The company demonstrated significant operational leverage as operating margins improved from -95.8% in 2024Q1 to a positive 2.5% by 2025Q3, supported by consistent gross margins above 90%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 248.52M | 169.12M | 27.96M | 0 | 0 | 22.33M | 59.22M | 103.27M | 172.74M | 150.25M | 173.21M | 14.78M | 22.44M | 26.1M | 32.6M | 37.09M | 42.12M | 38.62M | 36.65M | 23.02M | 23.6M | 55.41M | 25.17M | 18.41M | 13.09M | 10.9M | 11.04M | 9.52M | 8.1M | 4.9M |
| Revenue Growth % | 79.88% | 504.79% | - | - | -100% | -62.28% | -42.66% | -40.22% | 14.97% | -13.26% | 1072.31% | -34.17% | -14.01% | -19.94% | -12.12% | -11.93% | 9.06% | 5.36% | 59.23% | -2.45% | -57.41% | 120.17% | 36.73% | 40.64% | 20.04% | -1.25% | 15.94% | 17.56% | 65.31% | - |
| Cost of Goods Sold | 13.75M | 15.28M | 846K | 0 | 0 | 5.74M | 12.13M | 17.52M | 16.3M | 13.25M | 10.92M | 3.38M | 4.35M | 5.86M | 6.28M | 6.91M | 10.12M | 9.62M | 17.32M | 6.25M | 2.52M | 3.6M | 3.68M | 2.37M | 2.17M | 1.75M | 2.09M | 3.53M | 3.1M | 400K |
| COGS % of Revenue | - | 9.03% | 3.03% | - | - | 25.71% | 20.48% | 16.96% | 9.44% | 8.82% | 6.31% | 22.9% | 19.38% | 22.45% | 19.28% | 18.64% | 24.02% | 24.91% | 47.25% | 27.15% | 10.7% | 6.5% | 14.61% | 12.89% | 16.55% | 16.05% | 18.9% | 37.1% | 38.27% | 8.16% |
| Gross Profit | 234.76M | 153.84M | 27.12M | 0 | 0 | 16.59M | 47.09M | 85.75M | 156.44M | 137M | 162.29M | 11.39M | 18.09M | 20.24M | 26.32M | 30.18M | 32M | 29M | 19.33M | 16.77M | 21.07M | 51.81M | 21.49M | 16.03M | 10.92M | 9.15M | 8.95M | 5.99M | 5M | 4.5M |
| Gross Margin % | 94.47% | 90.97% | 96.97% | - | - | 74.29% | 79.52% | 83.04% | 90.56% | 91.18% | 93.69% | 77.1% | 80.62% | 77.55% | 80.72% | 81.36% | 75.98% | 75.09% | 52.75% | 72.85% | 89.3% | 93.5% | 85.39% | 87.11% | 83.45% | 83.95% | 81.1% | 62.9% | 61.73% | 91.84% |
| Gross Profit Growth % | - | 467.32% | - | - | -100% | -64.77% | -45.09% | -45.18% | 14.19% | -15.58% | 1324.58% | -37.04% | -10.61% | -23.08% | -12.8% | -5.69% | 10.35% | 49.98% | 15.29% | -20.42% | -59.32% | 141.07% | 34.04% | 46.81% | 19.33% | 2.22% | 49.49% | 19.78% | 11.11% | - |
| Operating Expenses | 230.24M | 196.24M | 164.97M | 98.56M | 85.55M | 10.78M | 71.2M | 146.31M | 96.74M | 92.68M | 59.88M | 44.74M | 39.99M | 40.27M | 35.9M | 40.02M | 43.75M | 49.16M | 60.18M | 55.61M | 61.84M | 42.97M | 26.19M | 16.26M | 14.08M | 25.26M | 15.95M | 15.28M | 14M | 13.5M |
| OpEx % of Revenue | - | 116.04% | 589.94% | - | - | 48.25% | 120.24% | 141.68% | 56% | 61.68% | 34.57% | 302.84% | 178.19% | 154.28% | 110.12% | 107.89% | 103.88% | 127.29% | 164.19% | 241.56% | 262.06% | 77.55% | 104.06% | 88.32% | 107.56% | 231.69% | 144.5% | 160.47% | 172.84% | 275.51% |
| Selling, General & Admin | 190.35M | 181.04M | 151.71M | 74.52M | 68.5M | 32.41M | 30.18M | 100.36M | 58.86M | 44.18M | 21.71M | 15.7M | 13.31M | 14.15M | 10.81M | 11.33M | 13.34M | 12.91M | 16.63M | 17.38M | 14.54M | 7.61M | 5.97M | 4.02M | 3.41M | 3.46M | 3.69M | 3.63M | 3.2M | 12.6M |
| SG&A % of Revenue | - | 107.05% | 542.52% | - | - | 145.09% | 50.97% | 97.18% | 34.08% | 29.4% | 12.54% | 106.25% | 59.29% | 54.22% | 33.16% | 30.55% | 31.67% | 33.43% | 45.36% | 75.48% | 61.62% | 13.74% | 23.71% | 21.82% | 26.09% | 31.69% | 33.44% | 38.13% | 39.51% | 257.14% |
| Research & Development | 39.89M | 15.2M | 13.26M | 20.7M | 17.1M | 20.44M | 32.92M | 39.33M | 34.22M | 34.61M | 25.61M | 17.3M | 26.69M | 26.11M | 25.09M | 28.69M | 30.42M | 36.25M | 43.56M | 38.23M | 47.3M | 35.36M | 20.22M | 12.24M | 10.66M | 9.79M | 11.05M | 10.61M | 10.1M | 0 |
| R&D % of Revenue | - | 8.99% | 47.42% | - | - | 91.53% | 55.59% | 38.08% | 19.81% | 23.04% | 14.78% | 117.08% | 118.91% | 100.05% | 76.96% | 77.34% | 72.22% | 93.86% | 118.83% | 166.09% | 200.44% | 63.81% | 80.36% | 66.49% | 81.47% | 89.79% | 100.13% | 111.41% | 124.69% | - |
| Other Operating Expenses | 0 | 0 | 0 | 3.35M | -53K | -42.07M | 8.1M | 1.9M | 2.08M | -6.55M | 0 | -36K | 0 | 102K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.52M | -42.4M | -137.85M | -98.56M | -85.55M | 5.82M | -24.11M | -104.93M | 88.3M | -4.96M | 71.45M | -93.86M | -50.03M | -3.49M | -9.58M | -9.84M | -11.75M | -20.16M | -40.85M | -38.84M | -40.77M | 8.84M | -4.7M | -223K | -3.15M | -16.11M | -7M | -9.29M | -9M | -9M |
| Operating Margin % | 1.82% | -25.07% | -492.97% | - | - | 26.04% | -40.72% | -101.6% | 51.12% | -3.3% | 41.25% | -635.24% | -222.93% | -13.36% | -29.4% | -26.53% | -27.9% | -52.2% | -111.44% | -168.71% | -172.76% | 15.94% | -18.67% | -1.21% | -24.11% | -147.74% | -63.41% | -97.57% | -111.11% | -183.67% |
| Operating Income Growth % | - | 69.24% | -39.86% | -15.21% | -1571.13% | 124.12% | 77.02% | -218.83% | 1878.45% | -106.95% | 176.12% | -87.59% | -1334.84% | 63.61% | 2.61% | 16.28% | 41.7% | 50.65% | -5.18% | 4.74% | -561.45% | 288.02% | -2007.17% | 92.93% | 80.41% | -130.1% | 24.66% | -3.23% | 0% | - |
| EBITDA | 8.2M | -39.72M | -136.08M | -97.07M | -84.73M | 7.5M | -21.63M | -97.5M | 93.18M | 9.52M | 84.58M | -79.72M | -46.97M | -304K | -6.24M | -5.14M | -5.84M | -12.91M | -34.65M | -33.2M | -36.03M | 11.37M | -2.99M | 1.24M | -1.89M | -14.99M | -5.79M | -8.25M | -8.3M | -8.1M |
| EBITDA Margin % | 3.3% | -23.49% | -486.65% | - | - | 33.6% | -36.52% | -94.41% | 53.94% | 6.34% | 48.83% | -539.53% | -209.29% | -1.16% | -19.13% | -13.87% | -13.86% | -33.43% | -94.54% | -144.22% | -152.67% | 20.51% | -11.87% | 6.72% | -14.4% | -137.53% | -52.47% | -86.64% | -102.47% | -165.31% |
| EBITDA Growth % | 113.22% | 70.81% | -40.19% | -14.56% | -1228.99% | 134.7% | 77.82% | -204.63% | 878.4% | -88.74% | 206.1% | -69.71% | -15350.99% | 95.13% | -21.25% | 11.86% | 54.8% | 62.74% | -4.37% | 7.85% | -416.99% | 480.48% | -341.47% | 165.62% | 87.43% | -158.83% | 29.78% | 0.6% | -2.47% | - |
| D&A (Non-Cash Add-back) | 3.68M | 2.68M | 1.77M | 1.49M | 815K | 1.69M | 2.49M | 7.43M | 4.88M | 14.49M | 13.13M | 14.14M | 3.06M | 3.18M | 3.35M | 4.7M | 5.92M | 7.25M | 6.2M | 5.64M | 4.74M | 2.53M | 1.71M | 1.46M | 1.27M | 1.11M | 1.21M | 1.04M | 700K | 900K |
| EBIT | 6.45M | -38.25M | -150.89M | -99.1M | -83.2M | 7.91M | -26.1M | -102.58M | 61.01M | -8.76M | 77.7M | -108.89M | -53.16M | -9.35M | -8.51M | -8.74M | -11.34M | -18.54M | -40.85M | -38.84M | -40.77M | 9.34M | -4.7M | -223K | -3.15M | -16.11M | -7M | -9.29M | -9M | -9M |
| Net Interest Income | -9.71M | -10.83M | -9.89M | -12.34M | -9.94M | -12.99M | -12.48M | -10.62M | -1.05M | -963K | 0 | -8.31M | -4.34M | 522K | 594K | 440K | 425K | 1.41M | -16K | -35K | -68K | -45K | -29K | -49K | -52K | -51K | 0 | -95K | 0 | -100K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 963K | 254K | 640K | 667K | 464K | 525K | 1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.71M | 10.83M | 9.89M | 12.34M | 9.94M | 12.99M | 12.48M | 10.62M | 1.05M | 963K | 6.3M | 9.27M | 4.59M | 118K | 73K | 24K | 100K | 18K | 16K | 35K | 68K | 45K | 29K | 49K | 52K | 51K | 0 | 95K | 0 | 100K |
| Other Income/Expense | -7.78M | -6.68M | -22.93M | -12.88M | -7.6M | -10.9M | -14.47M | -8.27M | 3.15M | -4.75M | 6.26M | 3.33M | -4.06M | 1.98M | 1M | 1.07M | 314K | 1.6M | 1.42M | 1.52M | 9.11M | 463K | 272K | 2.67M | 295K | 11.27M | 322K | 232K | 800K | 600K |
| Pretax Income | -3.26M | -49.08M | -160.78M | -111.44M | -93.14M | -5.08M | -38.58M | -113.2M | 91.47M | -9.72M | 78.39M | -90.33M | -54.09M | -7.93M | -8.58M | -8.77M | -11.44M | -18.56M | -39.43M | -37.32M | -31.66M | 9.3M | -4M | 2.45M | -2.86M | -4.83M | -6.68M | -9.06M | -8.2M | -8.4M |
| Pretax Margin % | -1.31% | -29.02% | -574.96% | - | - | -22.75% | -65.16% | -109.61% | 52.95% | -6.47% | 45.26% | -611.38% | -241.03% | -30.38% | -26.33% | -23.63% | -27.16% | -48.06% | -107.58% | -162.12% | -134.18% | 16.78% | -15.88% | 13.32% | -21.85% | -44.34% | -60.49% | -95.14% | -101.23% | -171.43% |
| Income Tax | -2.98M | -247K | -501K | 26.02M | -15.82M | -12.11M | -5.36M | -17.89M | 24.21M | 31.56M | 37.73M | -1.41M | -11.17M | -4.7M | 192K | 209K | 0 | -6.48M | -1.69M | -2.12M | -4.29M | -3.2M | -503K | -553K | 14K | 50K | 16K | -1.25M | -1.4M | -1.5M |
| Effective Tax Rate % | 91.46% | 0.5% | 0.31% | -23.35% | 16.98% | 238.29% | 13.88% | 15.81% | 26.47% | -324.74% | 48.14% | 1.56% | 20.65% | 59.29% | -2.24% | -2.38% | 0% | 34.9% | 4.3% | 5.68% | 13.54% | -34.43% | 12.58% | -22.55% | -0.49% | -1.03% | -0.24% | 13.77% | 17.07% | 17.86% |
| Net Income | -278K | -48.83M | -160.28M | -137.46M | -77.33M | 7.03M | -33.23M | -95.3M | 67.25M | -41.28M | 40.66M | -84.91M | -42.92M | -3.23M | -8.77M | -8.97M | -11.44M | -12.08M | -37.74M | -35.2M | -27.38M | 12.5M | -3.49M | 3M | -2.87M | -9.46M | -6.69M | -7.81M | -6.8M | -6.9M |
| Net Margin % | -0.11% | -28.87% | -573.17% | - | - | 31.47% | -56.11% | -92.29% | 38.93% | -27.47% | 23.47% | -574.66% | -191.26% | -12.37% | -26.91% | -24.2% | -27.16% | -31.29% | -102.95% | -152.91% | -116.01% | 22.56% | -13.88% | 16.33% | -21.96% | -86.78% | -60.63% | -82.04% | -83.95% | -140.82% |
| Net Income Growth % | 99.62% | 69.53% | -16.59% | -77.77% | -1200.3% | 121.15% | 65.14% | -241.71% | 262.94% | -201.52% | 147.89% | -97.8% | -1229.77% | 63.21% | 2.24% | 21.54% | 5.34% | 67.98% | -7.2% | -28.58% | -319.03% | 457.73% | -216.27% | 204.56% | 69.62% | -41.34% | 14.31% | -14.88% | 1.45% | - |
| Net Income (Continuing) | -278K | -48.83M | -160.28M | -137.46M | -77.33M | 7.03M | -33.23M | -95.3M | 68.27M | -41.28M | 41.8M | -89.49M | -46.51M | -3.23M | -8.77M | -8.97M | -11.44M | -12.08M | -37.74M | -35.2M | -27.38M | 12.5M | -3.92M | 3M | -2.87M | -4.88M | -6.69M | -7.81M | -6.8M | -6.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.02M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.00 | -0.51 | -2.00 | -2.29 | -1.32 | 0.13 | -0.89 | -2.55 | 1.61 | -1.00 | 0.93 | -2.34 | -1.69 | -0.13 | -0.36 | -0.37 | -0.47 | -0.50 | -1.57 | -1.48 | -1.19 | 0.53 | -0.20 | 0.18 | -0.18 | -0.62 | -0.52 | -0.65 | -0.65 | -0.80 |
| EPS Growth % | 100.03% | 74.5% | 12.66% | -73.48% | -1115.38% | 114.61% | 65.1% | -258.39% | 261% | -207.53% | 139.74% | -38.46% | -1200% | 63.89% | 2.7% | 21.28% | 6% | 68.15% | -6.08% | -24.37% | -324.53% | 365% | -211.11% | 200% | 70.97% | -19.23% | 20% | 0% | 18.75% | - |
| EPS (Basic) | - | -0.51 | -2.00 | -2.29 | -1.32 | 0.13 | -0.89 | -2.55 | 1.66 | -1.00 | 1.00 | -2.34 | -1.69 | -0.13 | -0.36 | -0.37 | -0.47 | -0.50 | -1.57 | -1.48 | -1.19 | 0.58 | -0.20 | 0.19 | -0.18 | -0.62 | -0.52 | -0.65 | -0.65 | -0.80 |
| Diluted Shares Outstanding | 101.28M | 95.14M | 80.17M | 60.09M | 58.53M | 54.94M | 37.4M | 37.33M | 41.77M | 41.25M | 43.62M | 36.21M | 25.45M | 25.09M | 24.67M | 24.41M | 24.23M | 24.08M | 24.02M | 23.81M | 23M | 23.56M | 17.76M | 16.71M | 16.2M | 15.33M | 12.94M | 12.05M | 10.46M | 8.63M |
| Basic Shares Outstanding | 97.1M | 95.14M | 80.17M | 60.09M | 58.53M | 53M | 37.4M | 37.33M | 40.47M | 41.25M | 40.58M | 36.21M | 25.41M | 24.95M | 24.67M | 24.41M | 24.23M | 24.08M | 24.02M | 23.81M | 23M | 21.51M | 17.76M | 16.2M | 16.2M | 15.33M | 12.94M | 12.05M | 10.46M | 8.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single product concentration risk
According to recent financial filings, AVDL has achieved a 54.9% quarterly revenue growth rate as of 2025Q3, signaling a successful transition from clinical-stage development to a commercial entity driven by the rapid adoption of its once-nightly sodium oxybate therapy within the competitive narcolepsy market.
The acceleration in top-line performance suggests that the company is effectively capturing market share from incumbent twice-nightly therapies. Investors should monitor whether this growth trajectory remains sustainable as the company moves beyond initial early-adopter cohorts and faces potential defensive pricing strategies from established competitors.
As reported in quarterly income statements, AVDL's operating margin shifted from a significant deficit of -95.8% in 2024Q1 to a positive 2.5% by 2025Q3, demonstrating that the company's fixed commercial infrastructure is finally beginning to scale efficiently against its growing revenue base.
The transition to positive operating income indicates that the heavy upfront investment in the RYZUP patient support program and specialized sales force is yielding returns. This shift suggests that future incremental revenue may flow more directly to the bottom line, provided that SG&A expenses remain disciplined.
Based on reported figures, AVDL maintains a robust gross margin profile consistently exceeding 90%, which highlights the high-value nature of its specialty pharmaceutical product and suggests significant pricing power despite the presence of established, lower-cost generic alternatives in the broader sleep disorder treatment landscape.
This high margin profile is characteristic of a specialty drug with a clear clinical differentiator, providing a substantial buffer to absorb potential increases in distribution or manufacturing costs. However, analysts should watch for future margin compression if payer-mandated rebates or gross-to-net adjustments increase as the product matures.
While revenue growth appears strong, skeptics may point to the 2025Q3 net income of only $20,000 as evidence that the company's profitability remains fragile and highly sensitive to the competitive response from incumbent players like Jazz Pharmaceuticals in the oxybate market.
The narrow path to profitability warrants caution, as any disruption in patient retention or unexpected increases in customer acquisition costs could quickly reverse recent gains. The reliance on a single product means that any regulatory or competitive setback would have a disproportionate impact on the company's financial viability.
Quick answers to the most common questions about buying AVDL stock.
For fiscal year 2024, Avadel Pharmaceuticals plc (AVDL) reported total revenue of $169.1M. This represents a 3351.4% increase compared to $4.9M in 1996.
Avadel Pharmaceuticals plc (AVDL) reported a net loss of $48.8M for the fiscal year ending 2024.
Avadel Pharmaceuticals plc (AVDL) reported an operating income of $-42.4M, resulting in an operating profit margin of -25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Avadel Pharmaceuticals plc (AVDL) generated $153.8M in gross profit for the year, representing a gross profit margin of 91.0%. This demonstrates the company's core pricing power and production efficiency.