Overview

* Apellis Q2 revenue falls to $178.5 mln, down from $199.7 mln last year

* Company received FDA approval for EMPAVELI for C3G and primary IC-MPGN

* Apellis enters $300 mln royalty agreement with Sobi for Aspaveli

Outlook

* Apellis expects EMA opinion on Aspaveli indication extension by year-end 2025

* Company plans pivotal studies for DGF and FSGS in 2H 2025

* Apellis anticipates cash and revenues will fund business to profitability

Result Drivers

* FDA APPROVAL - Received U.S. FDA approval for EMPAVELI for C3G and primary IC-MPGN, expected to enhance market position, per CEO Cedric Francois

* SYFOVRE DEMAND - SYFOVRE injection demand increased 6% qtr-over-qtr, contributing $151 mln to U.S. net product revenue

* ROYALTY AGREEMENT - Entered $300 mln royalty purchase agreement with Sobi for 90% of ex-U.S. royalties of Aspaveli

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $171.39

Product mln

Revenue

Q2 EPS -$0.33

Q2 Net -$42.15

Income mln

Q2 Basic -$0.33

EPS

Q2 $211.78

Operatin mln

g

Expenses

Q2 -$33.29

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the pharmaceuticals peer group is "buy"

* Wall Street's median 12-month price target for Apellis Pharmaceuticals Inc ( APLS ) is $29.00, about 34.5% above its July 30 closing price of $19.00

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)