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Apellis Pharmaceuticals (APLS) investor relations material

Apellis Pharmaceuticals Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Achieved FDA approval for EMPAVELI in C3G and primary IC-MPGN, expanding the addressable market and marking a significant milestone in rare kidney disease treatment.

  • Q3 2025 net income reached $215.7 million, reversing a prior year net loss, primarily due to a $275 million upfront payment from Sobi under a new royalty agreement.

  • Total Q3 2025 revenue was $458.6 million, driven by licensing and product sales, with SYFOVRE and EMPAVELI as key contributors.

  • SYFOVRE maintained leadership in the geographic atrophy market, with over 60% market share and 52% of new patient starts, despite only 10% of GA patients currently treated.

  • EMPAVELI launch in C3G and IC-MPGN saw strong early adoption, with 152 patient start forms and positive feedback from nephrologists.

Financial highlights

  • Total Q3 2025 revenue was $458.6 million, up from $196.8 million in Q3 2024.

  • Net income for Q3 2025 was $215.7 million, compared to a net loss of $57.4 million in Q3 2024.

  • SYFOVRE U.S. net product revenue was $150.9 million; EMPAVELI U.S. net product revenue was $26.8 million.

  • Licensing and other revenue surged to $280.8 million, driven by the Sobi agreement.

  • Operating expenses decreased to $235.4 million from $244.1 million year-over-year.

Outlook and guidance

  • Cash and cash equivalents of $479 million as of September 30, 2025, expected to fund operations to profitability.

  • Modest SYFOVRE injection growth expected in Q4, with revenue broadly in line with Q3.

  • Two pivotal studies in FSGS and DGF are planned to initiate by year-end 2025.

  • Full-year operating expenses expected to align with 2024 levels.

  • Cash position sufficient to fund business to sustainable profitability.

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Frequently asked questions

Apellis Pharmaceuticals Inc. is a biopharmaceutical company focused on developing therapies for autoimmune and rare diseases. The company’s research is centered around complement inhibition, targeting the C3 protein in the complement system, which plays a key role in immune response. Apellis’ lead products and drug candidates aim to treat conditions such as geographic atrophy (a form of age-related macular degeneration) and paroxysmal nocturnal hemoglobinuria (PNH), among other serious diseases. The company is headquartered in Waltham, Massachusetts, and its shares are listed on the NASDAQ.

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