Apellis stock plunged Tuesday after third-quarter sales of the company's eye drug, Syfovre, widely missed Wall Street's expectations.
During the September quarter, Syfovre generated $152 million in sales. But analysts called for $163 million to $167 million in sales, according to various reports. Sales fell 1.7% sequentially. This was Syfovre's first sequential decline since launching last year.
Apellis Pharmaceuticals (APLS) delivered more than 84,500 commercial vials of Syfovre, which treats geographic atrophy, plus 4,000 samples. On a quarter-over-quarter basis, that's up 7%. Apellis blamed a higher gross-to-net adjustment during the quarter for the revenue miss.
"While many were expecting a miss on Syfovre revenue, this is worse than we believe they were expecting, and though obviously a disappointment, we see the volume growth as a bright spot indicating continued demand for Syfovre," William Blair analyst Lachlan Hanbury-Brown said in a report to clients.
https://www.investors.com/news/technology/apellis-stock-apellis-pharmaceuticals-earnings-q3-2024/
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.