Apellis Pharmaceuticals (APLS) AI Stock Analysis

• Market Cap: $2.50B
• Dividend Yield: N/A
• Average Volume (3M): 1.80M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: 48.04%
• EPS Growth: 48.16%
• Country: US
• Employees: 705
• Sector: Healthcare
• Sector Strength: 40
• Industry: Biotechnology
• EPS (TTM): -0.74
• Shares Outstanding: 125,682,260
• 10 Day Avg. Volume: 1,852,383
• 30 Day Avg. Volume: 1,796,073
• PEG Ratio: 0.86
• Price to Book (P/B): 14.70
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -287.50
• Enterprise Value/Market Cap: 1.02
• Enterprise Value/Revenue: 0.88
• Enterprise Value/Gross Profit: 3.95
• Enterprise Value/Ebitda: -3.03
• 1Y Price Target: $37.25
• Price Target Upside: 87.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 17

• Rating: 55 Neutral
• Price Target: $19.50 ▼(-2.01%Downside)

Apellis Pharmaceuticals shows strong revenue growth and strategic initiatives, yet faces profitability and cash flow challenges. The technical outlook is neutral, and valuation remains a concern due to ongoing losses. Corporate events provide a positive long-term perspective, balancing near-term financial challenges.

Positive Factors

Financial Performance

Preliminary Izervay revenues suggest a return to growth with a reported 22% increase over the previous quarter.

Regulatory Approval

Empaveli is anticipated to receive approval in C3G and Primary IC-MPGN, which could enhance its impact in rare diseases.

Strategic Partnerships

APLS announced a royalty purchase agreement with Sobi, providing a non-dilutive source of capital for a strong U.S. launch of Empaveli.

Negative Factors

Investor Confidence

There are discrepancies between market share data reported by Astellas and Apellis, which could affect investor confidence.

Market Demand

The immediate questions for investors are whether the rebound in Izervay represents a normalization after one-off headwinds, or a sustainable trend, impacting demand for Syfovre.

Revenue Challenges

Syfovre's sales fell due to channel drawdown and underfunding of co-pay assistance programs, impacting revenue.

Apellis Pharmaceuticals Business Overview & Revenue Model

Company Description

Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. The company's lead product candidate is pegcetacoplan that is in Phase III clinical trials for the treatment of geographic atrophy (GA) in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria (PNH) diseases. It also develops EMPAVELI (systemic pegcetacoplan) for the treatment of cold agglutinin disease (CAD), and hematopoietic stem cell transplantation-associated thrombotic microangiopathy (HSCT-TMA) in hematology; C3 glomerulopathy (C3G), and immune complex membranoproliferative glomerulonephritis (IC-MPGN) in nephrology; and amyotrophic lateral sclerosis (ALS) in neurology. In addition, the company develops APL-2006, a bispecific C3 and VEGF inhibitor for treating complement-mediated disorders; APL-1030, a C3 inhibitor for the treatment of multiple neurodegenerative diseases; and the combination of EMPAVELI and a small interfering RNA, or siRNA for reducing the production of C3 proteins by the liver. It has a collaboration and license agreement with Swedish Orphan Biovitrum AB (publ) to co-develop pegcetacoplan; and a research collaboration with Beam Therapeutics Inc. focused on the use of Beam's base editing technology to discover new treatments for complement-driven diseases. Apellis Pharmaceuticals, Inc. was incorporated in 2009 and is based in Waltham, Massachusetts.

How the Company Makes Money

Apellis Pharmaceuticals generates revenue primarily through the sales of its approved therapeutic products and potential milestone payments from partnerships. The company earns income from the commercialization of its drugs that have received regulatory approval, such as Empaveli (pegcetacoplan) for the treatment of PNH. Additionally, Apellis engages in strategic partnerships and collaborations with other pharmaceutical companies, which can provide upfront payments, research funding, and milestone-based payments as products advance through clinical development and reach commercialization stages. Licensing agreements also contribute to Apellis's revenue streams by allowing other companies to market and distribute its products in specific regions, providing royalties and licensing fees.

Apellis Pharmaceuticals Financial Statement Overview

Summary

Apellis Pharmaceuticals has shown significant revenue growth but continues to face profitability challenges. The balance sheet reflects solid liquidity and asset expansion, yet cash flow remains negative, indicating reliance on external financing.

Income Statement

Apellis Pharmaceuticals has shown significant revenue growth from $75 million in 2022 to $709 million in 2024, indicating a strong upward trajectory. However, the company continues to operate at a net loss, with negative EBIT and EBITDA margins, highlighting challenges in achieving profitability. The gross profit margin is robust, but the high net loss reflects ongoing operational inefficiencies.

Balance Sheet

The company maintains a healthy equity ratio, with stockholders' equity increasing over the years, indicating a solid asset base relative to liabilities. However, the debt-to-equity ratio is moderately high, suggesting reliance on debt financing. The negative net debt indicates strong liquidity, driven by substantial cash reserves.

Cash Flow

Operating cash flow remains negative, pointing to cash consumption in operations without generating positive free cash flow. The free cash flow has improved over the years but remains negative, indicating challenges in cash generation. The company relies heavily on financing activities to support its cash needs.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	781.37M	396.59M	75.42M	66.56M	250.65M
Gross Profit	663.64M	338.08M	69.79M	61.36M	225.60M
EBITDA	-154.53M	-495.21M	-617.39M	-731.27M	-312.23M
Net Income	-197.88M	-528.63M	-652.17M	-746.35M	-344.87M
Balance Sheet
Total Assets	885.05M	788.73M	760.22M	881.76M	960.57M
Cash, Cash Equivalents and Short-Term Investments	411.29M	352.30M	551.80M	700.55M	877.65M
Total Debt	469.78M	110.93M	112.71M	210.22M	377.73M
Total Liabilities	656.51M	594.21M	590.35M	683.10M	756.01M
Stockholders Equity	228.54M	194.52M	169.87M	198.66M	204.56M
Cash Flow
Free Cash Flow	-88.27M	-595.51M	-515.27M	-564.23M	-165.91M
Operating Cash Flow	-87.87M	-594.74M	-513.75M	-563.13M	-160.49M
Investing Cash Flow	-403.00K	-674.00K	59.89M	247.62M	-316.99M
Financing Cash Flow	149.24M	394.50M	365.66M	392.24M	692.18M

Apellis Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.90
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APLS, the sentiment is Positive. The current price of 19.9 is above the 20-day moving average (MA) of 18.83, above the 50-day MA of 18.35, and below the 200-day MA of 24.89, indicating a neutral trend. The MACD of 0.41 indicates Negative momentum. The RSI at 58.59 is Neutral, neither overbought nor oversold. The STOCH value of 53.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APLS.

Apellis Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACAD	78 Outperform	$3.78B	16.43	37.24%	―	22.42%	―
MRUS	61 Neutral	$4.78B	―	-58.66%	―	42.77%	-51.27%
APLS	55 Neutral	$2.50B	―	-103.82%	―	48.04%	48.16%
CRNX	54 Neutral	$2.85B	―	-30.84%	―	―	-1.20%
Sector *	52 Neutral	$7.61B	0.04	-62.94%	2.44%	16.14%	0.33%
SRRK	50 Neutral	$3.80B	―	-106.71%	―	―	-22.34%
IMVT	45 Neutral	$3.15B	―	-62.46%	―	―	-43.10%

Apellis Pharmaceuticals Corporate Events

Apellis Pharmaceuticals Secures $275M Royalty Buy-Down Deal

On July 1, 2025, Apellis Pharmaceuticals entered into a Royalty Buy-Down Agreement with Swedish Orphan Biovitrum AB, where Sobi will pay Apellis $275 million upfront and up to $25 million upon EMA approval of Aspaveli for certain conditions. In return, Sobi’s royalty obligations under a previous agreement will be reduced by 90%, with conditions tied to Aspaveli’s performance. This agreement, consented by the Company’s lenders, also extends certain prepayment premium periods under Apellis’s financing agreement by one year.

The most recent analyst rating on (APLS) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Apellis Pharmaceuticals stock, see the APLS Stock Forecast page.

Apellis Pharmaceuticals Holds Annual Stockholders Meeting

On June 3, 2025, Apellis Pharmaceuticals held its Annual Meeting of Stockholders, where key decisions were made. A. Sinclair Dunlop, Alec Machiels, and Keli Walbert were elected as class II directors for a three-year term. Additionally, Deloitte & Touche LLP was ratified as the independent registered public accounting firm for 2025. The stockholders approved the executive compensation and recommended holding future advisory votes on executive compensation annually.

The most recent analyst rating on (APLS) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Apellis Pharmaceuticals stock, see the APLS Stock Forecast page.