Apellis Pharmaceuticals Inc APLS reported Q1 revenues of $44.8 million, surpassing the consensus of $26.10 million and $14.38 million a year ago.
The company reported an EPS loss of $(1.56), higher than $(1.42) a year ago and missing the consensus of $(1.46).
Needham writes that Syfovre’s sales of $18.4 million were well above their estimate of $5 million and the Street’s $1.5 million estimates. The analyst has raised the price target to $110 from $80, with a Buy rating.
The management has tempered expectations for 2023 sales given the relatively short launch time and noted that demand and sales might be lumpy in 2023.
In February, the FDA approved Apellis’ Syfovre (pegcetacoplan) for geographic atrophy (GA) secondary to age-related macular degeneration. Syfovre is the first and only FDA-approved treatment for GA.
The analyst has raised the 2023 Syfovre sales estimate to $113 million from $100 million, and it anticipates the pre-1Q23 Street 2023 estimate of $61.5 million to go up after the strong 1Q23 showing.
Empaveli sales of $20.4 million exceeded Needham’s $22.0 million estimate.
Empaveli self-injector PDUFA was initially set for March 15, 2023, but FDA has extended its review of the sNDA for an undetermined amount of time. The company is awaiting further detail on timing.
Price Action: APLS shares are up 10.63% at $93.29 on the last check Friday.