Apellis(US:APLS) Newsfilter·2024-02-27 12:05Core Insights - Apellis Pharmaceuticals reported a total revenue of $397 million for the full year 2023, with significant contributions from SYFOVRE® and EMPAVELI® [1][8] - The launch of SYFOVRE exceeded expectations, with over 160,000 doses distributed in 2023, and continued demand into 2024 [2][3] - The company is well-positioned for 2024, focusing on expanding SYFOVRE's reach and maximizing EMPAVELI's potential in PNH and C3G/IC-MPGN [2] Financial Performance - Total revenue for Q4 2023 was $146.4 million, a significant increase from $22.7 million in Q4 2022 [8] - For the full year 2023, total revenue was $396.6 million, compared to $75.4 million in 2022, marking a substantial growth [8] - The net loss for Q4 2023 was $88.5 million, while the full year net loss was $528.6 million, showing improvement compared to the previous year's losses [12] Product Highlights - SYFOVRE generated $275 million in revenue for the full year 2023, with Q4 revenue of $114.3 million [1][3] - EMPAVELI achieved $91 million in revenue for the full year 2023, with Q4 revenue of $24.4 million and a high patient compliance rate of 97% [4][8] - The company is advancing its pipeline, with topline data from the Phase 3 VALIANT study expected in mid-2024 [5] Research and Development - R&D expenses for Q4 2023 were $69.3 million, down from $99.4 million in Q4 2022, and full year R&D expenses were $354.4 million compared to $387.2 million in 2022 [10][11] - The company completed enrollment in the Phase 3 VALIANT study for systemic pegcetacoplan, with data expected in mid-2024 [5] Cash Position - As of December 31, 2023, Apellis had cash and cash equivalents of $351 million, down from $551.8 million in 2022 [7][8] - The company anticipates that its cash balance, along with expected revenue from SYFOVRE and EMPAVELI, will be sufficient to fund its projected operating expenses [7]