Apellis Pharmaceuticals Inc

Latest Results (22.11.2025):

Apellis Pharmaceuticals Inc — Third Quarter 2025: Apellis reported strong 3Q 2025 results with total revenue of $458.6 million and net income of $215.7 million (vs. a net loss in 3Q 2024). Results were driven largely by a $275.0 million upfront payment from Sobi tied to an Aspaveli royalty purchase, while commercial momentum continued with SYFOVRE and the newly launched EMPAVELI contributing to product revenues. Cash and cash equivalents were $479.2 million as of September 30, 2025.

Revenue breakdown

Total revenue was $458.6 million for 3Q 2025, comprised of SYFOVRE U.S. net product revenue $150.9M, EMPAVELI U.S. net product revenue $26.8M, the $275.0M Sobi upfront payment, and $5.8M in licensing/other revenue. By comparison, 3Q 2024 total revenue was $196.8M.

Net income

Reported net income was $215.7 million in 3Q 2025 versus a net loss of $57.4 million in 3Q 2024. The 3Q 2025 profit was primarily driven by the one-time $275.0M upfront payment from Sobi.

Cash and liquidity

Cash and cash equivalents stood at $479.2M as of Sept 30, 2025. Management states existing cash plus expected product revenues are expected to fund the business to sustainable profitability. The company discontinued receivable factoring, adding ~$80.6M of receivables to the balance sheet and expecting annual cost savings of about $4.8M.

SYFOVRE commercial performance

SYFOVRE U.S. net product revenue was $150.9M in 3Q 2025. Total injections grew 4% quarter-over-quarter; SYFOVRE holds estimated >60% total market share in geographic atrophy and ~52% of new patient starts. Approximately 101K doses were delivered (≈86K commercial, ≈15K free goods); free goods reduced revenue by roughly $15M.

EMPAVELI launch and sales

EMPAVELI U.S. net product revenue was $26.8M in 3Q 2025. EMPAVELI received FDA approval for C3G and primary IC-MPGN in July 2025 and the launch recorded 152 patient start forms in the first two months (including ~50 transitioning from early access). PNH patient compliance remains high at ~97%.

Expenses and cost of sales

Cost of sales totaled $24.5M in 3Q 2025 (down from $33.6M YoY). R&D expenses were $68.2M (down from $88.6M YoY). SG&A rose to $142.7M (from $122.0M YoY), driven by increased commercial activities and related personnel and administrative costs.

Sobi royalty purchase agreement

In July 2025 Apellis received $275M in exchange for 90% of future ex‑U.S. Aspaveli royalties (capped), with up to $25M in additional milestone payments possible if EMA approval for C3G/IC‑MPGN is achieved. Royalties revert to Apellis after defined caps are reached.

Outlook and near-term milestones

Apellis expects to enter Q4 2025 and 2026 with momentum and a solid financial foundation. Near-term milestones include initiating pivotal studies in FSGS and delayed graft function by year‑end 2025 and awaiting a CHMP opinion for Aspaveli’s ex‑U.S. indication extension before year‑end 2025.