William Blair writes that although Empaveli has established a solid position in the PNH market, short-term challenges are anticipated due to the emergence of a new competitor, Novartis AG’s (NYSE:NVS) Fabhalta (iptacopan).

Also Read: Apellis Pharmaceuticals’ Pegcetacoplan Meets Primary Goal In Late-Stage Study In Patients With Rare Kidney Diseases.

However, Empaveli has a more significant market opportunity in C3 glomerulopathy (C3G) and immune-complex membranoproliferative glomerulonephritis (IC-MPGN), especially following the strong top-line results from the Phase 3 VALIANT study.

William Blair projects that it could receive approval by late 2025, with peak sales estimates for C3G and IC-MPGN reaching $700 million by 2031.

The analyst has initiated the coverage with an Outperform rating and estimates a fair value for shares of $50.

Nevertheless, the analyst notes that the market is sufficiently large to accommodate multiple blockbuster drugs.

Thus, even though Syfovre has a competitive advantage over Izervay, William Blair believes both medications can thrive in light of the extensive market, significant unmet needs, and the absence of alternative treatments.

With an assumption of only 30% peak market penetration among patients treated by injecting physicians and a consistent rise in referral rates without an increase in diagnosis rates, the analyst projects U.S. peak sales for Syfovre to reach $2.0 billion by 2030.

Price Action: APLS stock is down 0.95% at $27.68 at last check Wednesday.

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