Apellis Pharmaceuticals: Have Some Patience

Group 1 - The market is highlighting the free cash flow (FCF) potential of Syfovre and Empaveli, with Syfovre projected to exceed $1 billion in annual sales despite initial rollout challenges due to infection reports [1] - The firm faced difficulties in launching Syfovre, but the outlook for its sales remains strong, indicating a recovery in market confidence [1] - A holistic investment approach is emphasized, considering both top-down and bottom-up valuation techniques, with a focus on capital structure and debt covenants impacting equity valuation [1]