Apellis Pharmaceuticals (APLS) Goldman Sachs 45th Annual Global Healthcare Conference summary

Syfovre relaunch and market evolution

• Relaunch described as highly successful, driven by significant patient need and differentiated efficacy, with over 250,000 injections by end of Q1.

• Safety profile now well understood, with rare adverse events occurring at a rate of 1 in 4,000, primarily on the first injection.

• Recent data from the Gale extension study showed continued visual benefit and statistical significance at 36 months for the monthly arm.

• Market penetration estimated at 12% of diagnosed patients seen by retina specialists, with a total addressable market revised to 1.5 million.

• Growth is broad-based across prescriber types, with academic uptake lagging but expected to improve with new functional data.

Competitive landscape and market dynamics

• Market is expected to remain a duopoly for at least five years, with differentiation on efficacy versus competitor's focus on safety.

• Both products continue to see new patient starts, with healthy competition expected to benefit the market.

• Anticipated label expansion for competitor may influence payer decisions, but efficacy and dosing flexibility seen as key advantages.

• Physician choice influenced by both clinical profile and economics, with some discounting possible but not aggressively pursued.

Financial outlook and capital structure

• US commercial infrastructure is fully built out, with no major expense growth expected this year.

• European approval decision expected by year-end, with only moderate incremental investment required if approved.

• Operating expenses projected to be lower than last year due to prior workforce reduction and stable hiring.

• Recent refinancing and balance sheet optimization have provided $700 million in non-dilutive flexibility, removing reliance on capital markets.