Apellis reports Q1 EPS (74c), consensus (35c)

Reports Q1 revenue $166.8M, consensus $194.88M. “In the first quarter, we were pleased to see continued growth in SYFOVRE injection demand-a key indicator of long-term market strength-and an increase in share of new patient starts, already reaching 55% in April. However, revenue was impacted by funding shortages at third-party co-pay assistance programs and a larger-than-expected drawdown of total channel inventory, including physician offices,” said Cedric Francois, M.D., Ph.D., chief executive officer at Apellis (APLS). “We also made meaningful progress toward a potential FDA approval of EMPAVELI in C3G and IC-MPGN, with a decision in these new indications expected in July. As we grow our commercial business and advance our innovative pipeline, Apellis is on a clear path to becoming a profitable, well-established biotechnology company.”