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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.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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