Apellis Pharmaceuticals (APLS) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic Focus and Growth Outlook

• Emphasis on complement factor C3 as a central therapeutic target, supporting a broad pipeline across multiple indications.

• Self-funded growth strategy with capital deployment aimed at driving revenue and achieving profitability.

• 2025 described as a foundational year, building around Syfovre and Empaveli, with a focus on future pipeline expansion.

• 2026 priorities include maximizing SYFOVRE in geographic atrophy, expanding EMPAVELI in rare nephrology, and advancing next-generation therapies.

• Global expansion efforts ongoing, with strategies to address regulatory challenges in Europe.

SYFOVRE: Market Leadership and Innovation

• Maintains approximately 60% market share in geographic atrophy, with $587M in 2025 U.S. net product revenue and 17% year-over-year injection growth.

• Prefilled syringe program and regulatory submission planned for 1H 2026 to enhance adoption and streamline retina practice workflows.

• Largest-ever data set in geographic atrophy shows treatment slows disease progression by 1.5 years over five years, with five-year GALE data supporting durable efficacy and safety.

• AI-driven functional OCT imaging and tools enable visualization of patient benefit and early GA identification, supporting regulatory and clinical positioning.

• Market share on new patients stable at 50%-55%, with retention believed to be higher than competitors.

EMPAVELI: Rare Disease Launch and Pipeline Expansion

• Achieved FDA approval for C3G and primary IC-MPGN, with strong initial launch and >5% market penetration after the first full quarter.

• Generated $102M in FY 2025 U.S. net product revenue and demonstrated robust efficacy and safety across indications, including zero cases of encapsulated meningococcal infection over 3,000+ patient years.

• Pediatric and transplant populations show strong uptake, with ongoing education and patient identification efforts.

• Two pivotal phase III trials underway in FSGS and delayed graft function, targeting significant unmet needs in rare kidney diseases.

• EMPAVELI start form performance outpaced other rare nephrology launches, supporting durable growth.