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Apellis Pharmaceuticals
Apellis Pharmaceuticals (APLS) investor relations material
Apellis Pharmaceuticals TD Cowen 46th Annual Health Care Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.TD Cowen 46th Annual Health Care Conference summary2 Mar, 2026
Company overview and strategic pillars
Focused on three pillars: SYFOVRE for geographic atrophy, EMPAVELI for rare kidney diseases, and a gene editing program targeting FcRn, with clinical entry planned in H2 this year.
SYFOVRE business is resilient, with ongoing efforts to expand market penetration and introduce innovations like a prefilled syringe and functional OCT technology.
EMPAVELI is experiencing strong early launch momentum in C3G and IC-MPGN, with expectations to reach up to 50% market penetration at peak.
Pipeline includes phase III trials in FSGS and DGF, and a phase II combination program (3007 + SYFOVRE) aiming to further improve outcomes in geographic atrophy.
Company is on a path to profitability, supported by a solid organizational foundation and strong cash position.
Financial performance and outlook
Revenue declined year-over-year due to unique factors, including loss of co-pay assistance for SYFOVRE and inventory build impacts.
EMPAVELI revenue remained flat in PNH but showed strong growth in new indications, with continued momentum expected.
SYFOVRE faced headwinds from co-pay assistance disruptions, but underlying demand grew, evidenced by a 17% increase in injections.
Free goods as a percentage of SYFOVRE sales rose to 12-14% in 2025 but are expected to decline as the market stabilizes.
Cash balance exceeds $500 million, with additional milestone payments expected and manageable debt obligations.
Product performance and market dynamics
SYFOVRE maintains a stable 60% market share, with strong patient retention and compliance compared to competitors.
Five-year data shows significant efficacy in slowing vision loss in geographic atrophy, with real-world evidence supporting differentiation.
Safety profile for SYFOVRE is comparable to anti-VEGF injections, with very low incidence of vasculitis.
EMPAVELI is the only approved therapy for pediatric and post-transplant populations in its class, with a strong safety record and no observed cases of encapsulated meningococcal infection.
Oral competitor Fabhalta offers convenience, but EMPAVELI's efficacy and safety are prioritized in severe disease settings.
SYFOVRE prefilled syringe impact?
EMPAVELI C3G/IC-MPGN peak penetration?
Address $94M convert due by September?
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Next Apellis Pharmaceuticals earnings date
Q1 20266 May, 2026
Apellis Pharmaceuticals
Next Apellis Pharmaceuticals earnings date
Q1 20266 May, 2026
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Frequently asked questions
Apellis Pharmaceuticals Inc. is a biopharmaceutical company focused on developing therapies for autoimmune and rare diseases. The company’s research is centered around complement inhibition, targeting the C3 protein in the complement system, which plays a key role in immune response. Apellis’ lead products and drug candidates aim to treat conditions such as geographic atrophy (a form of age-related macular degeneration) and paroxysmal nocturnal hemoglobinuria (PNH), among other serious diseases. The company is headquartered in Waltham, Massachusetts, and its shares are listed on the NASDAQ.
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