Intrinsic value of Avadel Pharmaceuticals ADR - AVDL

Previous Close

$4.70

  Intrinsic Value

$52.28

stock screener

  Rating & Target

str. buy

+999%

Previous close

$4.70

 
Intrinsic value

$52.28

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of AVDL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  199
  228
  258
  291
  325
  361
  399
  438
  480
  523
  568
  614
  663
  713
  766
  820
  877
  936
  997
  1,061
  1,127
  1,196
  1,268
  1,343
  1,422
  1,503
  1,588
  1,677
  1,770
  1,867
Variable operating expenses, $m
  75
  85
  95
  105
  116
  128
  140
  153
  166
  180
  183
  198
  214
  230
  247
  265
  283
  302
  322
  343
  364
  386
  409
  434
  459
  485
  513
  541
  571
  603
Fixed operating expenses, $m
  50
  51
  52
  53
  55
  56
  57
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
  84
  86
  88
  90
  92
  94
Total operating expenses, $m
  125
  136
  147
  158
  171
  184
  197
  211
  226
  241
  245
  262
  279
  296
  315
  334
  354
  374
  396
  419
  441
  465
  490
  517
  543
  571
  601
  631
  663
  697
Operating income, $m
  74
  92
  112
  132
  154
  177
  202
  227
  254
  282
  322
  352
  384
  417
  451
  486
  523
  561
  601
  643
  686
  731
  778
  827
  878
  932
  987
  1,046
  1,107
  1,170
EBITDA, $m
  94
  114
  134
  157
  180
  205
  231
  258
  287
  317
  348
  380
  414
  449
  486
  524
  563
  604
  647
  691
  737
  786
  836
  888
  943
  1,000
  1,060
  1,122
  1,187
  1,256
Interest expense (income), $m
  0
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  78
  83
  87
Earnings before tax, $m
  70
  87
  105
  124
  144
  165
  188
  212
  236
  262
  300
  328
  357
  387
  418
  451
  485
  521
  557
  596
  636
  677
  721
  766
  813
  862
  914
  968
  1,024
  1,083
Tax expense, $m
  19
  23
  28
  33
  39
  45
  51
  57
  64
  71
  81
  88
  96
  104
  113
  122
  131
  141
  150
  161
  172
  183
  195
  207
  220
  233
  247
  261
  276
  292
Net income, $m
  51
  63
  76
  90
  105
  121
  137
  154
  172
  191
  219
  239
  260
  283
  305
  329
  354
  380
  407
  435
  464
  494
  526
  559
  594
  630
  667
  706
  747
  790

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  283
  323
  366
  412
  461
  512
  565
  622
  680
  741
  805
  871
  940
  1,012
  1,086
  1,164
  1,244
  1,328
  1,415
  1,505
  1,599
  1,697
  1,799
  1,905
  2,016
  2,132
  2,253
  2,379
  2,511
  2,648
Adjusted assets (=assets-cash), $m
  283
  323
  366
  412
  461
  512
  565
  622
  680
  741
  805
  871
  940
  1,012
  1,086
  1,164
  1,244
  1,328
  1,415
  1,505
  1,599
  1,697
  1,799
  1,905
  2,016
  2,132
  2,253
  2,379
  2,511
  2,648
Revenue / Adjusted assets
  0.703
  0.706
  0.705
  0.706
  0.705
  0.705
  0.706
  0.704
  0.706
  0.706
  0.706
  0.705
  0.705
  0.705
  0.705
  0.704
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
Average production assets, $m
  91
  104
  118
  133
  148
  165
  182
  200
  219
  239
  259
  281
  303
  326
  350
  375
  401
  428
  456
  485
  515
  547
  580
  614
  650
  687
  726
  766
  809
  853
Working capital, $m
  -30
  -35
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -79
  -86
  -93
  -101
  -108
  -116
  -125
  -133
  -142
  -152
  -161
  -171
  -182
  -193
  -204
  -216
  -228
  -241
  -255
  -269
  -284
Total debt, $m
  100
  127
  157
  188
  221
  256
  293
  331
  371
  413
  456
  501
  548
  597
  648
  701
  755
  812
  872
  933
  997
  1,064
  1,134
  1,206
  1,282
  1,361
  1,443
  1,529
  1,619
  1,713
Total liabilities, $m
  193
  220
  250
  281
  314
  349
  386
  424
  464
  506
  549
  594
  641
  690
  741
  794
  848
  905
  965
  1,026
  1,091
  1,157
  1,227
  1,299
  1,375
  1,454
  1,536
  1,622
  1,712
  1,806
Total equity, $m
  90
  103
  117
  131
  147
  163
  180
  198
  216
  236
  256
  277
  299
  322
  345
  370
  396
  422
  450
  479
  508
  540
  572
  606
  641
  678
  716
  757
  798
  842
Total liabilities and equity, $m
  283
  323
  367
  412
  461
  512
  566
  622
  680
  742
  805
  871
  940
  1,012
  1,086
  1,164
  1,244
  1,327
  1,415
  1,505
  1,599
  1,697
  1,799
  1,905
  2,016
  2,132
  2,252
  2,379
  2,510
  2,648
Debt-to-equity ratio
  1.110
  1.240
  1.350
  1.430
  1.510
  1.570
  1.630
  1.670
  1.710
  1.750
  1.780
  1.810
  1.830
  1.860
  1.880
  1.890
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.010
  2.020
  2.030
  2.030
Adjusted equity ratio
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  63
  76
  90
  105
  121
  137
  154
  172
  191
  219
  239
  260
  283
  305
  329
  354
  380
  407
  435
  464
  494
  526
  559
  594
  630
  667
  706
  747
  790
Depreciation, amort., depletion, $m
  20
  22
  23
  24
  26
  28
  29
  31
  33
  35
  26
  28
  30
  33
  35
  37
  40
  43
  46
  48
  52
  55
  58
  61
  65
  69
  73
  77
  81
  85
Funds from operations, $m
  71
  85
  99
  115
  131
  148
  167
  186
  205
  226
  245
  267
  291
  315
  340
  367
  394
  423
  452
  483
  515
  549
  584
  620
  658
  698
  740
  783
  828
  876
Change in working capital, $m
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from operations, $m
  75
  89
  104
  120
  136
  154
  172
  192
  212
  233
  252
  274
  298
  323
  348
  375
  403
  432
  462
  493
  526
  560
  595
  632
  670
  711
  753
  797
  842
  891
Maintenance CAPEX, $m
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -43
  -46
  -48
  -52
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -81
New CAPEX, $m
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
Cash from investing activities, $m
  -20
  -22
  -24
  -27
  -29
  -31
  -33
  -36
  -39
  -42
  -45
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -78
  -84
  -88
  -92
  -97
  -102
  -108
  -114
  -119
  -125
Free cash flow, $m
  55
  67
  80
  93
  107
  123
  139
  155
  173
  191
  207
  227
  248
  269
  292
  315
  339
  365
  391
  418
  447
  476
  507
  540
  573
  608
  645
  683
  723
  765
Issuance/(repayment) of debt, $m
  26
  28
  29
  31
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  26
  28
  29
  31
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
Total cash flow (excl. dividends), $m
  82
  95
  109
  124
  140
  157
  175
  194
  213
  233
  251
  272
  295
  318
  343
  368
  394
  422
  450
  480
  511
  543
  577
  612
  649
  687
  727
  769
  813
  859
Retained Cash Flow (-), $m
  -11
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
Prev. year cash balance distribution, $m
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  8
  9
  11
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
Cash available for distribution, $m
  77
  82
  95
  110
  125
  141
  158
  176
  194
  213
  230
  251
  273
  295
  319
  343
  369
  395
  423
  451
  481
  512
  545
  578
  614
  650
  689
  729
  771
  815
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  74
  75
  83
  90
  97
  102
  107
  110
  112
  112
  109
  107
  104
  99
  94
  87
  80
  73
  65
  57
  50
  42
  36
  29
  24
  19
  15
  11
  8
  6
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
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Avadel Pharmaceuticals plc develops and commercializes pharmaceutical products based on its proprietary drug delivery technology for primary care and sterile injectable markets in the United States, France, and Ireland. The company’s owns and develops drug delivery platforms, such as Micropump, a microparticulate system that allows the development of modified and/or controlled release of solid and oral dosage formulations of drugs; LiquiTime, which allows development of modified/controlled release liquid suspension formulations; Trigger Lock that provide a controlled release of opioid analge sics while deterring abuse; and Medusa, a hydrogel depot technology used for the development of subcutaneously administered drug formulations. Its hospital based products include Bloxiverz, a drug used intravenously in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; Vazculep, a phenylephrine hydrochloride injection used to treat hypotension resulting primarily from vasodilation in the setting of anesthesia; and Akovaz, a ephedrine sulfate injection. The company’s pediatrics products include Karbinal ER, an H1 receptor antagonist used to treat seasonal and perennial allergic rhinitis; AcipHex Sprinkle for the treatment of gastroesophageal reflux disease; Flexichamber, a collapsible holding chamber that administers aerosolized medication from pressurized metered dose inhalers; and Cefaclor for the treatment of otitis media, lower respiratory infections, pharyngitis and tonsillitis, urinary tract infections, and skin and skin structure infections. Its product candidates comprise Sodium Oxybate for narcolepsy; Hydromorphone/Trigger Lock for pain; Exenatide/Medusa for diabetes; and LiquiTime for cough/cold. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017. The company was founded in 1990 and is headquartered in Dublin, Ireland.

FINANCIAL RATIOS  of  Avadel Pharmaceuticals ADR (AVDL)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AVDL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVDL stock intrinsic value calculation we used $173 million for the last fiscal year's total revenue generated by Avadel Pharmaceuticals ADR. The default revenue input number comes from 2017 income statement of Avadel Pharmaceuticals ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AVDL stock valuation model: a) initial revenue growth rate of 15.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AVDL is calculated based on our internal credit rating of Avadel Pharmaceuticals ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Avadel Pharmaceuticals ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AVDL stock the variable cost ratio is equal to 38.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for AVDL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Avadel Pharmaceuticals ADR.

Corporate tax rate of 27% is the nominal tax rate for Avadel Pharmaceuticals ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AVDL stock is equal to 4.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AVDL are equal to 45.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Avadel Pharmaceuticals ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AVDL is equal to -15.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $86 million for Avadel Pharmaceuticals ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40 million for Avadel Pharmaceuticals ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Avadel Pharmaceuticals ADR at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
AVDL Avadel Pharmac 4.70 52.28  str.buy
JAZZ Jazz Pharmaceu 173.81 173.63  hold
PCRX Pacira Pharmac 46.35 1.91  str.sell
MYL Mylan 38.15 62.36  str.buy
MRK Merck&Co 69.06 22.92  str.sell
PFE Pfizer 42.09 24.58  sell
TEVA Teva Pharmaceu 24.22 22.62  buy

COMPANY NEWS

▶ Avadel: 2Q Earnings Snapshot   [07:42AM  Associated Press]
▶ Avadel: 1Q Earnings Snapshot   [May-02-18 09:26AM  Associated Press]
▶ Avadel Pharmaceuticals to Report First Quarter 2018 Results   [Apr-24-18 07:30AM  GlobeNewswire]
▶ Avadel reports 4Q loss   [Mar-08-18 09:45AM  Associated Press]
▶ Charles Brandes Subscribes to Comcast in 4th Quarter   [Feb-12-18 06:18PM  GuruFocus.com]
▶ January Undervalued Opportunities TICC Capital And More   [Jan-21-18 09:02AM  Simply Wall St.]
▶ Avadel Pharmaceuticals Issues 2018 Corporate Outlook   [Dec-29-17 07:30AM  GlobeNewswire]
▶ Top Cheap Stocks This Week   [Dec-16-17 08:02AM  Simply Wall St.]
▶ Value-Adding Discounted Stocks To Buy Now   [Nov-14-17 08:02AM  Simply Wall St.]
▶ Avadel posts 3Q profit   [Nov-08-17 08:25AM  Associated Press]
▶ Avadel Pharmaceuticals to Host Analyst and Investor Meeting   [Nov-06-17 07:30AM  GlobeNewswire]
▶ Avadel Pharmaceuticals to Report Third Quarter 2017 Results   [Oct-20-17 04:05PM  GlobeNewswire]
▶ At $10.73, Is Avadel Pharmaceuticals plc (AVDL) A Buy?   [Oct-03-17 08:46AM  Simply Wall St.]
▶ Avadel posts 2Q profit   [Aug-08-17 10:23PM  Associated Press]
▶ Avadel posts 1Q profit   [07:59AM  Associated Press]
▶ Avadel Pharmaceuticals to Report First Quarter 2017 Results   [Apr-17-17 04:03PM  GlobeNewswire]
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