Apellis Pharmaceuticals: Strong Sales, Strategic Growth, and Financial Resilience Justify Buy RatingWe are encouraged to see APLS announcing preliminary US net product revenues (excluding EU revenue from (+9.8% q/q) from Syfovre sales (Factset estimate $157mn) and $23mn from Empaveli—bringing the full-year total to $709mn with $611mn from Syfvore. After missing consensus the last two quarters, APLS looks on track to beat 4Q estimates on the back of strong Syfovre sales. To date, more than 510,000 injections have been administered with 94,000 vials (+6.2% q/q) distributed to physicians in 4Q24. With Syfovre net sales growing 120% y/y, APLS believes they are on the track to blockbuster status despite competitive headwinds from competitor, Izervay/Astellas.