Avadel Pharmaceuticals Plc (AVDL)

[Paullee]

Oppenheimer today

On Friday afternoon, we listened to the scheduled APA suit of JAZZ vs. FDA related to the approval and Orphan Drug Exclusivity (ODE) of AVDL's Lumryz and come away with reaffirmed confidence in a favorable outcome for AVDL and patients. While litigations can get quite complex and outcomes can be difficult to predict, we didn't hear anything new, surprising, or concerning during the hearing. In terms of next steps, we believe a decision can take another 2-4 months. Coming off a strong 1Q24 and confidence in continued momentum, we are reiterating our Outperform rating and $29 price target.