Apellis Shares Drop 13% Due to Wider-Than-Expected Q3 Loss and Revenue Miss

WALTHAM, Mass. - Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) shares fell by 13.48% following the announcement of its third-quarter results, which were below analyst expectations. The company's revenue fell short of forecasts, and losses were greater than anticipated.

The biopharmaceutical company reported a loss of $0.46 per share for the third quarter, which is $0.17 worse than analysts' forecast of a $0.29 loss. Quarterly revenue came in at $196.83 million, falling short of the consensus estimate of $200.09 million.

Apellis generated $152.0 million in net product revenue from its geographic atrophy treatment, SYFOVRE, in the U.S. during the third quarter. This represents an increase compared to $75.3 million in the same period last year. However, the net selling price of SYFOVRE showed a decline from previous quarters due to higher gross-to-net adjustments.

The company noted that the demand for commercial vials of SYFOVRE grew by approximately 7% quarter-over-quarter. More than 88,500 doses of SYFOVRE were delivered to physician offices in the third quarter, with about 84,500 of those coming from commercial vials.

CEO Cedric Francois stated, "Although net sales of SYFOVRE fell short of expectations due to higher gross-to-net adjustments, we continue to focus on reaching more patients with geographic atrophy and strengthening our leadership in this market."

Apellis ended the quarter with $396.9 million in cash and cash equivalents. The company anticipates that its current cash position and projected revenues will be sufficient to finance its operations until it reaches positive cash flow.

Apellis reported net product revenue of $24.6 million for EMPAVELI, its treatment for paroxysmal nocturnal hemoglobinuria, in the U.S. during the third quarter.