William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on APLS stock, giving a Buy rating today.
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Lachlan Hanbury Brown has given his Buy rating due to a combination of factors that point to durable growth and improving fundamentals at Apellis Pharmaceuticals. The company reported preliminary 2025 U.S. product revenue that modestly exceeded his projections, supported by a strong balance sheet that, together with ongoing sales, is expected to carry the business through to profitability. Syfovre remains the key revenue driver, with quarterly and annual sales slightly ahead of expectations, solid market share of around 60%, and double‑digit growth in total injections despite copay headwinds, underscoring robust underlying demand.
Looking ahead, Hanbury Brown highlights multiple catalysts that can extend this momentum into 2026 and beyond. For Syfovre, he points to the potential demand uplift from new five‑year GALE data, the planned regulatory filing for a prefilled syringe formulation, and the deployment of the OCT‑F imaging tool in retina practices, all of which could enhance physician adoption and treatment convenience. He also views the Empaveli launch as a key upside driver, noting that early U.S. uptake in C3G/IC‑MPGN patients has already exceeded guidance, supported by a favorable label, broad payer coverage with minimal restrictions, and validation from the NEJM‑published VALIANT data. In addition, anticipated European progress through partner Sobi offers further optionality, reinforcing his positive risk‑reward view and supporting the Buy rating.
According to TipRanks, Hanbury Brown is a 4-star analyst with an average return of 27.3% and a 64.15% success rate. Hanbury Brown covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, ARS Pharmaceuticals, and LENZ Therapeutics.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $45.00 price target.