Avadel Pharmaceu (AVDL) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 4, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AVDL SEC filings page.
Avadel Pharmaceu (AVDL) reported $169.1M in revenue for fiscal year 2024, up 504.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Commercial scale arrived in FY2024, but fixed operating costs and cash consumption still define the business model.
FY2024 revenue reached$169M while operating cash flow remained-$46.9M , showing that commercial scale was not yet self-funding. The gap matters because sales expansion was accompanied by cash consumption rather than internally generated funding for operations.
Gross margin eased from
FY2024 paired a 2.7x current ratio with 1.2x debt-to-equity, a less liquid and more leveraged posture than FY2023. Reported liquidity measured 18.9 months of the latest annual operating outflow, while financing cash flow remained positive at
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Avadel Pharmaceu's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Avadel Pharmaceu held $73.8M in cash, cash equivalents and investments at the end of fiscal year 2024, and its operations used $46.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Avadel Pharmaceu scores 44/100 among other emerging companies.
Avadel Pharmaceu had 97M shares outstanding at the end of fiscal year 2024, against 91M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Avadel Pharmaceu scores 33/100 among other emerging companies.
Avadel Pharmaceu spent $15.2M on research and development in fiscal year 2024, which was 7.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Avadel Pharmaceu scores 29/100 among other emerging companies.
Avadel Pharmaceu reported revenue of $169.1M in fiscal year 2024, against $28.0M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Avadel Pharmaceu scores 96/100 among other emerging companies.
Avadel Pharmaceu's operations used $46.9M of cash in fiscal year 2024, against $128.5M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Avadel Pharmaceu scores 63/100 among other emerging companies.
Avadel Pharmaceu's cash, cash equivalents and investments came to $73.8M at the end of fiscal year 2024, against $90.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Avadel Pharmaceu scores 54/100 among other emerging companies.
Avadel Pharmaceu scores 8.14, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($90.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Avadel Pharmaceu passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Avadel Pharmaceu reported a net loss of $48.8M while operations used $46.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Avadel Pharmaceu reported an operating loss of $42.4M against $10.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Avadel Pharmaceu generated $77.5M in revenue in Q3 2025. This represents an increase of 54.9% from the same quarter a year earlier. Against the prior quarter it is up 13.7%.
Avadel Pharmaceu's EBITDA was $3.1M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 331.1% from the same quarter a year earlier. Against the prior quarter it is down 69.3%.
Avadel Pharmaceu reported $20K in net income in Q3 2025. This represents an increase of 100.8% from the same quarter a year earlier. Against the prior quarter it is down 99.8%.
Avadel Pharmaceu earned $0.00 per diluted share (EPS) in Q3 2025. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Cash & Balance Sheet
Avadel Pharmaceu generated $22.2M in free cash flow in Q3 2025, representing cash available after capex. This represents an increase of 422.1% from the same quarter a year earlier.
Avadel Pharmaceu held $79.8M in cash as of Q3 2025; long-term debt is not reported for that period.
Not reported for Q3 2025.
Margins & Returns
Avadel Pharmaceu's operating margin was 2.5% in Q3 2025, reflecting core business profitability. This is up 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.5 percentage points.
Avadel Pharmaceu's net profit margin was 0.0% in Q3 2025, showing the share of revenue converted to profit. This is up 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 14.2 percentage points.
Avadel Pharmaceu's ROE was 0.0% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.6 percentage points.
Not reported for Q3 2025.
Capital Allocation
Avadel Pharmaceu invested $27.0M in research and development in Q3 2025. This represents an increase of 610.2% from the same quarter a year earlier. Against the prior quarter it is up 534.8%.
Avadel Pharmaceu invested $9K in capex in Q3 2025, funding long-term assets and infrastructure.
Not reported for Q3 2025.
AVDL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $77.5M+54.9% | $68.1M+64.2% | $52.5M+93.2% | $50.4M | $50.0M+613.2% | $41.5M+2674.3% | $27.2M | N/A |
| Cost of Revenue | N/A | $6.4M+128.3% | $5.6M+266.4% | $4.8M | $6.2M+5160.7% | $2.8M+7644.4% | $1.5M | N/A |
| Gross Profit | N/A | $61.8M+59.5% | $46.9M+82.9% | $45.6M | $43.9M+536.1% | $38.7M+2551.8% | $25.7M | N/A |
| R&D Expenses | $27.0M+610.2% | $4.3M+5.0% | $4.4M+41.9% | $4.3M | $3.8M+33.5% | $4.1M-4.1% | $3.1M-19.9% | N/A |
| SG&A Expenses | $52.6M+30.3% | $48.6M+2.6% | $45.6M-6.3% | $44.6M | $40.4M+3.2% | $47.4M+1.3% | $48.6M+98.7% | N/A |
| Operating Income | $1.9M+692.4% | $8.9M+169.7% | -$3.0M+88.5% | -$3.3M | -$327K+99.1% | -$12.7M+74.3% | -$26.0M+8.0% | N/A |
| EBITDA | $3.1M+331.1% | $10.0M+180.9% | -$2.2M+91.5% | -$2.6M | $708K+102.1% | -$12.3M+74.9% | -$25.5M+8.0% | N/A |
| Interest Expense | $2.4M-14.4% | $2.4M-13.3% | $2.2M-13.7% | $2.7M | $2.8M+42.6% | $2.7M+18.3% | $2.6M-20.5% | N/A |
| Income Tax | $34K-61.4% | -$3.2M-522.8% | $78K-16.1% | $81K | $88K-1.1% | -$509K-665.6% | $93K+116.0% | N/A |
| Net Income | $20K+100.8% | $9.7M+169.9% | -$4.9M+82.0% | -$5.0M | -$2.6M+92.8% | -$13.8M+78.5% | -$27.3M+11.2% | N/A |
| EPS (Basic) | $0.00+100.0% | $0.10+171.4% | -$0.05+83.3% | -$0.05+82.8% | -$0.03+92.7% | -$0.14+83.1% | -$0.30+37.5% | -$0.29+34.1% |
| EPS (Diluted) | $0.00+100.0% | $0.10+171.4% | -$0.05+83.3% | -$0.05+82.8% | -$0.03+92.7% | -$0.14+83.1% | -$0.30+37.5% | -$0.29+34.1% |
| Diluted Shares (Avg) | 101M+5.2% | 99M+3.1% | 97M+5.4% | N/A | 96M+7.7% | 96M+24.5% | 92M+43.5% | N/A |
AVDL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $199.4M+26.0% | $187.2M+18.8% | $167.9M0.0% | $164.2M-0.3% | $158.3M-22.1% | $157.5M-21.6% | $167.9M+19.3% | $164.7M+24.0% |
| Current Assets | $172.2M+35.3% | $159.1M+26.5% | $139.3M+2.4% | $134.2M0.0% | $127.3M-26.1% | $125.8M-26.5% | $136.0M+24.3% | $134.2M+33.1% |
| Cash & Equivalents | $79.8M+179.2% | $63.4M+119.8% | $56.4M+57.5% | $51.4M+64.8% | $28.6M-44.8% | $28.8M-42.3% | $35.8M-57.1% | $31.2M-57.9% |
| Short-Term Investments | $11.8M-68.4% | $18.1M-57.3% | $10.1M-80.9% | $22.4M-69.7% | $37.2M-63.3% | $42.5M-61.5% | $53.0M+202.3% | $73.9M+228.4% |
| Inventory | $23.9M+48.5% | $23.5M+76.4% | $20.4M+71.1% | $20.3M+95.5% | $16.1M+204.5% | $13.3M+825.2% | $11.9M | $10.4M |
| Accounts Receivable | $42.4M+14.4% | $40.6M+21.7% | $41.6M+83.2% | $34.1M+181.7% | $37.1M+494.7% | $33.4M+1780.4% | $22.7M | $12.1M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% | $16.8M0.0% |
| Total Liabilities | $101.2M+21.1% | $96.4M+10.6% | $93.9M+4.9% | $90.4M+17.4% | $83.6M-10.1% | $87.2M+51.0% | $89.5M-50.0% | $77.0M-50.0% |
| Current Liabilities | $62.5M+46.1% | $57.1M+27.9% | $50.9M+6.5% | $48.8M+32.5% | $42.8M-20.9% | $44.6M-13.4% | $47.8M-39.8% | $36.9M-33.9% |
| Non-Current Liabilities | $38.7M-5.1% | $39.4M-7.6% | $42.9M+3.0% | $41.6M+3.6% | $40.8M+4.9% | $42.6M+578.4% | $41.7M-58.1% | $40.1M-59.1% |
| Total Equity | $98.2M+31.6% | $90.7M+29.1% | $74.1M-5.5% | $73.8M-15.8% | $74.7M-32.2% | $70.3M-50.9% | $78.4M+305.4% | $87.7M+514.9% |
| Retained Earnings | -$789.6M0.0% | -$789.6M-0.4% | -$799.2M-3.4% | -$794.3M-6.6% | -$789.3M-10.1% | -$786.7M-15.6% | -$772.8M-25.5% | -$745.5M-27.4% |
Not reported in any period shown, so not listed: Long-Term Debt.
AVDL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $22.2M+422.3% | $12.7M+169.8% | -$8.2M+72.3% | $7.9M+128.1% | -$6.9M+82.0% | -$18.2M+43.2% | -$29.7M+1.7% | -$28.0M-82.4% |
| Depreciation & Amortization | $1.1M+7.7% | $1.1M+144.4% | $825K+52.5% | $668K+3811.1% | $1.0M+73.9% | $437K-27.3% | $541K-8.0% | -$18K-103.1% |
| Stock-Based Compensation | N/A | N/A | $4.2M-22.4% | N/A | N/A | N/A | $5.4M+254.1% | N/A |
| Capital Expenditures | $9K | N/A | N/A | $0 | $0 | N/A | N/A | $0 |
| Free Cash Flow | $22.2M+422.1% | N/A | N/A | $7.9M+128.1% | -$6.9M | N/A | N/A | -$28.0M-82.4% |
| Investing Cash Flow | -$8.4M-271.1% | -$8.3M-178.2% | $12.3M-42.4% | $14.9M-46.6% | $4.9M-49.8% | $10.6M+111.4% | $21.4M+322.2% | $27.9M+22.1% |
| Financing Cash Flow | $2.5M+113.0% | $982K+35.8% | $690K-94.8% | $880K+104.2% | $1.2M-96.1% | $723K-99.2% | $13.2M-61.7% | -$21.1M-418.8% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AVDL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 90.7%-2.6pp | 89.4%-5.0pp | 90.5% | 87.7%-10.6pp | 93.3%-4.3pp | 94.4% | N/A |
| Operating Margin | 2.5%+3.1pp | 13.0%+43.7pp | -5.7%+90.1pp | -6.5% | -0.7% | -30.7% | -95.8% | N/A |
| Net Margin | 0.0%+5.3pp | 14.2%+47.5pp | -9.4% | -10.0% | -5.3% | -33.3% | -100.6% | N/A |
| Return on Equity | 0.0%+3.5pp | 10.7%+30.3pp | -6.6%+28.2pp | -6.8% | -3.5%+29.4pp | -19.7%+25.3pp | -34.9% | N/A |
| Return on Assets | 0.0%+1.7pp | 5.2%+13.9pp | -2.9%+13.4pp | -3.1% | -1.7%+16.2pp | -8.8%+23.3pp | -16.3%+5.6pp | N/A |
| Current Ratio | 2.76-0.2x | 2.790.0x | 2.73-0.1x | 2.75-0.9x | 2.97-0.2x | 2.82-0.5x | 2.85+1.5x | 3.64+1.8x |
| Debt-to-Equity | 1.03-0.1x | 1.06-0.2x | 1.27+0.1x | 1.22+0.3x | 1.12+0.3x | 1.24+1.2x | 1.14 | 0.88 |
| Asset Turnover | 0.39+0.1x | 0.36+0.1x | 0.31+0.2x | 0.31 | 0.32+0.3x | 0.26+0.3x | 0.16+0.2x | N/A |
| FCF Margin | 28.6%+42.4pp | N/A | N/A | 15.6% | -13.8% | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Avadel Pharmaceu AVDL | FY2024 | $169.1M | -$48.8M | -28.9% | $2.1B | 53/100 |
| Harrow Health Inc HROW | FY2025 | $272.3M | -$5.1M | -1.9% | $1.4B | 52/100 |
| Biocryst Pharmaceuticals Inc BCRX | FY2025 | $874.8M | $263.9M | 30.2% | $2.3B | 74/100 |
| BGM Group BGM | FY2025 | $37.9M | -$19.9M | -52.6% | $116.4M | 28/100 |
| Phibro Animal PAHC | FY2026 | $1.5B | $99.7M | 6.6% | $1.5B | 60/100 |
| Amphastar Pharma AMPH | FY2025 | $719.9M | $98.1M | 13.6% | $975.4M | 70/100 |
Where Avadel Pharmaceu Ranks
Frequently Asked Questions
What is Avadel Pharmaceu's annual revenue?
Avadel Pharmaceu (AVDL) reported $169.1M in total revenue for fiscal year 2024. This represents a 504.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Avadel Pharmaceu's revenue growing?
Avadel Pharmaceu (AVDL) revenue grew by 504.8% year-over-year, from $28.0M to $169.1M in fiscal year 2024.
Is Avadel Pharmaceu profitable?
No, Avadel Pharmaceu (AVDL) reported a net income of -$48.8M in fiscal year 2024, with a net profit margin of -28.9%.
What is Avadel Pharmaceu's EBITDA?
Avadel Pharmaceu (AVDL) had EBITDA of -$39.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Avadel Pharmaceu's gross margin?
Avadel Pharmaceu (AVDL) had a gross margin of 91.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Avadel Pharmaceu's operating margin?
Avadel Pharmaceu (AVDL) had an operating margin of -25.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Avadel Pharmaceu's net profit margin?
Avadel Pharmaceu (AVDL) had a net profit margin of -28.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Avadel Pharmaceu's return on equity (ROE)?
Avadel Pharmaceu (AVDL) has a return on equity of -66.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Avadel Pharmaceu's free cash flow?
Avadel Pharmaceu (AVDL) recorded an outflow of $46.9M in free cash flow during fiscal year 2024. This represents a 63.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Avadel Pharmaceu's operating cash flow?
Avadel Pharmaceu (AVDL) recorded an outflow of $46.9M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Avadel Pharmaceu's total assets?
Avadel Pharmaceu (AVDL) had $164.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Avadel Pharmaceu's capital expenditures?
Avadel Pharmaceu (AVDL) reported no capital expenditure during fiscal year 2024.
How much does Avadel Pharmaceu spend on research and development?
Avadel Pharmaceu (AVDL) invested $15.2M in research and development during fiscal year 2024.
What is Avadel Pharmaceu's current ratio?
Avadel Pharmaceu (AVDL) had a current ratio of 2.75 as of fiscal year 2024, which is generally considered healthy.
What is Avadel Pharmaceu's debt-to-equity ratio?
Avadel Pharmaceu (AVDL) had a debt-to-equity ratio of 1.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Avadel Pharmaceu's return on assets (ROA)?
Avadel Pharmaceu (AVDL) had a return on assets of -29.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Avadel Pharmaceu's liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Avadel Pharmaceu (AVDL) held $73.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $46.9M over that year. Dividing the one by the other, the reported balance equals about 19 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Avadel Pharmaceu's Altman Z-Score?
Avadel Pharmaceu (AVDL) has an Altman Z-Score of 8.14, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Avadel Pharmaceu's Piotroski F-Score?
Avadel Pharmaceu (AVDL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Avadel Pharmaceu's earnings high quality?
Avadel Pharmaceu (AVDL) reported a net loss of $48.8M while operations used $46.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Avadel Pharmaceu cover its interest payments?
Avadel Pharmaceu (AVDL) reported an operating loss of $42.4M against $10.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Avadel Pharmaceu?
Avadel Pharmaceu (AVDL) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.