Apellis Pharmaceuticals Q3 Results

WALTHAM, Mass. – Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) experienced a 13.48% drop in its shares after reporting third-quarter results that did not meet analyst expectations.

The biopharmaceutical company posted a Q3 loss of $0.46 per share, which is $0.17 worse than the estimated $0.29 loss. Revenue for the quarter was $196.83 million, falling short of the consensus estimate of $200.09 million.

Apellis generated $152.0 million in U.S. net product revenue from its geographic atrophy treatment, SYFOVRE, in Q3, up from $75.3 million during the same quarter last year. However, the net selling price of SYFOVRE declined due to higher gross-to-net adjustments.

The company noted that commercial vial demand for SYFOVRE grew by approximately 7% quarter-over-quarter. Over 88,500 doses of SYFOVRE were delivered to physician practices in Q3, including about 84,500 commercial vials.

> “While SYFOVRE net sales fell short of expectations due to higher gross-to-net adjustments, we remain focused on reaching more geographic atrophy patients and building on our leadership in this market,” said CEO Cedric Francois.

Apellis ended the quarter with $396.9 million in cash and cash equivalents, expecting this cash position and projected revenues will be sufficient to fund operations until reaching positive cash flow.

For its paroxysmal nocturnal hemoglobinuria treatment, EMPAVELI, Apellis reported $24.6 million in U.S. net product revenue for Q3.

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