JP Morgan Minimize Apellis’ Worth Forecasts, Cites Longer Peak Gross sales Timing For Syfovre – Apellis Prescription drugs (NASDAQ:APLS)

On Tuesday, JP Morgan highlighted its survey associated to Apellis Prescription drugs, Inc.’s APLS Syfovre and Astellas Pharma Inc’s ALPMF ALPMY Izervay.

On common, surveyed physicians handled round 388 geographic atrophy sufferers and most of them had used Syfovre and Astellas’ Izervay (~80%).

JP Morgan analyst Anupam Rama writes that the survey outcomes level to steadier development for Syfovre/branded geographic atrophy merchandise over the subsequent 12 months versus an inflection-type development.

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Survey knowledge signifies that perceptions of Syfovre and Izervay have remained largely unchanged earlier than and after the Izervay CRL and label replace. Syfovre is seen as barely simpler, whereas Izervay has a security benefit.

The geographic atrophy market is predicted to reply effectively to promotional efforts. Over time, Apellis’ technique—together with direct-to-consumer advertising, focusing on youthful physicians, growing prescribing depth and emphasizing its distinctive dosing—ought to drive development.

The corporate generated Syfovre gross sales of $167.8 million and $611.9 million for the fourth quarter and full yr 2024, respectively.

It delivered roughly 94,000 Syfovre doses to doctor practices within the fourth quarter, together with roughly 89,000 industrial vials and 4,600 samples. Greater than 510,000 Syfovre injections, together with scientific trials, are estimated to have been administered since launch via December 2024.

Taking a cautious view, the analyst tasks an extended timeline for Syfovre to achieve peak gross sales, valuing it together with Empaveli (for PNH) at across the mid-$30s per share—nonetheless leaving room for development from present ranges.

JP Morgan maintains an Chubby score whereas reducing the worth goal to $45 from $54, primarily based on extending time to peak and peak gross sales for Syfovre and changes to bills.

Worth Motion: APLS inventory is down 1.91% at $24.63 on the final verify Tuesday.

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