Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) Q1 2024 Earnings Call Transcript

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Caroline Baumal: Well, I think some of these practices are so large. They — there’s a benefit to offering across all the therapeutic options. For example, a patient might come in who was treated in a different state and wants to continue on while they’re vacationing with their treatment, and then they’ll go back. So there’s a whole host of reasons that speak to physician choices. But I think the main thing that physicians like is efficacy, and that is really where we’re strong efficacy and flexibility while being transparent with our safety dosing. So I can only say that in my practice, we offer every therapeutic option that’s available. But the discussion is often based on the statistics with the patients and making that choice with them together.

Douglas Tsao: Great. That’s helpful. Thank you.

Operator: Thank you. One moment for our next question. And our next question comes from Graig Suvannavejh with Mizuho Securities. Your line is now open.

Graig Suvannavejh: Great. Thanks so much for taking my questions and congrats on the nice SYFOVRE number. I was wondering if you could either qualify or quantify what you’re expecting the recent implementation of the CMS J-Code for Izervay to have or has it already had, if there has been any? And maybe a second question as a follow-up, I believe a question was asked earlier about expectations around gross to net, what we could expect them for perhaps the second quarter and how that might evolve throughout the year. Thanks.

Cedric Francois: Thank you, Graig. Adam on CMS and then Tim on gross to net.

Adam Townsend: Yeah. So I think J-Code unlocks prescribers. And so just like it was for us, I think the J-Code will unlock some prescribers for Izervay. But just as a reminder, right, being the number one chosen GA therapy across new starts and continuing patients, I think that we win when those conversations take place based on the strong efficacy and the well-documented safety. So J-Code has an impact just like it did for us. But we’re laser-focused on executing our plan in this massive market. And I’m going to hand to Tim on gross to net.

Tim Sullivan: Thank you for the question, Graig Yeah. So for gross to net, no, it has been relatively stable. And really we don’t comment generally other than to say we’ve had a pretty wide range of 10% to 20% that we’ve said. I think it’s a wide range, but you can get somewhere in the middle and understand where gross to net has been consistent.

Operator: Thank you. I’m showing no further questions at this time. I would now like to turn it back to Cedric Francois for closing remarks.

Cedric Francois: Thank you so much, everyone, for joining. If you have any follow-up questions, please feel free to reach out to Meredith. And we look forward to hearing and speaking with many of you today and in the next week. Thank you.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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