Apellis Pharmaceuticals Inc (APLS)
NASDAQ:APLS
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Apellis Pharmaceuticals
(NASDAQ:APLS)
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Rating:56Neutral
Price Target:
$41.00
▲(0.86% Upside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by weak technical momentum and an uneven underlying financial profile despite a 2025 profitability/cash-flow inflection. Offsetting these negatives, the earnings call points to improving commercial traction (especially EMPAVELI) and solid liquidity, but guidance also flags continued net-revenue pressure from gross-to-net/free-goods dynamics and higher investment spend.
Positive Factors
High Gross Margins
Sustained gross margins around 85% indicate attractive product economics typical of specialist biologics. High gross margins give Apellis durable profit buffer per incremental sales, supporting long-term cash generation and the ability to fund R&D and commercialization even if net revenues face pressure.
Negative Factors
High Gross-to-Net & Free Goods
Elevated free‑goods and growing gross‑to‑net discounts materially reduce realized net sales versus unit demand. These structural pricing/rebate dynamics can persist through payer negotiations and assistance programs, compressing sustainable revenue and complicating long‑term margin and cash‑flow visibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained gross margins around 85% indicate attractive product economics typical of specialist biologics. High gross margins give Apellis durable profit buffer per incremental sales, supporting long-term cash generation and the ability to fund R&D and commercialization even if net revenues face pressure.
Read all positive factors
Apellis Pharmaceuticals (APLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.20B
Dividend YieldN/A
Average Volume (3M)6.55M
Price to Earnings (P/E)141.4
Beta (1Y)1.92
Revenue Growth42.11%
EPS GrowthN/A
CountryUS
Employees705
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.47
Shares Outstanding127,829,910
10 Day Avg. Volume14,928,457
30 Day Avg. Volume6,554,195
Financial Highlights & Ratios
PEG Ratio-1.27
Price to Book (P/B)8.55
Price to Sales (P/S)3.15
P/FCF Ratio70.33
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue5.20
Enterprise Value/Gross Profit5.79
Enterprise Value/Ebitda74.50
Forecast
1Y Price Target
$38.71Price Target Upside-4.77% Downside
Rating ConsensusHold
Number of Analyst Covering19
EPS Forecast (FY)-1.11
Revenue Forecast (FY)$864.35M
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 dise...
How the Company Makes Money
Apellis makes money primarily through (1) net product revenue from selling its approved drugs and (2) collaboration/partner-related economics.
1) Net product revenue (drug sales)
- SYFOVRE (pegcetacoplan injection): Apellis generates revenue from...
Apellis Pharmaceuticals Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down total revenue by business segments, offering a clear view of which areas contribute most to the company's financial health and where strategic focus might be needed.
Breaks down total revenue by business segments, offering a clear view of which areas contribute most to the company's financial health and where strategic focus might be needed.
Data provided by:
The Fly
The FlyApellis Pharmaceuticals Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized multiple commercial and scientific positives: robust EMPAVELI early launch metrics (>5% market penetration, 267 start forms), SYFOVRE injection growth (~17% YoY) and strong 5‑year clinical data, a progressing pipeline with upcoming readouts and regulatory milestones, and a solid cash position ($466M). Offsetting these strengths are near-term revenue headwinds from elevated free goods and high gross-to-net adjustments (mid‑to‑high‑20% range), seasonal and quarter-to-quarter variability for launches in ultra-rare populations, modestly higher 2026 operating expenses to fund pivotal trials, and a $94M convertible debt maturing in 2026. Overall, the highlights around commercial traction, data readouts, pipeline advancement and financial flexibility outweigh the challenges, though execution risks and revenue timing uncertainty remain.Positive Updates
Strong Full-Year Revenue with One-Time Benefit
Total revenue for FY2025 was $1.0 billion, which includes a one-time $275 million upfront payment from the Sobi royalty repurchase agreement that materially contributed to full-year results.
Negative Updates
SYFOVRE Revenue Impacted by Elevated Free Goods
Full-year SYFOVRE revenue was modestly down versus 2024 largely due to elevated use of free goods (approximate free goods range of 12%–14% through 2025), which reduced reported net revenue despite higher injections.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Revenue with One-Time Benefit
Total revenue for FY2025 was $1.0 billion, which includes a one-time $275 million upfront payment from the Sobi royalty repurchase agreement that materially contributed to full-year results.
Read all positive updates
Company Guidance
Apellis guided that 2026 will see gross-to-net for SYFOVRE move to the high‑20% range (from just above the mid‑20% in Q4), with net price expected to remain relatively stable and a modest inventory reduction in Q1 amid typical seasonal Medicare reverifications; operating expenses are expected to be modestly higher in 2026 (Q4 opex was $251M vs $239M LY) due to pivotal trials (FSGS, DGF) and milestones but partially offset by lower SG&A, while the company exited 2025 with $466M cash, ~ $94M convertible debt maturing in September, and expects to self‑fund the pipeline. For context, full‑year 2025 revenue was $1.0B (Q4 $200M) including a $275M one‑time Sobi payment; SYFOVRE net product revenue was $155M in Q4 and $587M FY with ~102,000 Q4 doses delivered (≈89,000 commercial, ≈13,000 free goods), total injections up ~17% YoY and free‑goods use ~12–14% in 2025; EMPAVELI U.S. net product revenue was $35M in Q4 and $102M FY, achieved >5% market penetration after its first full quarter, had 267 cumulative patient start forms at year‑end, 95% of published payer policies reimbursing to label or with minimal restrictions, and management reiterated a path to blockbuster potential (addressable ~5,000 U.S. C3G/IC‑MPGN patients with up to 50% peak penetration).Apellis Pharmaceuticals Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.00B | 781.37M | 396.59M | 75.42M | 66.56M |
| Gross Profit | 901.55M | 663.64M | 338.08M | 69.79M | 61.36M |
| EBITDA | 70.00M | -154.53M | -495.21M | -617.39M | -731.27M |
| Net Income | 22.39M | -197.88M | -528.63M | -652.17M | -746.35M |
Balance Sheet | |||||
| Total Assets | 1.08B | 885.05M | 788.73M | 760.22M | 881.76M |
| Cash, Cash Equivalents and Short-Term Investments | 467.76M | 416.14M | 352.30M | 551.80M | 701.23M |
| Total Debt | 486.31M | 469.78M | 110.93M | 112.71M | 210.22M |
| Total Liabilities | 705.11M | 656.51M | 594.21M | 590.35M | 683.10M |
| Stockholders Equity | 370.15M | 228.54M | 194.52M | 169.87M | 198.66M |
Cash Flow | |||||
| Free Cash Flow | 45.01M | -88.27M | -595.51M | -515.27M | -564.23M |
| Operating Cash Flow | 45.33M | -87.87M | -594.74M | -513.75M | -563.13M |
| Investing Cash Flow | -313.00K | -403.00K | -674.00K | 59.89M | 247.62M |
| Financing Cash Flow | 8.88M | 149.24M | 394.50M | 365.66M | 392.24M |
Apellis Pharmaceuticals Technical Analysis
Positive
40.65
Price Trends
23.00
Positive
22.91
Positive
23.10
Positive
Market Momentum
5.27
Negative
87.57
Negative
99.71
Negative
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 40.65 is above the 20-day moving average (MA) of 24.74, above the 50-day MA of 23.00, and above the 200-day MA of 23.10, indicating a bullish trend. The MACD of 5.27 indicates Negative momentum. The RSI at 87.57 is Negative, neither overbought nor oversold. The STOCH value of 99.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for APLS.
Apellis Pharmaceuticals Risk Analysis
Apellis Pharmaceuticals disclosed 74 risk factors in its most recent earnings report. Apellis Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Apellis Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $5.97B | -169.72 | -8.53% | ― | 53.66% | 58.63% | |
56 Neutral | $5.20B | 141.40 | 8.20% | ― | 42.11% | ― | |
55 Neutral | $4.15B | -8.91 | -41.46% | ― | ― | -21.96% | |
54 Neutral | $1.39B | -3.74 | -67.12% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $2.37B | -11.01 | -22.81% | ― | 23.73% | 30.16% |
* Healthcare Sector Average
APLS
Apellis Pharmaceuticals
40.65
21.23
109.32%
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MLTX
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Apellis Pharmaceuticals Corporate Events
Business Operations and StrategyM&A Transactions
Apellis Pharmaceuticals to be Acquired by Biogen in Merger
Positive
Apr 1, 2026
On March 31, 2026, Apellis Pharmaceuticals agreed to be acquired by Biogen through a tender offer and subsequent merger, under which Apellis shareholders will receive $41.00 in cash per share plus a non-transferable contingent value right worth up...
Executive/Board Changes
Apellis Pharmaceuticals Adds Mikael Dolsten to Board
Positive
Mar 2, 2026
On February 27, 2026, Apellis Pharmaceuticals’ board elected Mikael Dolsten, M.D., Ph.D., as an independent Class I director, effective March 1, 2026, with a term running until the 2027 annual meeting of stockholders, reflecting a continuati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.