Apellis Pharmaceuticals (APLS) UBS Virtual Ophthalmology Day summary

Market overview and dynamics

• GA market size is larger than previously estimated, now believed to be at least 1.5 million patients, with significant growth potential as more patients are referred to retina specialists.

• About 50% of GA patients are currently managed by retina specialists, with the remainder outside these practices; efforts are underway to increase referrals from general ophthalmologists and optometrists.

• Market share for Syfovre remains strong at around 75%, with a 50-50 split on new patient starts, and recent trends show an uptick in new starts.

• The presence of two competitors is seen as beneficial for market growth and patient awareness, with no new entrants expected for several years.

• Efficacy messaging is increasingly resonating with physicians and patients, driving preference and market leadership.

Commercial strategy and contracting

• Contracting is a standard practice in the buy-and-bill space, but deep discounting and large rebates are avoided to maintain brand value.

• Contracts are in place to ensure patient access, but the focus remains on balancing economics with efficacy and long-term brand health.

• Gross-to-net guidance is not provided due to variability, but gradual degradation is expected over time as contracting continues.

• The company responds to competitive pricing but avoids overcompensating, maintaining a judicious approach to discounts.

Patient adherence and clinical outcomes

• Patient adherence is strong, supported by flexible dosing options and robust efficacy data, with 92% of patients in the GALE study remaining on treatment after 12 months.

• Discontinuation rates and adherence patterns are similar to those seen in the anti-VEGF space.

• Real-world safety and new-onset exudation rates align with clinical trial data, with every-other-month dosing reducing conversion rates.