Apellis Pharmaceuticals, Inc. Q4 FY2025 earnings call

• 2025 was a year of disciplined execution and foundation building. Core focus on complement biology targeting C3. 2026 focus on 3 pillars: strengthening SYFOVRE's leadership in geographic atrophy, driving growth with EMPAVELI across rare kidney diseases, advancing innovative pipeline. - SYFOVRE: Resilient business, strong demand with total injections up ~17% y-o-y in 2025. Advancing initiatives like best-in-class prefilled syringe and OCT-F. - EMPAVELI: Near-term growth engine, launch progressing in line with expectations, over 5% market penetration in first full quarter, strong physician feedback. - Pipeline: Advancing initiatives in nephrology and geographic atrophy, including EMPAVELI in new indications, SYFOVRE in combination with APL-3007, and APL-9099 FcRn program.

SYFOVRE: In 2025, delivered steady growth in total injections. Fourth quarter net product revenue $155M, full year $587M. Elevated free goods utilization impacted revenue in 2025. EMPAVELI: Fourth quarter U.S. net product revenue $35M, full year $102M. Launch progressing well with over 5% market penetration in first full quarter post-launch.

• SYFOVRE: Expect gross to net in high 20% range in 2026, net price relatively stable. Modest inventory reduction in first quarter. - EMPAVELI: On clear path to blockbuster status. Operating expenses expected modestly higher in 2026 with investment in new trials, offset by SG&A decrease. - Sobi's European Commission approval triggered $25M milestone payment in first quarter. Actively evaluating alternatives for $94M convertible debt maturing in September.

Q: On EMPAVELI launch breakdown of indications and growth potential.

A: EMPAVELI has ~5,000 patients in U.S. split 50-50 between C3G and IC-MPGN, sees pickup in pediatric and post-transplant segments.

Q: Thoughts on EMPAVELI reaching 50% penetration, ramp, and competitive dynamics.

A: Expect steady ramp in rare disease, clear differentiation, no current competition in some segments.

Q: Variability factors in EMPAVELI launch and guidance on start forms.

A: Ultra-rare disease causes week-to-week/month-to-month variability in start forms, no additional guidance on start forms beyond reporting revenues.

Q: Prefilled syringe for SYFOVRE, practice dynamics.

A: Prefilled syringe will be practice-enabling, transformative for physicians, supports ease of clinical use, fits into fridge storage.

Q: Co-pay dynamics for SYFOVRE.

A: Patient Assistance Organization open for co-pay assistance, no sense of free goods dynamics yet.

Q: Enrollment expectations for EMPAVELI Phase III studies.

A: Early to give projections, excitement around trajectory, exquisite target engagement in VALIANT study.

Q: SYFOVRE revenue trends in Q1 2026 and 2026 guidance.

A: Modest swing in Q1 due to seasonal factors, expect modest cadence to growth.

Q: SYFOVRE doses delivered split and co-pay assistance.

A: Seasonality impacted dose split, free goods range 12%-14% in 2025, hard to say impact of co-pay assistance.

Q: Phase II data for SYFOVRE combo and 50% penetration for EMPAVELI.

A: GALLOP study exciting, potential to change paradigm, conservative estimate on C3G and IC-MPGN epidemiology.

Q: EMPAVELI launch bolus and steady state.

A: Bolus of patients hit early in launch, now in steady state.

Q: Pipeline impact on profitability.

A: Operating expenses may increase with new trials, but revenue growth will drive profitability.

Q: SYFOVRE co-pay assistance and patient persistence.

A: Committed to patient access, free goods supported patients, reverification process helped, new cadence emerging.

Q: EMPAVELI patient pipeline and PFS impact.

A: Patient pipeline larger than before launch, prefilled syringe will be competitive advantage for share.

Q: OCT-F use and timeline, and competitive dynamics of SYFOVRE prefilled syringe.

A: OCT-F to redefine disease understanding, support SYFOVRE adoption, prefilled syringe will be important for share in GA market.