Apellis Pharmaceuticals Inc (APLS) Q3 2024 Earnings Call Highlights: Revenue Surge and ...

GuruFocus.com11-06

Total Revenue: $197 million for Q3 2024, up from $110 million in Q3 2023. Syfovre Product Revenue: $152 million, more than double the same period last year. Empaveli U.S. Net Product Revenue: $24.6 ...

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GuruFocus has detected 5 Warning Signs with APLS.\n\nRelease Date: November 05, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nApellis Pharmaceuticals Inc (NASDAQ:APLS) reported a 7% quarter-over-quarter growth in commercial development for its product, with 84,500 vials shipped.\nThe company achieved a significant increase in product revenue, with $152 million reported, more than double the same period last year.\nApellis Pharmaceuticals Inc (NASDAQ:APLS) maintains a strong market leadership position with approximately 65% market share in its segment.\nThe company has launched several initiatives aimed at increasing market share and new patient starts, which are showing early positive results.\nApellis Pharmaceuticals Inc (NASDAQ:APLS) is on track to file a supplemental NDA for its product in early 2025, reflecting strong regulatory progress.\n\n Negative Points \n\nRevenue fell short of expectations, declining by 1.7% relative to the last quarter, partly due to higher gross-to-net adjustments.\nThe company experienced an overall slowing within the geographic atrophy (GA) market, affecting sales growth.\nApellis Pharmaceuticals Inc (NASDAQ:APLS) faced a negative CHMP opinion in Europe, leading to a decision not to pursue EU approval further.\nThe company anticipates only low single-digit percentage sales growth for the remainder of 2024, with flat to modest net revenue growth in the fourth quarter.\nGross-to-net adjustments are expected to continue impacting financials, with anticipated erosion in average sales price (ASP) due to contracting decisions.\n\n Q & A Highlights \nQ: How do you view the evolution of market share in Q3 and beyond, especially with your competitor's claims of increased market share? A: Dr. Cedric Francois, CEO, emphasized the differentiated efficacy profile of Apellis' product, which has shown increasing effects over time and efficacy with every other month dosing. Adam Townsend, COO, added that they calculate market share based on injections, which they believe is a valuable metric, and noted a rebound in new patient starts towards the end of Q3.\nQ: When will Apellis feel comfortable providing guidance on sales, and what factors are influencing this decision? A: Dr. Cedric Francois, CEO, stated that they are considering providing guidance for next year but have not made a decision yet. They are focused on fortifying their market position and understanding market dynamics before committing to guidance.\nQ: Is your sales team adequately sized to reach the next tier of prescribers for your product? A: Adam Townsend, COO, confirmed that they regularly analyze their sales team and infrastructure and believe they have the right structure to execute their strategy. They are also implementing new initiatives to drive patient referrals and educate non-injecting ophthalmologists.\nQ: Can you elaborate on the next group of retina specialists driving market growth and the expected revenue growth in Q4? A: Dr. Cedric Francois, CEO, explained that the next wave of retina specialists includes those who are more cautious and take time to engage with new treatments. Timothy E. Sullivan, CFO, added that the guidance for Q4 accounts for gross-to-net adjustments, expecting low to mid-20% range through 2025.\nQ: Could you clarify the impact of ASP and the persistence of therapy among patients? A: Timothy E. Sullivan, CFO, explained that the ASP impact in Q3 was due to strategic contracting decisions and rebates, resulting in a higher gross-to-net percentage. Adam Townsend, COO, noted that patient adherence is strong, with persistence rates similar to those seen with anti-VEGFs in wet AMD.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481642800"}