Apellis Pharmaceuticals Solidifies Position as Geographic Atrophy (GA) Market Leader

By Tamara Parker • Monday, January 08 11:26 • Permanent Link

Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) saw 4.7% increase in its stock price, following the announcement of it preliminary U.S. net product revenues for the fourth quarter and full year of 2023.

The company disclosed that it achieved approximately $138 million in preliminary U.S. net product revenues for the fourth quarter and approximately $366 million for the full year of 2023. This revenue was attributed to its products, Syfovre® and Empaveli®.

Cedric Francois, M.D., Ph.D., Co-founder and Chief Executive Officer of Apellis, expressed confidence in the company's performance, stating, "Syfovre is the market-leading treatment for GA, with approximately 160,000 doses distributed since launch. More patients than ever are benefiting from Syfovre, including the increasing treatment effects over time and flexible dosing, and we look forward to building on the momentum this year."

He further added, "Additionally, the high compliance observed with Empaveli speaks to the important impact of this medicine on patients' lives. In addition to advancing our pipeline, we believe the tremendous commercial progress made in the past year has positioned us for an even stronger 2024."

Apellis also highlighted its continued momentum with Empaveli, expecting approximately $24 million in preliminary U.S. net product revenues in the fourth quarter of 2023, with a high patient compliance rate of 97%. More than 50% of existing patients and more than 90% of new patients now use the Empaveli injector, an on-body device designed to streamline self-administration, since its approval in October.

The company's management is set to discuss these updates in a corporate presentation at the 42nd annual J.P. Morgan Healthcare Conference on January 8, 2024.

Syfovre® (pegcetacoplan injection) is the first and only approved therapy for geographic atrophy (GA), while Empaveli® (pegcetacoplan) is designed for the treatment of paroxysmal nocturnal hemoglobinuria (PNH). Both products target the complement cascade, a part of the body's immune system.

The company's full 8-K submission is available here.

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