AVDL - Earnings call transcript Q1 2024 | Avadel Pharmaceuticals plc

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Operator

Greetings, and welcome to Avadel Pharmaceuticals First Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Austin Marta with Stern Investor Relations. Thank you.

You may begin.

Unknown Attendee

you Avadel's us First thank call our and discuss to Quarter morning, for on joining conference Good XXXX earnings.

before constitute the reminder, several of XXXX. Securities a we following Act the As presentation Litigation matters Reform that of forward-looking meaning within statements the Private begin, includes

reflect Exchange Forward-looking subject are filings statements. forward-looking February These and XX, and uncertainties XXXX, required to otherwise. included or year uncertainties which no revise actual this ended December new public could cause XXXX, Avadel to Act statements such statements to law, contemplated differ Form the subsequent was obligation the in as in information, filed the filings. Except future are forward-looking described on update under Avadel's results or in any materially XX, events SEC risks XX-K to that undertakes from and in contained those risks for by presentation

Davis, and Officer. Kim, today Richard Chief are Officer; the time, this to At McHugh, On Tom call Greg. I'll turn Greg call over Executive the Officer; Chief Commercial Chief Financial

Gregory Divis

thank Thank review for morning, Good everyone, you you, first and quarter joining our us XXXX Austin. results. to

will opening launch including XX. on of execution a with launch. key to another update Following remarks, pleased report progress, financial March review and provide quarter LUMRYZ Tom strong we metrics our through our then our conclude will my our will results QX Richard and an results, question-and-answer of session. I'm

the strong on LUMRYZ term. quarter-over-quarter are metrics. in deliver believe foundation to to Metrics community significant launch a and near growth to term both continue We early drive the for building in the critical our our long ability reach narcolepsy across and we

team into to we uses, market promise for benefit progress LUMRYZ remain of those and priority during on launch those begun has value whom future possibly business well patients status living leader providers. launch offers from potentially hypersomnia, made can IH, patients significant our the idiopathic reach to for as oxybate in and narcolepsy, growth as of achieving in important top also the if preferred or with and expand and opportunities LUMRYZ, on LUMRYZ the our narcolepsy. Since pediatric both efforts our with While deliver becoming focus of our beyond summer, LUMRYZ and approved among pursuit incremental our of last QX,

caregiver this uptake robust we of consistent early the and routinely further the Our clear patients feedback based here. Evidence been has patient by needs provides progress patients. on opportunity of provider physicians of oxybate evidence solidified unequivocal and among unmet eligible the that compelling and and

cumulative positions into up initial greater program expectation morning, full the leadership. Underscoring year achieving have being As therapy. the established we which have results we for contributions very and be patient patients greater approach now Avadel the entire achievements that our the delivered team. enrolled to LUMRYZ, It is X,XXX results by to this X,XXX than the I of LUMRYZ, initiated market us their well of our in patients announced believe with the efforts, collective launch Avadel's achieve future since services first aspiration by relentlessness have LUMRYZ, and than in support rise we market impressed the continue and foundation LUMRYZ

position $XX.X in landscape. and strength million revenue. The achieved QX treatment narcolepsy opportunity the the this we the addition, year, of we in continued show generated In LUMRYZs' to of results evolving net of

for believe also clear, very progress we LUMRYZ the And narcolepsy growth long-term can in to launch ensuring positioned and on as our company on deliver focused to we future are LUMRYZ driving make to focus a continue our continue we in the the promise priorities value growth and in are and real of are shareholders. community. of specific laser the advancing parallel well are team, narcolepsy and LUMRYZ for launch Now and regard, on beyond. In launch patients, deliver opportunities this we for additional we beginning

all near-term represents potential narcolepsy first of which opportunity patients. treated Our is our oxybate expansion narcolepsy pediatric the X% approximately into population,

potential FDA's to application FDA date for and and hearing a potentially the caregivers decision approved patient LUMRYZ has address Our treatment for and drug target later has September to been while if supplemental for We families. We accepted for both unmet this option forward set the transformational this LUMRYZ new the by action believe use their patients offering look year. X. needs a pediatric

we Next, previously shared, IH. LUMRYZ's have of treatment the as evaluating we are for use

is initiate and this immediate those release readiness experts calendar compelling once-at-bedtime making have suffering to for from many an oxybate. due dose wake for in sleep III to need made second there that IH significant some associated Similar year. in a to clear for the field LUMRYZ a Phase pivotal difficult progress patients trial to second the we've heard up for from it IH the on for QX, their pediatric of inertia, extremely we During of our half deep even narcolepsy,

patient are details of second to that on We at track and our this the time. dose year to plan in currently first half additional provide

via progressing of are a with equivalent to potential no we formulation oxybate preclinical or target profile a sodium product once-at-bedtime the LUMRYZ. that development Additionally, low is

details supported Richard strong commercial in be a to narcolepsy, the execution over has by to importantly, growth. launch on continue the that, progress. which we sleep our continue patients. These in opportunities And for build created end For have provide by more XXXX. and this impact our expect turn to for summary, positively LUMRYZ continued to the with leadership I'll of our program, Richard? even of foundation a to we will space number currently In for updates most opportunities call

Richard Kim

good and everyone. morning, Greg, Thanks,

to strong the provide commented, LUMRYZ launch we're our encouraging this today, year. into I'm has off seeing. been And a Greg trends some As start to additional context excited

build have the made launching first and progress to momentum strong the generated continue We since on LUMRYZ during quarter.

well has and allowed to us positioned year. a see narcolepsy the Our the to throughout foundation, strong continued community growth are team's to believe our bring to we much-needed commitment build therapy we

to demonstrates increase which of turning a end HoRIzA than at X,XXX the key XX% end We KPIs. program in had Now of December. patients nearly launch March, our more the enrolled since

the our than of Additionally, X,XXX XX% greater patients patients initiated therapy the positive end launch cumulative Since and who demand XXXX. as of last June, increase in QX, build end of since continue steady for representing initiated LUMRYZ. therapy strong a we to

at the more dynamics. closely Looking patient segment

with We all patients continue therapy patient X from to initiating see segments. LUMRYZ

majority from in to are the and coming see last roughly were patients. with the of patients, from switched balanced -- and more switches naive we this year, XX% beginning comparison seeing ratio Now patients year, to where discontinued other XX% a

quarter previously from that we're therapy, patients a that LUMRYZ's on seeing oxybate. number growing is naive have not patients differentiator is proposition last on who an been to Another value compelling of which signals

including to the than have HCPs December, HCPs. end an than had of experienced REMS XXX and written More who an completed LUMRYZ oxybate certification the of not more Moving March previously some prescribers, oxybate. since as are X,XXX of increase those for XX, who

As on of prescribers are HCPs universe. the And up who more total volume. X,XXX efforts than been high-volume who entire teams X,XXX their there a make initial oxybate represent our focusing have the XX% reminder, the field prescription oxybate prescribing

volume of now who the and of been HCPs prescribers these volume, XXX are pleased from we the oxybate the XX% written of with highest prescribers prescription of part for a total For December. Gaining with the have up up use make we the making XX% key the these launch in our oxybate has end top LUMRYZ, XX% at progress strategy, are HCPs.

want to patient milestone narcolepsy personal Additionally, introduced ambassadors when who LUMRYZ our being with our we and and Wendy, LUMRYZ with first has important changed we their their month the amazing share reached to last community. Katy, journeys Tyler lives. how an narcolepsy treated people

the treatment the to patient therapy, HCP journey as voice show of asked for. in Our research they narcolepsy receive patients importance market continues their the the often

LUMRYZ LUMRYZ With the now opportunity conversation voice another to unlocking we in offices. are activated, the HCP patient drive

fulfillment, process over our to continues new reimbursement Transitioning quarter. to product the improve starts overall in first with XXX

see and through have that good strong getting combination to coverage with offices persistency our patients we growing continue to LUMRYZ signs HCP early when therapy, We initiated experience twice are oxybate. on the we a more with compared the not and of seen payer of

with payer in GPOs. front, payer Lastly, place PBM-owned largest on X we the have the coverage policies

gained QX and Prime Therapeutics about momentum, see PBM taking results the XX%. recently growing exited our group, to thrilled and with grow overall lives of covered with to Overall, large relentlessness we community, team's we commercially Additionally, materialize dedication a to narcolepsy and coverage we are the quarter-over-quarter.

for to discuss believe and is over now our for long-term the to the narcolepsy on We oxybate the financials. preferred And community. I'll track Tom? call Tom positioned to growth turn becoming is LUMRYZ

Thomas McHugh

issued note Thank Good in before that and available in morning, XX-Q. begin, results are And the I full you, I'll the release everyone. this morning Richard. press financial

XX, quarter approximately month March $XX.X generated million million we to as gross And quarters. XXXX. pleased of of which additionally, prior the with X demand revenue are report channel, March $XX.X was there for profit We the is that consistent net in and ending of XX,

the We Turning increase includes is the cash operating $XX operating guidance quarterly attributable amortization to quarter cash is took to year. The related and were operating operating million XXXX for and first operating $X.X of the items, $XX higher in costs communicated stock-based of $X.X the February. and approximately upper $XX.X of of compensation of at million in of million to that for of depreciation adjusting for legal of million noncash costs. expenses XXXX operating of expenses GAAP patent $XX.X compared due This quarter. compensation of total end primarily comprised to trial is a of end costs expenses quarter million charges legal our at first and million. After in expenses $XX reported $X.X GAAP of to the previously prior expenses. place launch-related and to the the primarily higher million million expenses these year-over-year

of noncash will receipts of expenses we are For breakeven balance our assumptions, continued as recurring sheet, lower $XX equivalents expect used achieve be to to that materially $XX net range from commercially of sales. With XXXX, current the be million had We operations plans With XXXX. the that approximately cash million that we million respect of of quarterly be XXXX. and as there XX, milestone cash, expected will after securities operating in X,XXX to million, $X cash $XX when range March and XX, million. reimbursed can December in million for the believe this account into patients and maintain we approximately expenses remainder marketable achieve we will can operating cash $X X,XXX during LUMRYZ taking to of we compared $XXX to the that cash and

financial today's achieving assumptions, other pricing for including the of we In on how close timing of the addition and estimates expectations million of patient the operating at expenses. Closing therapy, aluminize breakeven, a out grows, sell-side this the taking number and regarding number $XXX quickly account time, updates, net patients reimbursed our full increase by net to who With be demand assumptions LUMRYZ sell as pay to attention year such into of results currently including rate for pricing actual back that, closing reimbursed reimbursed treated used patients, and could higher I'll the the turn the in XXXX possibility to Greg that the patients total if the of remarks. number with outperform revenue side. are the call approximately

Gregory Divis

with Thank creating foundation LUMRYZ the you, providing thank look a we today over the the meaningful open that, well And growth strong our forward always, are for and launch operator. support to our as long you, this With turn in year We for the for progress. positioned will the we future opportunities questions. your laying sleep I'll expansion our continued it to call space, updates and is on for Tom. term. value

Operator

Instructions] [Operator

of from question the line comes first Andrew Jefferies. Chai Your with

Unknown Analyst

such. seemingly number. in of and the curve and patient this Congrats the grew additions progress faster the on patients actual is slope quarter, My than the around the question treated sales

number? by increasing?" So was use? Was patient more maybe to the onetime headwinds gross Or higher discontinuation more even you help us like can sales driven free rates drug it reported net driven or reconcile "permanent it by

Gregory Divis

want with you do to that? Richard, start

Richard Kim

Andrew. question, Yes. the To Yes.

important b, rise well. most XXX patient prescribing think getting your point, on to early we stage on ACP is metrics, patient used thing launch, in our to having get launch up At to of pleased therapy, initiations. experiences in adds and this a, hearing patients I offices in those really patient another and very XXX patient experience So for to as the we're with the overall, focused that

we co-pay. that So industry focus. To there point, that's deductibles experienced other headwinds our really been some your in and with higher an that as are impact things QX our

that pleased price on rates. So we see. They lease. with we with our We're ratio than have one we what see settled And net discontinuation early expect discontinuing the those historically down. rates maybe last lower are to comment your numerically

and -- early once turn turn color. launch more this really to our it add pleased Greg with I'll I'll KPIs over some again, we're to around So maybe

Gregory Divis

Yes.

is job really in the most revenue I launch. getting therapy. people that bullish us, think and to standpoint, And for a team has think on keeping the important an excellent on think and will I patient for translate remain that from us And over that regard we time. to persistency how done initiations I

Operator

question comes next of with your And the François Oppenheimer. from line Brisebois

FranÃ§ois Brisebois

what They reason enter would and they are rise I But never you know up that? to from the quickly so, it just there ever the be that in exactly rise wondering, therapy? get just up, up therapy. on So cases where was If -- they know to of do do rise for they for just see I terms patients -- how metric, not. move

Richard Kim

take Yes, sure. I'll Yes. that, Greg.

as do Yes, marketplace. far concerned I abandoned say great patients Frank. rise for our is us therapy process they entire not are to immune stayed very So initiate new the launch. has low -- so to not relatively we're to and any up that that is low That's comes who ever embedment consistently that That question, There therapy. throughout as would either. along rate and get

good seen almost And same reasons it's any very product. for stictuitiveness. we've So the Frank,

But it Sometimes for relatively get something again, up interest, those the their really has entering be that's patients patients don't it abandonment been lose out our We could life. all RYZUP. rate be of low in details. all come could insurance, once

FranÃ§ois Brisebois

population, if it's the that We're you with a follow It But once that And pediatric probably discontinuation. than when they as upside kind these see better -- of terms the but there patients time these important, well. guys. time and then how population, that then that if often on to going it you something become of with the pediatrics but like mentioned X% guys seems diagnose, to change bigger they're X% you do X%? on they do it's Obviously, in seems to pediatric they're where to see obviously, you there's trending quicker, to much of what any adults. gets takes as want of if X% to diagnosis that a read-through lot Is get don't work.

Gregory Divis

from where from really larger perspective opportunity market agree condition we think that of than adolescents, what's We all being the a thoughts, the symptoms that with predominantly pediatric predominantly present Well, materially treated is actually a your I earlier perspective. Frank, actual in right, think is because initial likely likely today, is condition of life.

Your the has challenge time quite and major some perspective. to about proper is that from for time a diagnosis comment been

about than opportunity think the think do what pool than actual treated how we total So today, we the actually is no different is adults. larger

today. So offers being opportunity treated for doesn't the think something aren't and bring that potentially us, I patients we think family, new the opportunity to for currently treated entire both who disrupt

FranÃ§ois Brisebois

in of Or restless, not if getting night patients Great. still are intuitive middle waking you big patients? the feedback of these terms in Okay. up these a sleep is to and of need for seems a lot are deal And a is IH, problem? that it it

Gregory Divis

Richard, do comment on to that? want you

Richard Kim

Yes.

the to think IH, sleep folks for to A wake middle more of have dose. night up to really I down second during just the it comes these they're inertia. where a unable lot to take of [indiscernible] just the of

you're oxybates really second subtherapeutic that dose. But getting that's feedback very to So and the of wake about research up you hear if can't a we area key are effective. is dose,

Operator

comes Ami Company. next with & question Your of line Fadia from the Needham

Ami Fadia

of or progressed evolution quantify And the assumptions in net sort potentially confidence the course progress. making a this the around of how our of being where what LUMRYZ. the number comment net net on that Congrats consensus through just you to are questions regards treatment in are the regards achieve of I on the Can price patients year? stands the with couple on to today, beat with currently. you're what all had has able to price,

Gregory Divis

you first? the Tom, want do And Richard, second? to the take

Richard Kim

to we're Ami, of right really stage view on things. shift enrollment to at in as therapy We're metrics. a clearly are going transitioning in RYZUP we to time, And that launch, now, are in will like thanks, mean patients actually focused the that at metrics. a really lot a metrics time this the who who of we but believe to initiated have that There's well. our continue really on this to future. And early at we here. other I look going right the this launch do therapy lot on patients Sure. stage dynamics -- tend to There's dynamics Yes. look the these at at future, of be yes, at are

Thomas McHugh

Tom. Ami, Yes. it's

part on with consistently generate question respect we're has will net about second net pricing, of therapy. we share average, point your always when revenue have on an to will that at to now. pointed continuing been expectation So we've more with you, year. I on that patients per the expectation The $XXX,XXX of that patients

patients just Richard I've point, in represent past. noted, As coming new called would the in the tipping the as

where of the certainly gross thing effect regard. we QX, the percentage during that net the some that of not the go rest of earlier, as a -- we're that up of to But other It's up, patient revenues in -- revenue tends took the percentage over were which course of dose Gross of there to themselves, year. in goes in that commented down the unique pricing, settle is revenues of net of year variables. one them -- every that's the everyday and is can And net certainly The one other net course. compliance. is

Gregory Divis

on only KPIs. add may. if I Amy, The metrics generally I'll add The and Yes. -- comment comment only I'll

that launch and that of the to bit, have get in is exit the patients I patients this bit on course then What eyes during net an we therapy. we've kind mature average on that little will little intention time result we'll as out in ultimately, do got that more and patients net of we our some and to think these variables that metrics therapy. on where And drive quarter therapy our I add mature year. a over the patients with continues is transition to ultimately and same just a of think overlapping where really net or set continue

Ami Fadia

I question. it. ask Got may one more If

of And through as the the of new seeing year? I'm previous of progressing sort adds kind of how we RYZUP seems last quarter. to X have trying see just of increase about per it an about the I to you monthly the XXX number continuing should quarters the be talk we patient Can sort that the which you data. the per as we adds total for you're XXXX? patient momentum in of I'm through As course in sort go see adds over addition that average the modeling think understand patient to last of quarter over quarter couple by quarters, of sort growth just to trend

Gregory Divis

Richard, want do you to comment?

Richard Kim

Yes. No, it's a great observation.

quarter on into our third go launch. growth last Ami, the where steady thing. to that is we're positive forward. and we've with predict of And and full sort commenting heard we've over we this think, of LUMRYZ growth only on up. offices. exactly I of the reporting a couple steady really pleased sort good to from hard price sort feedback just XXX is and we've strong seen we're positive just going patient sort ads net the very first, of think been It's of quarters, over a positive But the with

continue of every XXX-ish minimum to a trend going trend So quarter forward. we'd that at that ads those like

Operator

Piper the of from line Amsellem with comes question next David Your Sanger.

David Amsellem

of couple a have questions. Just

and I time these, patients of who So percentage good differs time that initiation of and access if details. talk or and number -- therapy who to actually have Can mentioned how LUMRYZ access lag apologize access. if that's and patients don't can two, talk these and don't the enrollment RYZUP between lag have who patients on I have missed between you Xywav, have you you one. Number the to been

then Is that, study in So question that's the Jazz similar fair And that's the withdrawal for the were on hypersomnia. design question. idiopathic last to randomized Xywav? a second to registration assume be it going is to that

Gregory Divis

can the you Thanks, X. David. Richard, maybe first take

Richard Kim

Yes, sure. Thanks, David. No problem.

far oxybate are and right of those the the percentage majority as through patients our the patients patients. as have in Xywav our of and uptick date So majority so the enrollments the majority launch from switched of of who Xywav now, initiated patients, are twice

a So somewhere time guess, if Several right as you as and those the XX% if still than get take measured overall you XX% the get than patients we months. are large. back XX to have from about XX% The more of switched weeks. through those north turn those, Greg, overall of a for lines are quite as not lag more you of initiated. And are XX% still about if definitely we us it's look far month shorter those you Xywav. And enrollment, of I To groups, authorization in Those point, over or into through enrollment meet the your of timing are time in X a I'll for IH. for those are very it -- the the is to longer get to can averaging in take patient don't coverage measured without months when in criteria. period RYZUP that stuff and covered is who range to initiation different essence, time. those prior who much policy, for all it days, the being But a have in started. coverage

Gregory Divis

Yes.

whatnot. what design But forward. I like done will proxies fair full look as studies FDA. been as think with we process. support go design this engaged the on it's for yet. FDA is to who will clinicaltrials.gov of handful of there's our We'll say in companies I are I trial as haven't on think we good that proxies say trial how trial become what this And obviously will that explicitly -- gets the area with That with over Dave, a our public certainly posted it those and summer said have

Operator

question of Leerink with Partners. next the from line Your Marc Goodman comes

Marc Goodman

Two questions.

your what's this give just patients First, on an litigation actually us on oxybate that's of involved? companies the all, And sense all you many of quarter, total the in update just outstanding? second past are can between still how

Gregory Divis

want first answer the our the ability. cost of to one you do to Richard, Yes.

Richard Kim

Sure. Yes. is the a The fragmented It's forward now. across great go Mark. oxybates a question, becoming data little as we different more right

can't So notable for were previously LUMRYZ discontinued also well. there LUMRYZ. we we patients today. a have as can ones oxybate I never that coming say in is see -- who for not had we oxybate twice who previously definitely have are we of in But writing say the what had who answer you A written to people an perfect that on couple are in growth for in really marketplace. segments the now LUMRYZ HCPs And prior

give view So market is numbers exact companies. It's an we growing. and our number us definitely are this but is definitely claims together from stage, piecing just overall oxybate working we're that. on the And hard to other those reports you our through for at

Gregory Divis

There's Court. just the litigation, in the this in this it near-term suit Yes. hearing p.m. of APA D.C. for against upcoming. kind the X:XX of And regarding FDA describe hearings couple terms Friday Federal of is at The way, generally, scheduled I'll a right?

this As noted Department Friday. alongside arguments make And we the the and previously, government we'll in of of Justice. our FDA intervened support own

the APA status. that's So

jury obviously, stop along the months on the the The process of litigation, -- royalties and couple of June hearing a from patent ruling back terms on a we And in next Delaware. the Delaware is and had this there that's X. In whatnot.

and much else those comments, hearings and us isn't what's of say terms in on those to launch term with forward to So we'll of our probably X get behind litigation. be glad move to now continue the there right near outside

Operator

question next line UBS. the from Ash comes Verma of with Your

Ashwani Verma

saw of patients bit on a LUMRYZ do a seems joining first are what the of And dynamics bit so maybe there lighter for but encouraging, like, question, if It this year? late, Jay in something On now. patients how me the inventory secondly, LUMRYZ? transition, not clarify you an are. And stand the some let that the patients on repeated, can because think patient Xyrem came who during pretty versus patient you revenue XQ it's pricing adds so this is this then or in like can are attractive formularies. little with I'm do numbers were you little be noted How you from benefit these call that to came of in those much quarter off you first these option think know.

Gregory Divis

Thanks, take the other maybe, pricing take inventory? you Richard, And can you Ash. Tom, can and comment.

Thomas McHugh

that's pricing launched. to $XXX,XXX as inventory patient, commented when I'd the in per say in channel question and going revenue we that it consistently came expected first inventory at to that The we per we're to. annualizing month, I net back average your on has currently year. about been about a

So to revenue. there relative really surprises no

Richard Kim

far being several branded in AG longer in formulary were no there toys, sodium changes oxybate covered. yes, as many And cases were as Yes. the the clearly and/or changes formulary, the where

a while. and been focal for they've So those patients have for definitely been a on going point us,

unique a forward going some LUMRYZ. see with opportunity the So payers as of as we for well that here definitely

Operator

Wainright. question H.C. from Oren next comes Your Livnat of the with line

Oren Livnat

your do some I piecing a of want estimates away where are to going need comfort at forward? versus others. growth you just patients market from moved your see on in and you on together Bo Xywav opportunities mix, driving before highway We've commentary was product. seem those the build AG that playing to you Or where to you're XX-XX Because that that targets? growth mix you're your other go wondering a does patients from entered. are just eroded from take like feeling now seeing the clear I'm I'm in market you year, have forward, and as to buckets? right? And seeing this your market Xyrem heard out you is now, both and the through Do Jazz highly now today, And you meet your lot it rest

Gregory Divis

on comments it? Richard, do maybe you have any opening --

Richard Kim

a It's great Yes. perspective.

So first, sort the of continued patient we're switches, for demand previously and pleased all segments, naives. very X the just to discontinued see

robust Going so yes, strong little of anticipate twice been. not have switch still the as ever they've least is for If forward, we was talked X nightly twice as segments. to patients mixed a version. there all And sodium bit proposition salt representation we from before, on as it's a in increase been oxybate naive patients. But an

here, X we little a composition for of So from being switch all year. bit anticipate this represented the segments X The forward. segments time going but coming demand do anticipate over patient all definitely we may rest do

Oren Livnat

us And if that $XXX therapy? in Okay. million And -- I if thought don't don't a patients off of new can we what quarter. mean starts initiated on I apologize [indiscernible] that misheard, given believe on heard before, we I past. Is do correctly, does hoping, I a I was I'm see I so on in patient know you've I you that call, trying that's the heard wasn't together number the metric therapy top the paid I XXX -- I to what say patient piece but if

David Amsellem

Richard, clarify? want to do you

Richard Kim

yes. Yes,

the were the over that So just at to XXX be very we of through about clear, first at cumulatively end we had QX. of the patients X,XXX quarter. end We had initiated announced

occurred in So in that additional QX XXX that's over initiations patient -- QX.

So clarify. just to

this the before. that is we've given So same metric

So it's X,XXX how subtracting ended up in XXXX. just the and sort of we taking

Operator

line of comes with Bucker question Craig the from Chase Nike Hallen next Your

Unknown Analyst

couple a the been edges around here. maybe has just lot asked, A

X-month discontinued population the specifically that LUMRYZ we on one on if is time these we patients of or they have they're and kind a in patients bigger of persistency frame the discontinuations these trends larger portion about -- a part the on that think previously at mix. and populations? of from now discontinuation groups the higher drug, level these at larger become ticked patients trends in all groups your people from a Now of more have patients X up as drug, of patient Naive there Basically, with

Gregory Divis

Richard?

Richard Kim

it the our segments Chase. twice Yes, strong. overall, discontinuation thanks lower at we overall very question, we rate X for on composition, No, look for if the saw is traditionally Yes. our And is what than oxybates. all across

discontinued representation. quarter it stepped they in the just was like and Naive For where really sort the of the up this

meaningfully the are slightly compared lower to lower. seeing but We switch patients, rates not

it's relatively on. So early still

those So watch to definitely we're going trends.

lower, is So meaningfully lower it's stage. at mentioned, articulate but we as had of what sort not I this

Unknown Analyst

Richard. another you, Awful then maybe for color. And one

As is general there. to pediatric important different opportunity. Medicaid Can we payer be with but know how a just looks think you Medicaid LUMRYZ likely to color state, us there. very it's update coverage the on Obviously, today? I about state generally for

Richard Kim

Yes.

Medicaid, the going are as long know, a process, very, We very, in you very takes through Chase time.

come stage. there. this had haven't through a we we as provide we'll more at amount more So progress make And usage of Medicaid updates really significant

we've early We -- Medicaid patients other also do coverage. have as But assistance we're got now, right stage programs covered the patient far as assistance. still our getting our are this if at through process in

Jason Gerberry

far as lastly, as of XX% have we quarter. from the change part is just cyber it it. commercially coverage rates for change goes there as any possible see them? where affected covered you kind writing an is then far of as quarter? this from as and sticking hearing there? fill you're in from of of as points on Maybe Got And any number. impressive that then tackle disruption And -- change, kind can easiest making far anywhere experience far block that here physicians lives attack of Was to as as plus the the Did -- else the impact as key what kind in might kind

Richard Kim

Yes, sure.

really Chase, your point, lives. -- an XX% our So commercial commercial team in to those nearly with covered securing as job has And done far The as pleased coverage. excellent the we're established and say, general, be always of the going roads there's some for to patients through. with going where in situation sort products would other bumps we're some now just in same I

Now have patients though the that PA it's even they're sorts things, covered. criteria the met of and all those

through have our So team walk outstanding offices concerned, patient for through of to to field field any thus far change reimbursement step. offices. And common by fill make team being that's it them. is goal help impacted we to as as not health initiation seen impact have guide every easy far, as meaningful our with there to we possible rates our of as help the your an sort every reimbursement actually is And new really any

Operator

next Your Life the Myriam comes question Capital. line Belghiti with from of

Myriam Belghiti

just was of a of therapy. patients I detail provide could quarter. but in the I if a of is can understand the in Naive, on further initiating breakdown distribution wondering provide Congrats terms you little you both XX% more discontinued segments? X those

Richard Kim

Yes. Thanks the question. for Sure, Myriam.

we So are QX of the patients was of majority growth at bucket. switch quarter-over-quarter yes, patients a where our the as more moderately we we segment all that Naive far, said, the between definitely switches balance the sort gestalt naive, of of we've look discontinued discontinued/Naive. seen they're of the but other sort those -- there thus overall been if balanced, has almost and within for And saw of

and more So QX, it's to start we'll the up it's over where but of in segment trend to see going forward, Naive sort nice is little see bit a tick been time. here balanced the

Myriam Belghiti

of sodium it the patients comorbidities differences comes to are to it opportunity, comes narcolepsy important between when there or any terms any in And intake? Okay. IH when risk relevant IH and cardiovascular

Gregory Divis

... Richard, you

Richard Kim

Sure.

Sorry about generally in of are less Medicare that, a Greg. no. overall. still population These patients, younger Yes, general,

general be really statement, we our data. a So not see would it from that

Operator

Okay. it. Got

comes question Ladenburg Bauman. the of next line from with Kaplan Matt Your

Matthew Kaplan

quarterly on Congrats the results.

Xywav is sodium in patients adding sodium low success of to market. bioequivalent have be in to important how to LUMRYZ, And rise? of it offering terms a it second your difficult will guess create low prior Given is question I a part that the how

Gregory Divis

Yes.

ability the view subset very all And beginning, of think on which have sleep. has topic then are sodium, uninterrupted for the that we try risk we have to think night formulate if have should who and that. the the marketplace, going for I we're an at opportunity, the certainly and to work accomplish develop is patients bring opportunity the from this consistent to our do been to to to that patients

perspective, on for both patients there's because said, a have there version successful once isn't and That know to LUMRYZ. out that a requirement being bedtime we at once-nightly believe LUMRYZ we a sodium certainly our it from lower speaks sodium itself. from data franchise do So who could benefit

the So work. therefore, we're doing

In our best partners terms sort moiety look brides an challenge update on performs this difficulty and certainly a this third-party you situation, active itself, with formulation we in of of giving we it, our in forward year. have this, to the working how it's of and the given later of but and

Operator

our Q&A concludes now closing Greg for I Davis remarks. over session. That will turn the back conference to

Gregory Divis

And we you and Have wish look a everyone, course couple today the future updates forward great time, over thank of you. day, during of you. Thank for follow-up we a any you, most joining great us and day. your for and to you today. importantly, and next weeks. the Thank Thank

Operator

joining. Thank concludes Ladies and today's call. gentlemen, all for you that

may now You disconnect.

Avadel Pharmaceuticals (AVDL) 8 May 242024 Q1 Earnings call transcript