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FDA Label Expansion And SYFOVRE Will Unlock Future Value

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APLS
AnalystConsensusTarget
Not Invested
Published 02 May 2025

Update shared on27 Sep 2025

Fair value Decreased 2.81%
Previous
AnalystConsensusTarget's Fair Value
US$37.47
24.5% undervalued intrinsic discount
27 Sep
US$28.31
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1Y
2.6%
7D
22.3%

Analyst price targets for Apellis Pharmaceuticals have edged lower to $37.47 as positive signals from Syfovre sales and pipeline opportunities are tempered by concerns over limited revenue guidance and commercial ramp uncertainties.


Analyst Commentary


  • Bullish analysts cite stabilization in the Geographic Atrophy (GA) market and optimism around the ongoing launches in C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN).
  • Positive Syfovre sales momentum, highlighted by 6% quarter-over-quarter injection growth, drove upward price target revisions, despite some headwinds from increased sample usage and co-pay assistance funding shortages.
  • Recognition of new growth levers through Empaveli for C3G/IC-MPGN, with expectations for an expanded addressable market and upside potential.
  • Constructive view on FDA approval of Empaveli for paroxysmal nocturnal hemoglobinuria, with analysts optimistic about execution on product launches, though some anticipate a slower commercial ramp.
  • Lack of official sales guidance for Syfovre noted as a limitation for visibility on future revenue expectations, tempering more aggressive upward price target revisions.

What's in the News


  • FDA approved EMPAVELI (pegcetacoplan) as the first treatment for C3 glomerulopathy (C3G) or primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) in patients 12 and older.
  • Approval based on positive results from the VALIANT study, showing statistically significant proteinuria reduction and benefits across all key disease markers.

Valuation Changes


Summary of Valuation Changes for Apellis Pharmaceuticals

  • The Consensus Analyst Price Target has fallen slightly from $38.56 to $37.47.
  • The Future P/E for Apellis Pharmaceuticals has fallen slightly from 47.51x to 46.37x.
  • The Discount Rate for Apellis Pharmaceuticals has risen slightly from 6.84% to 6.99%.

Disclaimer

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