Management discussed recent changes in co-pay assistance availability. CEO Cedric Francois said third-party co-pay assistance programs began reopening to new patients and that the company was encouraged by the potential for improved access, though it did not have visibility into how quickly activity might ramp. In Q&A, Sullivan said the reopening is “an important advance” for patients who have been unable to pay, but Apellis could not yet quantify the impact on free goods trends.Executive Vice President of ...

Apellis Pharmaceuticals (NasdaqGS:APLS) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsAnupam Rama - Biotechnology Equity ResearchCaroline Baumal - CMOCedric Francois - Co-Founder, CEO, and PresidentDavid Acheson - EVP of CommercialDouglas Tsao - Managing Director of Equity ResearchEllie Merrill - Biotechnology Equity Research AssociateEva Stroynowski - Investor Relations and Corporate Affairs Biotechnology ExecutiveJayad Momin - Biopharma Equity Research AssociateJonathan Miller - ...

Apellis Pharmaceuticals (NasdaqGS:APLS) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsAnupam Rama - Biotechnology Equity ResearchCaroline Baumal - CMOCedric Francois - Co-Founder, CEO, and PresidentDavid Acheson - EVP of CommercialEllie Merrill - Biotechnology Equity Research AssociateEva Stroynowski - Investor Relations and Corporate Affairs Biotechnology ExecutiveJayed Momin - Biopharma Equity Research AssociateJonathan Miller - Equity Research, Biotech and PharmaceuticalsTazeen ...

Apellis Pharmaceuticals (NasdaqGS:APLS) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Speaker13Morning, ladies and gentlemen. Thank you for standing by, and welcome to the Apellis Pharmaceuticals fourth quarter and full year 2025 earnings conference call. Please be advised that today's call is being recorded. I will now turn the call over to Eva Stroynowski, Head of Investor Relations. Please go ahead.Speaker9Good morning, and thank you for joining us to discuss Apellis's fourth quarter and full year ...

Core Insights - The fourth-quarter 2025 reporting cycle for the Medical sector is commencing, with major firms expected to release earnings results in the coming weeks, primarily in the pharma/biotech and medical device segments [1] - Johnson & Johnson's strong performance has set a positive tone, while Roche faced challenges due to unfavorable foreign-exchange impacts, particularly from a weak U.S. dollar [1] - Sanofi reported mixed results, beating earnings estimates but slightly missing sales expectations [1] Earnings Trends - As of January 28, 11.7% of Medical sector companies, representing 26% of the sector's market capitalization, have reported quarterly earnings, with 42.9% beating both earnings and revenue estimates [2] - Year-over-year earnings decreased by 15.5%, while revenues increased by 10.3% [2] - Overall, fourth-quarter earnings for the Medical sector are expected to decrease by 2.4%, while sales are projected to rise by 8.7% compared to the previous year [3] Company Highlights - **Zoetis (ZTS)**: Expected to report earnings on February 12, with a consensus estimate of $1.40 per share and revenues of $2.37 billion. The company has an Earnings ESP of +0.84% and a Zacks Rank of 3. Recent performance has been driven by strong demand for companion animal products, although sales of certain monoclonal antibody products may have declined [7][8] - **Pacira BioSciences (PCRX)**: Anticipated to report earnings soon, with a consensus estimate of 85 cents per share and revenues of $196.99 million. The company has an Earnings ESP of +7.38% and a Zacks Rank of 2. Revenue growth is expected from its pain-management product, Exparel, and other products [9][10] - **Apellis Pharmaceuticals (APLS)**: Expected to report earnings soon, with a consensus estimate of a loss of 41 cents per share and revenues of $194.37 million. The company has an Earnings ESP of +4.52% and a Zacks Rank of 3. Revenue growth is likely driven by its geographic atrophy drug, Syfovre [11][12] - **Acadia Pharmaceuticals (ACAD)**: Set to report earnings soon, with a consensus estimate of 12 cents per share and revenues of $292.64 million. The company has an Earnings ESP of +14.92% and a Zacks Rank of 3. Revenue growth is expected from its lead drug, Nuplazid, and its second product, Daybue [13][14] - **Denali Therapeutics (DNLI)**: Expected to report a loss of 75 cents per share and revenues of $18.47 million. The company has an Earnings ESP of +6.11% and a Zacks Rank of 3. Revenue expectations are based on collaboration revenues, with updates on pipeline programs anticipated [15][16]

Core Viewpoint - Apellis Pharmaceuticals Inc. is recognized as a high short interest stock with significant upside potential, particularly due to the promising commercial prospects of its drug Empaveli in treating rare kidney diseases [1]. Group 1: Analyst Ratings and Price Targets - Bank of America upgraded Apellis to Buy from Neutral with an unchanged price target of $28, emphasizing the market's undervaluation of Empaveli's commercial prospects [1]. - Wells Fargo reduced its price target for Apellis to $26 from $29 while maintaining an Overweight rating, citing a slower-than-expected commercial ramp for Empaveli in specific indications [2]. Group 2: Revenue Estimates and Market Potential - Bank of America has cut its revenue estimates for 2026–2030 by 20% to 50% to reflect a more gradual adoption curve for Empaveli, while estimates for another drug, Syfovre, remain largely unchanged [3]. - The initial 5% penetration of the 5,000-patient US market for Empaveli has led analysts to forecast continued financial upside as the drug expands into new indications [1]. Group 3: Company Overview - Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutic compounds to address diseases with high unmet needs [4].

分组1 - Sherry Paul from Morgan Stanley discusses market volatility, emphasizing it as a normal part of investing and indicating a shift from the 'Magnificent Seven' to 'magnificent thematics' such as AI automation and innovation [1][2] - The MAG7 companies are evolving into diversified holding companies, with traditional sector labels becoming distorted as tech firms venture into new industries [2] - Paul recommends an equal-weight approach for ETF investors to avoid over-concentration in mega-cap stocks and suggests focusing on the remaining 473 stocks in the S&P 500 for investment opportunities [2] 分组2 - Apellis Pharmaceuticals Inc. (NASDAQ:APLS) has an average upside potential of 47.33%, with Bank of America upgrading its rating to Buy, citing undervalued prospects for its drug Empaveli in treating rare kidney diseases [7][8] - Wells Fargo has reduced its price target for Apellis to $26 from $29, reflecting a slower-than-expected commercial ramp for Empaveli, while cutting revenue estimates for 2026-2030 by 20% to 50% [9][10] - Vera Therapeutics Inc. (NASDAQ:VERA) shows an average upside potential of 55.09%, with Bank of America raising its price target from $48 to $66 due to increased revenue forecasts for its lead drug [11][12] - Goldman Sachs and JPMorgan have also raised their price targets for Vera Therapeutics, reflecting a broader market potential and positive developments in its drug pipeline [12][13]

Core Viewpoint - Apellis Pharmaceuticals is experiencing significant growth potential in the rare kidney disease market, particularly with its newly approved treatment, Empaveli, which could enhance the company's revenue outlook in the coming years [1][6]. Early Commercial Performance - In Q3, Apellis reported U.S. net product revenue of $27 million for Empaveli, with 267 new patient start forms recorded since its late July approval, indicating approximately 5% penetration of the estimated 5,000 U.S. patient market [4]. - Management noted positive early payer traction, with no full coverage denials reported so far [4]. Competitive Positioning and Market Dynamics - Empaveli's broader label, including indications for IC-MPGN, pediatric, and post-transplant patients, is driving early uptake, with the company asserting stronger efficacy compared to Novartis AG's Fabhalta [5]. - Bank of America models peak U.S. sales of $508 million by 2033, assuming 20% peak penetration, which could add $10 per share to the price forecast of $28 [5]. Future Catalysts - The approval of the Syfovre prefilled syringe, expected to be filed in the first half of 2026, could accelerate growth in the geographic atrophy (GA) business, which has faced challenges due to the loss of charitable foundation funding [7][8]. - The prefilled syringe is viewed as a near-term competitive advantage that could expand market share and contribute to overall market growth, with potential impacts expected in 2027 [8]. Stock Performance - Apellis Pharmaceuticals shares increased by 2.37% to $21.52 at the time of publication [8].

Summary of Apellis Pharmaceuticals FY Conference Call Company Overview - **Company**: Apellis Pharmaceuticals (NasdaqGS:APLS) - **Focus**: Complement pathways, specifically complement factor C3, with therapeutic options across various areas [2][3] Key Products and Market Position Syfovre - **Market Leadership**: Holds approximately 60% market share in geographic atrophy [4] - **Revenue Growth**: Achieved 17% year-over-year growth in total injections [4] - **Future Growth Drivers**: Anticipates renewed growth in 2027 with the introduction of a prefilled syringe, enhancing ease of administration [3][8] - **Patient Segmentation**: Targets advanced geographic atrophy, wet macular degeneration, and early geographic atrophy patients [5][6] - **Clinical Evidence**: Largest dataset in geographic atrophy shows the ability to slow disease progression by 1.5 years over five years [8][9] Empaveli - **Indications**: Approved for C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis (IC-MPGN) [4][14] - **Market Penetration**: Achieved over 5% penetration in the first full quarter post-launch, with expectations of reaching approximately half of the 5,000 patient population [16] - **Launch Success**: Described as one of the best launches in rare disease nephrology, with strong payer reception [17][14] - **Clinical Trials**: Ongoing phase III trials for focal segmental glomerulosclerosis (FSGS) and delayed graft function, potentially expanding access to an additional 30,000 patients [14][19] Pipeline Developments - **APL-3007 Program**: A subcutaneous injection aimed at reducing systemic C3 levels by approximately 90%, potentially allowing for less frequent injections [13] - **Gene-Editing Approach**: APL-9099 program targeting the $20 billion FCRN market with a focus on reducing IgG levels while maintaining albumin levels [20][21] Market Dynamics and Competitive Landscape - **Competitive Advantage**: The prefilled syringe for Syfovre is expected to improve treatment flow in retina practices, enhancing competitive positioning against Izervae [8][28] - **Market Stability**: Syfovre's market share has remained stable, with a slight decrease in new patient share (50%-55%) compared to overall market share [41][42] - **Urgency in Nephrology**: Emphasized the need for improved patient identification and education among nephrologists to drive treatment urgency for Empaveli [17][38] Challenges and Considerations - **Regulatory Hurdles**: Syfovre has not yet received EMA approval, with ongoing efforts to address concerns regarding measuring functional benefits [31][33] - **Patient Access Issues**: Previous disruptions in treatment flow due to financial barriers have been addressed, leading to improved patient care dynamics [25][27] Conclusion - **Outlook**: Apellis Pharmaceuticals is positioned for growth with a strong pipeline and market leadership in geographic atrophy and nephrology, while navigating regulatory challenges and enhancing patient access strategies [22][42]

Summary of Apellis Pharmaceuticals FY Conference Call Company Overview - **Company**: Apellis Pharmaceuticals (NasdaqGS:APLS) - **Focus**: Development and commercialization of therapies for rare diseases, specifically targeting C3G and IC-MPGN with their product Empaveli, and geographic atrophy with Syfovre Key Points on Empaveli Launch - **Launch Progress**: The launch of Empaveli is proceeding as expected, with the commercial team effectively identifying the epidemiology of C3G and IC-MPGN, which are rare diseases [3][5] - **Patient Estimates**: The estimated patient population for C3G is around 5,000, aligning with internal expectations, contrasting with competitors' larger estimates [5] - **New Patient Starts**: In Q3, there were 152 new patient starts, with expectations of reaching 225 by year-end [6] - **Patient Identification**: The identification of new patients is facilitated through various sources, including patient organizations and claims data, leading to a robust pipeline of potential patients [7] - **Treatment Urgency**: There is a higher urgency for treatment in pediatric and post-transplant settings, where Apellis is the only approved product [8][10] - **Nephrologist Engagement**: Pediatric nephrologists are highly engaged and informed about Empaveli, with a good uptake in the transplantation segment [11][12] - **Long-term Adoption**: The adoption of Empaveli is expected to grow as nephrologists gain experience with the drug, with positive feedback from those who have used it [13][15] Key Points on Syfovre and Geographic Atrophy - **Market Perception**: The market for Syfovre has faced challenges, particularly due to funding issues affecting patient access to treatments for wet AMD, which indirectly impacted geographic atrophy patient enrollment [20][22] - **Patient Segments**: There are three key patient segments for Syfovre: advanced geographic atrophy, early geographic atrophy, and patients with wet macular degeneration [24] - **Long-term Data**: The GALE trial data indicates that treatment can save patients 1.5 years of vision over five years, which is significant for patient outcomes [25] - **Prefilled Syringes**: The introduction of prefilled syringes is anticipated to improve the adoption of Syfovre by streamlining the administration process [28][29] - **Market Position**: Apellis maintains a competitive position in the market, with prescription rates stabilizing around mid-50% for Syfovre compared to competitors in the low 45% range [33] Additional Insights - **Seasonality and Cadence**: There is no expected significant seasonality affecting new patient starts for Empaveli, but the conversion from start forms to paying customers may take time [19] - **Future Outlook**: The company aims to help physicians reimagine the treatment landscape for geographic atrophy, focusing on long-term data and patient outcomes [26][27] - **Combination Studies**: Apellis is exploring combination therapies, such as the Abelast 3007, which aims to enhance treatment efficacy and dosing frequency [34] This summary encapsulates the key insights from the Apellis Pharmaceuticals FY Conference Call, highlighting the company's strategic focus, market dynamics, and future growth opportunities.