Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) Q2 2023 Earnings Conference Call July 31, 2023 8:30 AM ET
Company Participants
Dr. Cedric Francois - Co-Founder and CEO
Tim Sullivan - CFO
Adam Townsend - CCO
Dr. Caroline Baumal - CMO
Meredith Kaya - SVP, IR
Conference Call Participants
Jonathan Miller - Evercore ISI
Tazeen Ahmad - Bank of America
Anupam Rama - JPMorgan
Colleen Kusy - Robert W. Baird
Yigal Nochomovitz - Citigroup
Steven Seedhouse - Raymond James
Phil Nadeau - TD Cowen
Justin Kim - Oppenheimer & Company
Eliana Merle - UBS
Annabel Samimy - Stifel Financial Corp.
Joseph Stringer - Needham & Company
Douglas Tsao - H.C. Wainwright
Laura Chico - Wedbush Securities
Operator
Good day, and thank you for standing by. Welcome to Apellis Pharmaceuticals Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today’s conference is being recorded.
I’d now like to hand the conference over to your speaker today, Meredith Kaya. Please go ahead.
Meredith Kaya
Good morning, and thank you for joining us today. Earlier this morning, we reported our second quarter 2023 financial results. We'll be happy to take questions from you on these results in the Q&A session. However, we'll be focusing our prepared remarks today on SYFOVRE, including feedback from the recent ASRS annual meeting, and an update on our comprehensive review of the rare safety events. With me on the call are Co-Founder and Chief Executive Officer, Dr. Cedric Francois; Chief Commercial Officer, Adam Townsend; Chief Medical Officer, Dr. Caroline Baumal; and Chief Financial Officer, Tim Sullivan.
Before we begin, let me point out that we will be making forward-looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties and our actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional detail.
Now, I’ll turn the call over to Cedric.
Dr. Cedric Francois
Thank you, Meredith, and thank you all for joining us today. As Meredith said, we are going to take a different approach on today's call and focus the discussion on the rare events of vasculitis we have seen with SYFOVRE. We know you have questions, and we will do our best to answer as many of them as we can. But before we do, let me provide some overarching comments. First, I have never been prouder to be part of the Apellis team. The past few weeks have been challenging, and once again, the team has shown incredible dedication and resilience. Second, we had a strong second quarter. We reported approximately $90 million in total product sales, including $67 million for SYFOVRE, demonstrating the early strength of this launch. With more than 68,000 vials of SYFOVRE now distributed to physicians, SYFOVRE is having a positive impact on the lives of tens of thousands of patients across the United States. And third, SYFOVRE continues to demonstrate increasing effects over time. Data from our GALE long-term extension study showed a reduction in nonsubfoveal GA lesion growth of up to 45% between months 24 and 30 as compared to projected sham. These are incredible findings, further strengthening our understanding of SYFOVRE as an important treatment for patients with GA.