Apellis Reports Revenue of $709M in 2024, Plans for Growth By Investing.com
WALTHAM, Massachusetts – Apellis Pharmaceuticals, Inc. (NASDAQ: ), a biopharmaceutical company, reported preliminary full-year 2024 US net product revenue of approximately $709 million, maintaining its impressive revenue growth trajectory of 162% over the past twelve months. The company’s flagship products, SYFOVRE® and EMPAVELI®, significantly contributed to this performance with $611 million and $98 million in net revenue, respectively. In the fourth quarter of 2024, SYFOVRE® generated $167 million and EMPAVELI® generated $23 million in net product revenue. According to InvestingPro data, analysts predict continued sales growth in the current year.
The company is also preparing to submit a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney disease C3G and primary IC-MPGN, with a US launch expected in the second half of 2025 if approved. In addition, Apellis plans to initiate Phase 3 studies of pegcetacoplan in two other nephrology indications in the second half of 2025.
Apellis announced organizational changes, including the departure of chief operating officer Adam Townsend in February, who will be succeeded by David Acheson as executive vice president of commercial. The company’s strong financial position, with year-end cash of approximately $410 million, is expected to fund the business to profitability.
The company’s focus remains on the treatment of geographic atrophy with SYFOVRE®, which has seen over 510,000 injections. Apellis is also prioritizing commercial efforts in the US and plans to reduce its non-US footprint by approximately 40 employees. A Phase 1b/2 multi-dose study of APL-3007 (siRNA) + SYFOVRE® is expected to begin in the second quarter of 2025. InvestingPro analysis shows that the company is currently trading below its fair value, with a strong current ratio of 4.36x suggesting strong near-term financial health. For a more in-depth look at Apellis’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering more than 1,400 US stocks.
These updates were discussed by dr. Cedric Francois, CEO of Apellis, at the JP Morgan 43rd Annual Healthcare Conference on Monday, January 13, 2025. This information is based on a company press release.
In other recent news, Apellis Pharmaceuticals has seen some notable developments. The FDA’s acceptance of rival Astellas Pharma’s revised supplemental application for an eye drug has led to a reassessment of the market outlook for Apellis’ own eye drug, Syfovre, according to Jefferies and RBC Capital Markets. Nonetheless, Jefferies analyst Akash Tewari maintains a buy rating, noting potential near-term incremental upside for Syfovre.
Morgan Stanley (NYSE: ) initiated coverage on Apellis with an Equalweight rating, forecasting more than $600 million in revenue about two years after Syfovre’s launch. However, the company also anticipates a slowdown in the growth rate of the Geographic Atrophy market. Meanwhile, Piper Sandler maintained its Neutral rating on Apellis shares, following a setback for rival Astellas Pharma, which could potentially give Apellis’ Syfovre a competitive advantage.
In addition, Goldman Sachs revised its rating on Apellis from Buy to Neutral and adjusted its price target to $36.00, following insights indicating fewer patients for the treatment of geographic atrophy with Apellis’ Syfovre. Finally, Apellis reported positive Phase III results for EMPAVELI in the treatment of C3 glomerulopathy and immunoglobulin M-related membranoproliferative glomerulonephritis, with a Supplemental New Drug Application (sNDA) expected in early 2025. These are recent developments for Apellis Pharmaceuticals.
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