APLS - Apellis Pharmaceuticals Inc. (APLS) Q1 2024 Earnings Call Transcript
2024-05-07 16:02:13 ET
Apellis Pharmaceuticals, Inc. (APLS)
Q1 2024 Earnings Conference Call
May 07, 2024 08:30 AM ET
Company Participants
Meredith Kaya - SVP of IR & Strategic Finance
Cedric Francois - Co-Founder & CEO
Adam Townsend - COO
Caroline Baumal - Chief Medical Officer
Tim Sullivan - CFO
Conference Call Participants
Jonathan Miller - Evercore
Tazeen Ahmad - Bank of America
Priyanka Grover - J.P. Morgan
Salveen Richter - Goldman Sachs
Yigal Nochomovitz - Citigroup
Nicholas Econom - Raymond James
Colleen Kusy - Baird
Phil Nadeau - TD Cowen
Ivy Wang - Jefferies
Eliana Merle - UBS
Annabel Samimy - Stifel
Francois Brisebois - Oppenheimer
Adam Vogel - Wells Fargo
Joseph Stringer - Needham & Company
Douglas Tsao - H.C. Wainwright
Graig Suvannavejh - Mizuho
Presentation
Operator
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Apellis Pharmaceuticals First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised, today's call is being recorded.
I will now turn the call over to your speaker host, Meredith Kaya, Senior Vice President, Investor Relations and Strategic Finance. Please go ahead.
Meredith Kaya
Good morning, and thank you for joining us to discuss Apellis' first quarter 2024 financial results. With me on the call are Co-Founder and Chief Executive Officer, Dr. Cedric Francois; Chief Operating Officer, Adam Townsend; Chief Medical Officer, Dr. Caroline Baumal; and Chief Financial Officer, Tim Sullivan.
Before we begin, let me point out that we will be making forward-looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties and actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional detail.
Now, I'll turn the call over to Cedric.
Cedric Francois
Thank you, Meredith, and thank you all for joining us this morning. 2024 is off to a strong start. SYFOVRE continues to deliver robust growth in the first quarter, driven by an acceleration in demand, resulting in $137 million in net sales, up 20% compared to Q4. EMPAVELI is also making a difference for patients with PNH, generating $26 million in revenue for the quarter, and we have a number of exciting opportunities to potentially expand EMPAVELI into new indications.
We are one of the rare companies in our industry to have two drugs approved in just three years, a testament to the strength of our science and our incredible team. As a result, Apellis is now well-positioned strategically, operationally, and financially to deliver significant long-term value to our shareholders. SYFOVRE is key to delivering this long-term value and the growth in Q1 underscores the strong demand we continue to see from both physicians and patients.
Through March, eye care professionals administers 250,000 SYFOVRE injections and in the first 12 months of launch, SYFOVRE generated over $400 million in sales, substantially exceeding both our and Wall Street's expectations. This is extraordinary performance for any new product launch. SYFOVRE’s leadership in the market is driven by three important factors. First, treatment with SYFOVRE results in increasing effects over time with up to 42% slowing of GA progression in year three of GALE, building on the meaningful effect demonstrated in DERBY and OAKS....
Apellis Pharmaceuticals, Inc. (APLS) Q1 2024 Earnings Call Transcript