AVDL

• Commercial progress: Achieved 3,100 active patients with 63% Y/Y growth, $68.1M net revenue with 64% Y/Y increase. Eighth consecutive quarter adding new patients, with improved patient metrics like persistency, reimbursed patients, and patient mix.
• Financial milestones: Generated $15M cash, first net income of nearly $10M, EPS $0.10.
• Guidance update: Raised full-year 2025 revenue guidance to $265M-$275M.
• IH efforts: Received Orphan Drug Designation for IH, Phase III REVITALYZ trial ongoing, target extended-release formulation with low/no sodium profile.
• Litigation: Appeals court affirmed FDA's decision in Jazz lawsuit, protecting LUMRYZ's availability; ongoing antitrust case set for Nov 3 jury trial.
• Commercial investments: Expanding sales force to 60 reps, investing in direct-to-patient and HCP programs, presence at SLEEP 2025.

• Raised full-year 2025 revenue guidance to $265M-$275M from $255M-$265M.
• Q3 net revenue expected $71M-$75M, midpoint 46% Y/Y increase.
• Continued investments in sales force, marketing, and IH program.

The primary product segment is LUMRYZ. In the second quarter of 2025, LUMRYZ had 3,100 active patients, a 63% increase compared to the second quarter of the previous year. Net revenue from LUMRYZ was $68.1 million, a 64% year-over-year increase. Revenue contribution is entirely from the LUMRYZ segment.

• Litigation risks: Ongoing antitrust case, potential impact on business if not favorable.
• Market risks: Competition from orexin drugs, potential impact on LUMRYZ market share.

Q: Overall guidance raise, Q3/Q4 trajectory?

A: Greg and Tom discuss guidance based on sustained improvements in patient metrics.

Q: Patients initiated therapy in Q2, dropout rate?

A: Greg talks about persistency improvements and durable trends.

Q: Orexins impact on narcolepsy business?

A: Greg discusses oxybates' important role, complementary with orexins.

Q: Antitrust case time period, summary judgment?

A: Greg says not to comment, will be clear in Nov.

Q: Marketing strategy for IH vs narcolepsy?

A: Susan discusses overlap in prescribers, LUMRYZ's profile benefits IH.

Q: Mix of switch vs naïve patients, prescriber investment?

A: Susan talks about over half switch patients, balanced growth from prescribers.

Q: BD activity, acquisition interest?

A: Greg says laser-focused on LUMRYZ execution, life cycle management.