Avadel Announces Preliminary 2024 Results and 2025 Commercial Priorities to Accelerate the LUMRYZ Launch -- Approximately $50.0 million of net revenue from sales of LUMRYZ estimated for the fourth quarter, a greater than

Avadel Announces Preliminary 2024 Results and

2025 Commercial Priorities to Accelerate the LUMRYZ Launch

-- Approximately $50.0 million of net revenue

from sales of LUMRYZ estimated for the fourth quarter, a greater than 150% increase over $19.5 million for the comparable period

--2,500 patients on LUMRYZ as of December

31, 2024, including 600 patients that initiated therapy in the fourth quarter --

-- LUMRYZ net product revenue of $240 -

$260 million in 2025, representing 50% year-over-year growth at the midpoint --

-- Management to host a conference call

today at 4:30 p.m. ET --

DUBLIN, Ireland, January 8, 2025 - Avadel

Pharmaceuticals plc (Nasdaq: AVDL), a biopharmaceutical company focused on transforming medicines to transform lives, today provided

a business update including preliminary estimates of fourth quarter and full year 2024 net revenue and cash, cash equivalents and

marketable securities.

"2024 was a pivotal year for Avadel, marked by consistent patient

adoption of LUMRYZ and overwhelmingly positive feedback from both patients and providers about the transformative benefits of once-nightly

dosing," said Greg Divis, Chief Executive Officer of Avadel Pharmaceuticals. "As we move into 2025, we are building on this

momentum with a refined commercial strategy to increase demand for and persistency on, LUMRYZ, with the primary goal of enhancing the

overall LUMRYZ experience for both patients and providers. We believe the strategic initiatives we're introducing now will drive

uptake among each of the three narcolepsy patient segments - switches, new to oxybates, and previously treated and discontinued

- and allow us to further unlock the market potential of LUMRYZ. With the continued execution of our commercial launch in narcolepsy

and ongoing progress in our Phase 3 trial in idiopathic hypersomnia (IH), we are well positioned to solidify our leadership in the sleep

space and transform care for patients with sleep disorders."

2024 Financial Highlights:

Results reported above are preliminary, unaudited and are subject

to change, perhaps materially, upon the audit of the Company's financial statements for the year ended December 31, 2024. The Company

expects to announce its full results for the twelve months ended December 31, 2024 on or before March 3, 2025.

Launch Progress through December 31, 2024 and 2025 Commercial Initiatives:

Full Year 2025 Guidance:

The Company's full year

2025 guidance is preliminary and based upon the Company's current view of existing market conditions and assumptions for the year

ending December 31, 2025. These statements are forward-looking, and actual results could differ materially depending on market conditions.

Conference Call Details

A live audio webcast of the

call can be accessed by visiting the investor relations section of the Company's website, www.avadel.com. A replay

of the webcast will be archived on Avadel's website for 90 days following the event. Participants

may register for the conference call here and are advised to do so at least

10 minutes prior to joining the call.

(sodium oxybate) for extended-release oral suspension

LUMRYZ, is an extended-release

sodium oxybate medication approved by the FDA on May 1, 2023, as the first and only once-at-bedtime treatment for cataplexy or excessive

daytime sleepiness (EDS) in adults with narcolepsy.

The FDA approval of LUMRYZ was

supported by results from REST-ON, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial in adults with narcolepsy. LUMRYZ

demonstrated statistically significant and clinically meaningful improvements in the three co-primary endpoints: EDS, clinicians'

overall assessment of patients' functioning (CGI-I) and cataplexy attacks, for all three evaluated doses when compared to placebo.

its approval, the FDA also granted seven years of Orphan Drug Exclusivity to LUMRYZ for the treatment of cataplexy or EDS in adults with

narcolepsy due to a finding of clinical superiority of LUMRYZ relative to currently available oxybate treatments. In particular, the

FDA found that LUMRYZ makes a major contribution to

patient care over currently available, twice-nightly oxybate products by providing a once-nightly dosing regimen that avoids nocturnal

arousal to take a second dose.

Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical

company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development

of medications that address the challenges patients face with current treatment options. Avadel's commercial product, LUMRYZ, was

approved by the U.S. Food & Drug Administration (FDA) as the first and only once-at-bedtime oxybate for the treatment of

cataplexy or EDS in both adults and pediatrics with narcolepsy. For more information, please visit www.avadel.com.

intends to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure

obligations under Regulation FD. Accordingly, investors should monitor the Company's Investor Relations website, in addition to

following the Company's press releases, SEC filings, public conference calls, presentations, and webcast.

WARNING: Taking LUMRYZ (sodium oxybate) with other central

nervous system (CNS) depressants, such as medicines used to make you fall asleep, including opioid analgesics, benzodiazepines, sedating

antidepressants, antipsychotics, sedating anti-epileptic medicines, general anesthetics, muscle relaxants, alcohol or street drugs, may

cause serious medical problems, including trouble breathing (respiratory depression), low blood pressure (hypotension), changes in alertness

(drowsiness), fainting (syncope) and death.

The active ingredient of LUMRYZ (sodium oxybate) is a form of gamma

hydroxybutyrate (GHB), a controlled substance. Abuse or misuse of illegal GHB alone or with other CNS depressants (drugs that cause changes

in alertness or consciousness) have caused serious side effects. These effects include seizures, trouble breathing (respiratory depression),

changes in alertness (drowsiness), coma and death. Call your doctor right away if you have any of these serious side effects.

Because of these risks, LUMRYZ is available only by prescription

and filled through certified pharmacies in the LUMRYZ REMS. You must be enrolled in the LUMRYZ REMS to receive LUMRYZ. Further information

is available at www.LUMRYZREMS.com or by calling 1-877-453-1029.

LUMRYZ (sodium oxybate) for extended-release oral suspension

is a prescription medicine used to treat the following symptoms in patients 7 years of age and older with narcolepsy:

Do not take LUMRYZ if you take or your child takes other sleep

medicines or sedatives (medicines that cause sleepiness), drink alcohol or have a rare problem called succinic semialdehyde dehydrogenase

Keep LUMRYZ in a safe place to prevent abuse and misuse. Selling or

giving away LUMRYZ may harm others and is against the law. Tell your doctor if you or your child have ever abused or been dependent on

alcohol, prescription medicines or street drugs.

Anyone who takes LUMRYZ should not do anything that requires them

to be fully awake or is dangerous, including driving a car, using heavy machinery or flying an airplane, for at least six (6) hours after

taking LUMRYZ. Those activities should not be done until you know how LUMRYZ affects you.

Falling asleep quickly, including while standing or while getting

up from the bed, has led to falls with injuries that have required some people to be hospitalized.

LUMRYZ can cause serious side effects, including the following:

Tell your doctor if you or your child are on a salt-restricted diet

or have high blood pressure, heart failure or kidney problems. LUMRYZ contains a lot of sodium (salt) and may not be right for you.

The most common side effects of LUMRYZ in adults include nausea, dizziness,

bedwetting, headache and vomiting. Your side effects may increase when you take higher doses of LUMRYZ. The most common side effects

in children include nausea, bedwetting, vomiting, headache, decreased weight, decreased appetite, dizziness, and sleepwalking. LUMRYZ

can cause physical dependence and craving for the medicine when it is not taken as directed. These are not all the possible side effects

For more information, ask your doctor or pharmacist. Call your

doctor for medical advice about side effects.

You are encouraged to report negative side effects of prescription

drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Please see full Prescribing Information, including BOXED Warning.

Cautionary Disclosure Regarding Forward-Looking Statements

This press release includes "forward-looking statements"

within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking

statements relate to our future expectations, beliefs, plans, strategies, objectives, results, conditions, financial performance, prospects

or other events. Such forward-looking statements include, but are not limited to, expectations regarding the safety and potential therapeutic