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WALTHAM, Mass. - Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) reported fourth-quarter 2024 results that exceeded analyst expectations for revenue, but the company’s shares fell in response.
The biopharmaceutical company posted revenue of $212.5 million for the quarter, surpassing the consensus estimate of $192.9 million. This represents a 45% increase compared to $146.4 million in the same quarter last year. Adjusted earnings per share came in at -$0.29, beating analyst expectations of -$0.37.
SYFOVRE, Apellis’ treatment for geographic atrophy, generated $167.8 million in U.S. net product revenue for the quarter. The company’s other key product, EMPAVELI for paroxysmal nocturnal hemoglobinuria, contributed $23.4 million in U.S. net product revenue.
Despite the revenue beat, Apellis shares fell 3.6% following the earnings release, suggesting investors may have been looking for even stronger results or guidance.
"Apellis made significant strides in 2024, highlighted by the continued growth of SYFOVRE and the unprecedented phase 3 results for EMPAVELI in C3G and IC-MPGN," said Cedric Francois, M.D., Ph.D., chief executive officer at Apellis.
For the full year 2024, Apellis reported total revenue of $781.4 million, representing 97% YoY growth. The company ended the year with $411.3 million in cash and cash equivalents.
Looking ahead, Apellis expects to initiate two Phase 3 trials of EMPAVELI in focal segmental glomerulosclerosis and delayed graft function in the second half of 2025. The company also anticipates its current cash position and projected revenues will be sufficient to fund operations to profitability.
Mizhou Securities analyst Graig Suvannavejh commented, "APLS reported 4Q results this AM. With 4Q Syfovre sales already preannounced, for 1Q25, mgmt called out likely Syfovre softness, due to seasonality (expected), but also increased sampling (a surprise). We believe this is behind share weakness (-4% vs. 0% XBI) early today."
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