AVDL · CIK 0001012477
What Avadel Pharmaceuticals plc told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for AVDL. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- Three specialty-pharmacy customers = 100% of sales (Caremark 44%, Accredo 37%, Optum 19%); single product (LUMRYZ)high
Avadel has near-total customer concentration: its revenue consists solely of U.S. sales of its single approved product, LUMRYZ (extended-release sodium oxybate for narcolepsy), and three specialty-pharmacy customers accounted for 100% of sales in 2024 — Caremark (44%), Accredo (37%) and Optum (19%) — each a unit of a major healthcare conglomerate (CVS Health, The Cigna Group/Express Scripts, and UnitedHealth/Optum, captured as edges). Because all revenue rides on one drug distributed through just three specialty pharmacies (and ultimately on payor coverage/reimbursement), the loss of, repricing by, or a coverage/formulary change at any one of these customers — or a single-product setback — would have an outsized impact. An extreme single-product, three-customer concentration.
“For the years ended December 31, 2024 and 2023 , three customers accounted for 100 % of sales.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Caremark 44 % 39 % Accredo 37 % 41 % Optum 19 % 20 %”
Cited →Caremark (CVS Health Corporation)
“Caremark 44 % 39 % Accredo 37 % 41 % Optum 19 % 20 %”
Cited →Accredo (The Cigna Group / Express Scripts)
“Caremark 44 % 39 % Accredo 37 % 41 % Optum 19 % 20 %”
Cited →
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