Apellis' Q1 Earnings and Revenues Miss Estimates, Stock Down

Core Viewpoint - Apellis Pharmaceuticals reported disappointing first-quarter 2025 results, with a wider loss per share and lower revenues than expected, leading to a significant drop in share price [1][2][5] Financial Performance - The company incurred a loss of 74 cents per share, exceeding the Zacks Consensus Estimate of a loss of 36 cents, and a loss of 54 cents in the same quarter last year [1] - Total revenues for the first quarter were $166.8 million, missing the Zacks Consensus Estimate of$192 million and down from $172.3 million in the prior year [1][2] - Syfovre sales were$130.2 million, a 5% decline year over year, and missed the Zacks Consensus Estimate of $156.9 million [3][4] - Empaveli recorded sales of$19.7 million, down 23% from the previous year, also missing estimates [7] Market Position and Product Performance - Syfovre is the market leader in geographic atrophy (GA) with over 60% market share, and new patient starts increased to 55% by late April [4] - The company delivered over 82,000 commercial vials and nearly 10,000 samples of Syfovre to doctors in the reported quarter [4] Revenue Streams and Expenses - Licensing and other revenues increased by 83% year over year to $16.9 million [8] - Research and development expenses rose by 2$86.4 million, while selling, general, and administrative expenses remained flat at $129.3 million [8] Cash Position - As of March 31, 2025, Apellis had cash, cash equivalents, and marketable securities totaling$358.4 million, down from $411.3 million at the end of 2024 [9] Pipeline Developments - Apellis is awaiting FDA decision on a supplemental new drug application for systemic pegcetacoplan, with a decision expected on July 28, 2025 [10][11] - The company plans to initiate two pivotal phase III studies of Empaveli in the second half of 2025 [12] - A mid-stage multi-dose study of siRNA candidate APL-3007 in combination with Syfovre is also planned for the second quarter of 2025 [13]