Avadel climbs on upbeat Q4 2023 prelim revenue

Avadel Pharmaceuticals

08/01/2024 15:45

** Shares of drugmaker Avadel Pharmaceuticals  AVDL.O  rise
~14% to $16.97, its highest since July 2023 
    ** Co estimates fourth-quarter revenue of $19 mln, higher
than analysts' average expectation of $15.9 mln - LSEG data
        ** The company makes almost all of its revenue from its
sleep disorder drug Lumryz, which was approved by US regulators
in May 2023
  
        ** Says it has about $105 mln in cash, cash equivalents
and marketable securities as of Dec. 31
    ** Stock was up 97.2% in 2023

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))