Why Are Apellis Pharmaceuticals Shares More Than 20% Down Today?
Portfolio Pulse from Vandana Singh
Apellis Pharmaceuticals Inc's shares are trading lower due to safety concerns about its newly launched product, Syfovre. The ASRS Research and Safety in Therapeutics Committee reported six cases of occlusive retinal vasculitis since the product's launch in March. Despite this, the company has distributed approximately 60,000 vials of Syfovre since its FDA approval, exceeding the Street-high 2Q23 estimate by about 15,000 vials. This could imply a 2Q23 Syfovre revenue of over $80 million.
July 17, 2023 | 5:59 pm
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Apellis Pharmaceuticals' shares are trading lower due to safety concerns about its product, Syfovre. However, the company has distributed more vials than estimated, which could lead to higher 2Q23 revenue.
The safety concerns about Apellis Pharmaceuticals' product, Syfovre, have caused a drop in the company's share prices. However, the company has distributed more vials than estimated, which could potentially lead to higher revenue in 2Q23. This could have a positive impact on the company's financial performance, but the safety concerns could continue to negatively affect the share price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100