Apellis Pharmaceuticals (APLS) AI Stock Analysis

• Market Cap: $2.46B
• Dividend Yield: N/A
• Average Volume (3M): 2.75M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• Revenue Growth: 48.04%
• EPS Growth: 48.16%
• Country: US
• Employees: 705
• Sector: Healthcare
• Sector Strength: 55
• Industry: Biotechnology
• EPS (TTM): -0.74
• Shares Outstanding: 125,682,260
• 10 Day Avg. Volume: 2,522,755
• 30 Day Avg. Volume: 2,752,888
• PEG Ratio: -0.05
• Price to Book (P/B): 55.67
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.95
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 0.59
• Enterprise Value/Gross Profit: 2.66
• Enterprise Value/Ebitda: -2.04
• 1Y Price Target: $36.83
• Price Target Upside: 91.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 20

• Rating: 52 Neutral
• Price Target: $19.50 ▲(1.25%Upside)

Apellis Pharmaceuticals' stock score reflects strong revenue growth and strategic FDA milestones tempered by ongoing profitability challenges and negative market momentum. The stock's valuation is affected by its negative earnings, and while corporate governance improvements are positive, they do not significantly alter the current financial outlook.

Positive Factors

Market Potential

Syfovre has blockbuster potential in GA over the long term, as its superior efficacy should ultimately drive significant market share.

Product Efficacy

Pegcetacoplan has best-in-class efficacy that should drive significant adoption in this underserved population.

Negative Factors

Competitive Pressure

The split of use between Syfovre and Izervay is almost even, with expectations of a slight preference for Izervay in the long run, indicating competitive pressure.

Financial Outlook

Investors remain concerned about the trajectory of the base business with Syfovre in GA and Apellis' ability to fund growth and new launches.

Funding Challenges

53% of respondents reported an impact from the funding gap, affecting patients in their practice.

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 shows strong revenue growth but continues to face significant profitability challenges, as reflected in its negative EBIT and EBITDA margins. The balance sheet is solid with strong liquidity, yet the cash flow statement indicates ongoing operational cash consumption.

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
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
775.84M	781.37M	396.59M	75.42M	66.56M	250.65M
	Gross Profit
643.52M	663.64M	338.08M	69.79M	61.36M	225.60M
	EBIT
-186.22M	-164.98M	-517.12M	-594.61M	-536.28M	-213.73M
	EBITDA
-176.07M	-154.53M	-495.21M	-617.39M	-731.27M	-312.23M
	Net Income Common Stockholders
-223.68M	-197.88M	-528.63M	-652.17M	-746.35M	-344.87M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
358.39M	411.29M	352.30M	551.80M	700.55M	877.65M
	Total Assets
807.28M	885.05M	788.73M	760.22M	881.76M	960.57M
	Total Debt
469.55M	469.78M	110.93M	112.71M	210.22M	377.73M
	Net Debt
111.16M	58.49M	-240.26M	-439.09M	-429.97M	-188.05M
	Total Liabilities
643.07M	656.51M	594.21M	590.35M	683.10M	756.01M
	Stockholders Equity
164.22M	228.54M	194.52M	169.87M	198.66M	204.56M
Cash Flow		Free Cash Flow
-8.41M	-88.27M	-595.51M	-515.27M	-564.23M	-165.91M
	Operating Cash Flow
-8.29M	-87.87M	-594.74M	-513.75M	-563.13M	-160.49M
	Investing Cash Flow
-118.00K	-403.00K	-674.00K	59.89M	247.62M	-316.99M
	Financing Cash Flow
41.30M	149.24M	394.50M	365.66M	392.24M	692.18M

Apellis Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 19.26
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APLS, the sentiment is Neutral. The current price of 19.26 is above the 20-day moving average (MA) of 18.15, above the 50-day MA of 18.54, and below the 200-day MA of 27.17, indicating a neutral trend. The MACD of 0.21 indicates Negative momentum. The RSI at 55.41 is Neutral, neither overbought nor oversold. The STOCH value of 80.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$3.72B	16.23	37.24%	―	22.42%	―
MRUS	65 Neutral	$4.10B	―	-58.66%	―	42.77%	-51.27%
CRNX	55 Neutral	$3.10B	―	-30.84%	―	―	-1.20%
Sector *	54 Neutral	$5.38B	3.31	-45.11%	3.29%	16.82%	0.04%
APLS	52 Neutral	$2.46B	―	-103.82%	―	48.04%	48.16%
SRRK	50 Neutral	$3.27B	―	-106.71%	―	―	-22.34%
IMVT	45 Neutral	$2.86B	―	-62.46%	―	―	-43.10%

Apellis Pharmaceuticals Corporate Events

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.

Apellis Pharmaceuticals Elects Craig Wheeler to Board

On April 17, 2025, Apellis Pharmaceuticals elected Craig A. Wheeler to its Board of Directors as a Class III director, with his term lasting until the 2026 Annual Meeting of Stockholders. Wheeler, who has an extensive background in the biotechnology sector, will also serve on the Audit Committee starting May 1, 2025. His appointment is expected to bring valuable expertise to the company, potentially impacting its strategic direction and strengthening its industry position.