Apellis Pharmaceuticals Reports Second Quarter 2024 Financial Results

Core Insights - Apellis Pharmaceuticals reported a total revenue of $199.7 million for Q2 2024, a significant increase from $95.0 million in Q2 2023, driven by strong sales of its products SYFOVRE and EMPAVELI [7][9]. Financial Performance - SYFOVRE generated $154.6 million in U.S. net product revenue in Q2 2024, compared to $67.3 million in Q2 2023, reflecting strong market demand [3][7]. - EMPAVELI contributed $24.5 million in U.S. net product revenue for Q2 2024, up from $22.3 million in the same period last year [4][7]. - The company reported a net loss of $37.7 million for Q2 2024, an improvement from a net loss of $122.0 million in Q2 2023 [9][36]. - As of June 30, 2024, Apellis had cash and cash equivalents of $360.1 million, up from $351.2 million at the end of 2023, indicating a stable financial position [9][33]. Product Highlights - SYFOVRE remains the market leader in treating geographic atrophy (GA), with over 84,000 doses delivered to physician practices in Q2 2024 [3]. - The company has initiated a re-examination of the marketing authorization application for SYFOVRE with the European Medicines Agency (EMA), expecting a final decision in Q4 2024 [3][5]. - EMPAVELI continues to show high patient compliance rates of 97% [4]. Research and Development - Topline data from the Phase 3 VALIANT study of systemic pegcetacoplan for C3 glomerulopathy (C3G) and primary immune complex glomerulonephritis (IC-MPGN) is expected in August 2024 [5][6]. - The VALIANT study involves 124 patients and aims to evaluate the safety and efficacy of systemic pegcetacoplan [5]. Market Position and Strategy - The company is well-positioned financially to support long-term business operations, with management expressing confidence in achieving positive cash flow [2][9]. - Apellis is focused on strong commercial execution in the U.S. and preparing for significant upcoming clinical data releases [2].