Ya. some of mine do that sometimes. Maybe some bug came by and nibbled, and said UGHHH!!!" and moved on. Have you bumped in to how incredibly bitter the sap is? For good reason, too. This is one of the most poisonous plants on Earth. But no problem, it's amazingly bitter. I am surprised that there's an aphid, and one type of caterpillar that will eat Adeniums.
The caterpillar is from a Oleander moth---
http://www.google.com/search?q...
Wowee, that's a link hey? The moth looks more like a wasp, has red wings and a blue body, very pretty, but goes around laying eggs on Adeniums.