By Apellis Pharmaceuticals, a biopharmaceutical company, has announced its second-quarter financial results, causing a 15% drop in the company’s shares. Despite the loss, Apellis reported narrower losses than expected.
Financial Performance
Apellis Pharmaceuticals experienced a quarterly loss of $122 million, or $1.02 per share, compared to a loss of $156 million, or $1.46 per share, in the same quarter last year. Analysts polled by FactSet predicted a loss of $158.6 million, or $1.36 per share.
The company’s revenue for the quarter stood at $95 million, significantly higher than the previous year’s $16.3 million. Product revenue amounted to $89.6 million, exceeding analysts’ expectations of $70.2 million.
Stock Performance
Apellis Pharmaceuticals’ stock hit a 52-week low of $26.60 during the session and has witnessed a 53% decrease over the past 12 months. This decline reflects challenges faced by the company in recent times.
Positive Data from Syfovre Study
Apellis Pharmaceuticals also shared positive data from its extension study of Syfovre pegcetacoplan injection. Syfovre is currently the only FDA-approved treatment for geographic atrophy secondary to age-related macular degeneration.
The study demonstrated the long-term efficacy and safety of Syfovre, showcasing “robust and increasing effects” over 30 months of continuous treatment. Notably, Syfovre managed to reduce GA lesion growth by up to 45% in patients with nonsubfoveal lesions.
Despite the financial loss, Apellis Pharmaceuticals remains well-funded with cash and cash equivalents totaling $616.3 million as of June 30. The company’s financial position is expected to provide sufficient runway into the first quarter of 2025.
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