Apellis Pharmaceuticals Inc at UBS Ophthalmology Day (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eliana Merle - UBS - Analyst : With that being said, Tim, David, thank you so much for joining us today. And yeah, to jump right in, now we're over 1.5 years into the launch of SYFOVRE in GA. What are you seeing in terms of the dynamics in the GA market and how the market has changed with approved treatments?

Question: Eliana Merle - UBS - Analyst : All right. Great. And I mean, you mentioned that the prevalence is much larger than you initially thought. Maybe just -- what are you seeing this in the form of? Maybe just are you seeing an increase in referral rates, like an increase in the number of patients broadly under care with GA? And specifically, if you can speak to that, like if in practices that's grown by a certain percentage since the time of launch.

Question: Eliana Merle - UBS - Analyst : Makes sense. And now that you have a competitor on the market with a permanent J-code and you have a better sense of the market share split, can you speak to the latest that you're seeing in terms of market share for SYFOVRE?

Question: Eliana Merle - UBS - Analyst : Great. And so you mentioned that the latest, you had 75% market share and things haven't changed much since when you gave that update and that you had been seeing a 50-50 split on new starts and that this is starting to adjust up as well. Maybe can you speak to what you expect in terms of market share and how this will evolve over time, specifically maybe in the near term, it seems like you're seeing a little bit of an uptick?

Question: Eliana Merle - UBS - Analyst : And in terms of the centers that you work with, are you seeing centers stock both SYFOVRE and IZERVAY? Or do you find that it tends to be some practices stock one or the other?

Question: Eliana Merle - UBS - Analyst : And what's the split maybe or mix that you're seeing in terms of prescribing from some of the private equity back centers versus the more academic centers and how we should think about that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 02, 2024 / 12:30PM, APLS.OQ - Apellis Pharmaceuticals Inc at UBS Ophthalmology Day (Virtual)

Question: Eliana Merle - UBS - Analyst : I know you mentioned that you have used across a number of different types of centers, but maybe is there one type of center that you find, particularly when you have conversations about the SYFOVRE at efficacy relative to IZERVAY or about the safety profiles that you find you have more traction in?

Question: Eliana Merle - UBS - Analyst : Makes sense. And just on the topic of kind of your commercial strategy, particularly as it relates to competition. I mean, economics are a big part of some of these retina practices and driving prescriber decisions. How should we think about broadly some of maybe your potential contracting decisions or potential for giving discounts to certain practices? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 02, 2024 / 12:30PM, APLS.OQ - Apellis Pharmaceuticals Inc at UBS Ophthalmology Day (Virtual)

Question: Eliana Merle - UBS - Analyst : Understood. So maybe just from our modeling perspective, how should we think about gross to net going forward, say, in the near term as well as long-term relative to the quarters that we've seen reported in the past?

Question: Eliana Merle - UBS - Analyst : Okay. Makes sense. But fair to say, we shouldn't see like a dramatic uptick in discounts, but maybe slowly over time. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 02, 2024 / 12:30PM, APLS.OQ - Apellis Pharmaceuticals Inc at UBS Ophthalmology Day (Virtual)

Question: Eliana Merle - UBS - Analyst : That's helpful context. Another question that we get a lot from investors is just the long-term patient adherence, particularly since this is the slowing of the growth, not necessarily patients seeing improved vision. What have you seen in terms of patient adherence both in terms of showing up to their appointment, the scheduled frequency as well as the rate of potential discontinuation so far?

Question: Eliana Merle - UBS - Analyst : That's encouraging. And I think when the clinical data was coming out, a large investor debate was on the onset of, like, new onset exudations. Just what are you seeing in the real world in terms of that? And in particular, like the need for VEGF use with SYFOVRE?

Question: Eliana Merle - UBS - Analyst : Okay. And just a question from the inbox. Are you feeling more positive about 3Q given the positive inflection you're seeing with new starts?

Question: Eliana Merle - UBS - Analyst : Yeah, absolutely makes sense. If only 15% of GA patients are seeing a retina specialist, it's obviously a huge opportunity. Maybe just so that we could be clear on what the overall GA start volumes are versus what you're seeing in terms of market share, I know you mentioned you're seeing like an uptick in your market share recently. But maybe just what are you seeing kind of overall in terms of new starts and volumes in the GA space overall? Is that a steady number of new starts per month, say? Or is that decreasing relative to, say, what you've seen in the past? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 02, 2024 / 12:30PM, APLS.OQ - Apellis Pharmaceuticals Inc at UBS Ophthalmology Day (Virtual)

Question: Eliana Merle - UBS - Analyst : Understood. And one last question. Since you did mention this, Tim, in your comment just there, what's your philosophy on guidance from here since -- will you guide for GA sales next year?

Question: Eliana Merle - UBS - Analyst : Understood. Well, Tim, David, thank you both for joining us.