WALTHAM, Mass. - Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) saw its shares plunge 13.48% after reporting third-quarter results that fell short of analyst expectations, with revenue missing estimates and losses wider than anticipated.
The biopharmaceutical company posted a Q3 loss of $0.46 per share, $0.17 worse than the analyst estimate of a $0.29 loss. Revenue for the quarter came in at $196.83 million, below the consensus estimate of $200.09 million.
Apellis generated $152.0 million in U.S. net product revenue from its geographic atrophy treatment SYFOVRE in Q3, up from $75.3 million in the same quarter last year. However, SYFOVRE net selling price declined compared to previous quarters due to higher gross-to-net adjustments.
The company said SYFOVRE commercial vial demand grew approximately 7% quarter-over-quarter. More than 88,500 SYFOVRE doses were delivered to physician practices in Q3, including about 84,500 commercial vials.
"While SYFOVRE net sales fell short of expectations due to higher gross-to-net adjustments, we remain focused on reaching more geographic atrophy patients and building on our leadership in this market," said CEO Cedric Francois.
Apellis ended the quarter with $396.9 million in cash and cash equivalents. The company expects its cash position and projected revenues to be sufficient to fund operations until it reaches positive cash flow.
For its paroxysmal nocturnal hemoglobinuria treatment EMPAVELI, Apellis reported $24.6 million in U.S. net product revenue for Q3.
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