AVDL Schedule 13G: Vanguard Group Discloses 5.56M Shares

Rhea-AI Filing Summary

The Vanguard Group has filed a Schedule 13G disclosing a 5,564,259-share beneficial ownership position in Avadel Pharmaceuticals plc (AVDL), representing 5.74 % of the outstanding common stock as of 30 June 2025. The position is being reported on a passive basis under Rule 13d-1(b) and classified as an investment adviser (IA).

Voting rights are limited: Vanguard reports 0 shares with sole voting power and 107,614 shares with shared voting power. Dispositive authority is larger, with 5,361,014 shares under sole dispositive power and 203,245 shares under shared dispositive power, indicating the firm can direct disposition of virtually the entire stake while exercising minimal influence over corporate governance.

The filing, signed by Head of Global Fund Administration Ashley Grim on 29 July 2025, confirms that the shares were acquired in the ordinary course of business and not for the purpose of influencing control of the issuer.

Positive

• Vanguard disclosed a 5.74 % passive stake, adding a reputable long-term institutional holder that can enhance liquidity and investor confidence.

Negative

• No sole voting power reported, indicating Vanguard is unlikely to influence corporate governance or strategic direction.

Insights

Financial Analyst

TL;DR: Vanguard’s passive 5.74 % stake boosts institutional ownership but offers limited governance impact; market reaction likely muted.

This 13G adds a high-quality, long-term holder to Avadel’s register, potentially improving liquidity and enhancing market visibility. Nonetheless, Vanguard retains no sole voting power, so the filing does not signal an activist agenda or near-term strategic shift. The stake size is modest relative to Vanguard’s AUM and equals just above the 5 % reporting threshold, suggesting routine index or fund accumulation rather than a conviction overweight. Overall effect on valuation or strategy is neutral-to-slightly positive, reflecting passive confidence rather than catalytic change.

Portfolio Manager

TL;DR: Increased passive ownership may dampen volatility; limited control means low governance shift risk.

With 5.6 million shares, Vanguard becomes a top shareholder, which often supports tighter bid-ask spreads and stable share trading. Passive funds rarely exit abruptly, reducing downside supply shocks. However, because Vanguard lacks voting authority over most shares, management should not expect meaningful support or opposition on proposals. For investors, the disclosure reinforces that Avadel remains largely driven by fundamentals—pipeline progress and earnings—rather than ownership dynamics. Impact: modestly constructive but not game-changing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Avadel Pharmaceuticals PLC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G29687103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G29687103

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 107,614.00
7	Sole Dispositive Power 5,361,014.00
8	Shared Dispositive Power 203,245.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,564,259.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.74 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avadel Pharmaceuticals PLC
(b)	Address of issuer's principal executive offices: Block 10-1 Blanchardstown, Corporate Park, Ballycoolin, Dublin, L2, D15
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: G29687103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5564259
(b)	Percent of class: 5.74 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 107614
	(iii) Sole power to dispose or to direct the disposition of: 5361014
	(iv) Shared power to dispose or to direct the disposition of: 203245
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many Avadel (AVDL) shares does Vanguard own?

Vanguard reports beneficial ownership of 5,564,259 common shares.

What percentage of Avadel’s outstanding shares does this represent?

The stake equals 5.74 % of Avadel’s common stock.

Does Vanguard have voting control over its Avadel shares?

Vanguard has 0 shares with sole voting power and 107,614 shares with shared voting power.

Is Vanguard’s filing passive or activist?

The Schedule 13G is filed under Rule 13d-1(b) as a passive investment adviser.

When was the event date requiring this filing?

The reportable event date is 30 June 2025; the filing was signed on 29 July 2025.

What dispositive power does Vanguard hold?

Vanguard can solely dispose of 5,361,014 shares and shares dispositive authority over 203,245 shares.