.5 million in cash and cash equivalents.
Share Price Impact: Shares of Avadel were inactive in pre-market trading.
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