Apellis Pharmaceuticals Inc

Latest Results (17.05.2026):

Apellis Pharmaceuticals, Inc. reported results for the fourth quarter of 2025 and full year 2025. For Q4 2025 total revenue was $199.9 million (product net sales $190.3M) and the company reported a Q4 net loss of $58.9 million; for the full year 2025 total revenue was $1.004 billion, product net revenues were $689.4 million, and Apellis recorded net income of $22.4 million. Cash and cash equivalents were $466.2 million as of December 31, 2025. The company highlighted commercial momentum for SYFOVRE and EMPAVELI, a one-time licensing-related inflow tied to the Sobi agreement, ongoing clinical programs and upcoming regulatory and data milestones in 2026–2027.

Key financials (Q4 2025 / Full Year 2025)

Q4 2025 total revenue: $199.9M; product net sales Q4: $190.3M. FY 2025 total revenue: $1.0038B; FY product net revenues: $689.4M. Q4 net loss: $58.9M; FY net income: $22.4M. Cash & cash equivalents: $466.2M at 12/31/2025. Licensing & other revenue for FY 2025 was $314.4M (includes a $275M one‑time payment related to the Sobi royalty repurchase recorded in Q3 2025).

Product revenue breakdown

SYFOVRE (pegcetacoplan injection) U.S. net product revenue: Q4 2025 $155.2M; FY 2025 $586.9M. EMPAVELI (pegcetacoplan) U.S. net product revenue: Q4 2025 $35.1M; FY 2025 $102.4M.

Commercial performance — SYFOVRE

SYFOVRE injections rose ~17% year‑over‑year; total market share in GA ~60%. In Q4 2025 Apellis delivered ~102K SYFOVRE doses to physician offices (≈89K commercial, ≈13K free goods). Regulatory submission for a SYFOVRE prefilled syringe is planned in H1 2026.

Commercial performance — EMPAVELI

EMPAVELI showed an early strong launch in C3G and primary IC‑MPGN: Q4 revenue $35M, FY revenue $102M. As of 12/31/2025 there were 267 cumulative patient start forms (~>5% U.S. patient penetration estimate), 95% published payer coverage to label or with minimal restrictions. Sobi’s EU approval for Aspaveli in C3G/IC‑MPGN triggered a $25M milestone payment to Apellis under the July 2025 royalty purchase agreement. Pivotal trials initiated for FSGS and DGF.

Expenses and operating results

Total operating expenses Q4 2025: $251.1M; FY 2025 operating expenses: $948.4M. FY 2025 R&D: $295.9M (down vs. 2024); SG&A: $550.3M (up vs. 2024). Cost of sales FY 2025: $102.2M. Net operating income for FY 2025 was $55.4M (vs. an operating loss in 2024).

Cash, liquidity and outlook

Cash & cash equivalents were $466.2M at year end. Apellis states that cash plus expected product revenues are expected to be sufficient to fund operations to profitability. Management hosted a conference call on Feb 24, 2026 to discuss results.

Pipeline and upcoming milestones

APL‑3007 + SYFOVRE Phase 2 is ongoing with topline data expected in 2027. APL‑90992 (base editing FcRn candidate) progressed pre‑clinical with an IND planned in H2 2026. Additional clinical and data presentations (including five‑year GALE results) are planned in 2026.