Avadel Pharma rises on strong demand for sleep disorder drug

Avadel Pharmaceuticals

04/03/2024 13:30

** Shares of Avadel Pharmaceuticals  AVDL.O  rise 8.6% to
$14.90 in premarket trading
    ** Co reports Q4 rev of $19.45 mln, vs average analysts' 
estimate of $18.2 mln, driven by strong uptake of its sleep
disorder drug -LSEG data
    ** The drug, Lumryz, is approved to treat excessive daytime
sleepiness in adults with narcolepsy  
     ** Narcolepsy is a chronic neurological disorder that
affects the brain's ability to control sleep-wake cycles
    ** AVDL records net loss of $28.8 mln vs analysts' estimate
of a loss of $23.4 mln -LSEG data 
    ** Co has cash, cash equivalents and marketable securities
were $105.1 million as of Dec. 31
    ** Up to last close, stock rose 45.2% in the past 12 months 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))