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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