Apellis Pharmaceuticals (APLS)
:APLS
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Apellis Pharmaceuticals
(APLS)
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Rating:69Neutral
Price Target:
$45.00
▲(10.02% Upside)
Action:Reiterated
Date:05/09/26
APLS scores highest on improving financial performance (new profitability and better leverage), supported by a constructive earnings-call outlook around product traction and pipeline progress. The score is held back by weak cash-flow conversion signals, stretched technical momentum (very high RSI), and limited usable valuation data (P/E not meaningful; no dividend yield provided).
Positive Factors
Leading GA market position & long-term data
Robust 5-year clinical and real-world evidence plus ~60% market share create durable differentiation in geographic atrophy. This supports sustained prescribing, payer support, and higher switching costs versus competitors, underpinning persistent revenue and margin stability over the next several years.
Negative Factors
High gross-to-net and free goods
Sustained elevated free goods and high gross-to-net adjustments compress realized pricing and margins, making revenue growth less fungible into cash. This structural headwind can persist as payers and access programs evolve, pressuring net product revenue and long-term cash conversion for marketed therapies.
Read all positive and negative factors
Positive Factors
Negative Factors
Leading GA market position & long-term data
Robust 5-year clinical and real-world evidence plus ~60% market share create durable differentiation in geographic atrophy. This supports sustained prescribing, payer support, and higher switching costs versus competitors, underpinning persistent revenue and margin stability over the next several years.
Read all positive factors
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 (APLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth42.46%
EPS GrowthN/A
CountryUS
Employees705
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.06
Shares OutstandingN/A
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
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 Cap10.00T>
Enterprise Value/Revenue4.81
Enterprise Value/Gross Profit5.34
Enterprise Value/Ebitda30.04
Forecast
1Y Price Target
$40.00Price Target Upside-2.20% Downside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)-1.07
Revenue Forecast (FY)$865.29M
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 Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 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
78
Positive
Balance Sheet
71
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.11B | 1.00B | 781.37M | 396.59M | 75.42M | 66.56M |
| Gross Profit | 996.12M | 901.55M | 663.64M | 338.08M | 69.79M | 61.36M |
| EBITDA | 177.14M | 70.00M | -154.53M | -495.21M | -617.39M | -731.27M |
| Net Income | 133.27M | 22.39M | -197.88M | -528.63M | -652.17M | -746.35M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.08B | 885.05M | 788.73M | 760.22M | 881.76M |
| Cash, Cash Equivalents and Short-Term Investments | 406.73M | 467.76M | 416.14M | 352.30M | 551.80M | 701.23M |
| Total Debt | 475.76M | 486.31M | 469.78M | 110.93M | 112.71M | 210.22M |
| Total Liabilities | 667.61M | 705.11M | 656.51M | 594.21M | 590.35M | 683.10M |
| Stockholders Equity | 414.92M | 370.15M | 228.54M | 194.52M | 169.87M | 198.66M |
Cash Flow | ||||||
| Free Cash Flow | 37.78M | 45.01M | -88.27M | -595.51M | -515.27M | -564.23M |
| Operating Cash Flow | 37.77M | 45.33M | -87.87M | -594.74M | -513.75M | -563.13M |
| Investing Cash Flow | -305.00K | -313.00K | -403.00K | -674.00K | 59.89M | 247.62M |
| Financing Cash Flow | 8.67M | 8.88M | 149.24M | 394.50M | 365.66M | 392.24M |
Apellis Pharmaceuticals Technical Analysis
Positive
40.90
Price Trends
34.04
Positive
28.30
Positive
26.26
Positive
Market Momentum
1.46
Positive
84.47
Negative
46.57
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 40.9 is below the 20-day moving average (MA) of 40.99, above the 50-day MA of 34.04, and above the 200-day MA of 26.26, indicating a bullish trend. The MACD of 1.46 indicates Positive momentum. The RSI at 84.47 is Negative, neither overbought nor oversold. The STOCH value of 46.57 is Neutral, 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 76 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ― | ― | 39.71% | ― | 42.46% | ― | |
55 Neutral | $3.82B | -7.39 | -43.96% | ― | 4905.26% | -34.49% | |
54 Neutral | $1.26B | -4.76 | -85.61% | ― | ― | -68.11% | |
52 Neutral | $5.91B | -1.72 | -289.33% | ― | 50.19% | -742.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $2.07B | -10.21 | -24.29% | ― | 8.57% | 35.12% |
* Healthcare Sector Average
APLS
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Apellis Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Apellis Updates Executive Separation Plan Amid Biogen Merger
Neutral
May 4, 2026
On April 28, 2026, Apellis Pharmaceuticals’ compensation committee approved an amendment and restatement of its Executive Separation Benefits and Retention Plan in connection with the pending merger with Biogen. The updated plan, effective u...
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.