Apellis Pharmaceuticals (APLS) Q1 2026 earnings summary

Executive summary

• Achieved net income of $18.7 million for Q1 2026, reversing a net loss of $92.2 million in Q1 2025, driven by strong product and licensing revenue growth.

• Entered into a merger agreement with Biogen Inc. for $41.00 per share plus contingent value rights (CVRs) up to $4.00 per share, with closing expected mid-Q2 2026.

• Continued commercialization of EMPAVELI and SYFOVRE, with expanded indications and international approvals supporting revenue growth.

Financial highlights

• Total revenue rose 61% year-over-year to $268.3 million, with product revenue up 28% to $192.0 million and licensing/other revenue up 351% to $76.3 million.

• Operating expenses decreased 3% year-over-year to $241.8 million, with R&D down 11% and SG&A down 4%.

• Net operating income was $26.5 million, compared to a loss of $83.3 million in Q1 2025.

• Cash and cash equivalents totaled $405.2 million as of March 31, 2026.

Outlook and guidance

• Management expects cash and anticipated product sales to fund operations and capital expenditures for at least the next 12 months.

• Ongoing investments in commercialization and clinical development are expected to continue, with a focus on expanding indications and international markets.