Apellis Pharmaceuticals (APLS) Q4 2025 earnings summary

Executive summary

• Achieved $1.0 billion in total revenue for 2025, up from $781.4 million in 2024, driven by SYFOVRE and EMPAVELI sales and a one-time $275 million Sobi royalty repurchase payment.

• SYFOVRE maintained leadership in geographic atrophy with ~60% market share, resilient demand, and robust clinical data, despite a modest revenue decline due to elevated free goods use.

• EMPAVELI launched successfully in C3G and IC-MPGN, achieving over 5% U.S. market penetration and 267 cumulative patient start forms by year-end.

• Net income for 2025 was $22.4 million, a turnaround from a net loss of $197.9 million in 2024.

• Focused on innovation, pipeline advancement, and capital deployment, with pivotal trials in FSGS and DGF and advancement of next-generation therapies such as APL-3007 and APL-9099.

Financial highlights

• Total revenue for Q4 and full year 2025 was $200 million and $1 billion, respectively, including a one-time $275 million Sobi royalty repurchase payment.

• SYFOVRE U.S. net product revenue was $155 million for Q4 and $587 million for the full year; EMPAVELI U.S. net product revenue was $35 million for Q4 and $102 million for the year.

• Licensing and other revenue for 2025 was $314.4 million, mainly from the Sobi royalty repurchase.

• Total operating expenses for 2025 were $948.4 million, with R&D at $295.9 million and SG&A at $550.3 million.

• Net income for FY 2025 was $22.4 million, compared to a net loss of $197.9 million in FY 2024.

Outlook and guidance

• Cash, cash equivalents, and projected product revenues expected to fund operations through profitability.

• Regulatory submission for SYFOVRE prefilled syringe planned for H1 2026; IND submission for APL-9099 base editing therapy planned for H2 2026.

• Operating expenses projected to be modestly higher in 2026 due to investment in pivotal trials and milestone payments, offset by lower SG&A.

• Empaveli anticipated to continue steady growth, with potential to reach up to 50% of the 5,000-patient U.S. C3G/IC-MPGN population at peak.

• Phase 2 study of SYFOVRE + APL-3007 ongoing, topline data expected in 2027.