Apellis Pharmaceuticals (APLS) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $1.0 billion in 2025, up from $781.4 million in 2024, with SYFOVRE and EMPAVELI driving growth across four serious diseases and maintaining leadership in geographic atrophy and rare kidney diseases.

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

• Advanced pipeline with pivotal trials in new nephrology indications, next-generation therapies, and AI-enabled diagnostic tools.

• Maintained a strong balance sheet, disciplined cost management, and clear priorities for execution and long-term value creation.

• Focused on innovation, pipeline advancement, and capital deployment to drive revenue and profitability.

Financial highlights

• Total revenue for Q4 and full year 2025 was $199.9 million and $1.0 billion, respectively, including a one-time $275 million Sobi royalty repurchase payment.

• SYFOVRE U.S. net product revenue reached $155.2 million in Q4 and $586.9 million for the year; EMPAVELI U.S. net product revenue was $35.1 million in Q4 and $102.4 million for the year.

• Licensing and other revenue surged to $314.4 million in 2025, 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.

• Ended 2025 with $466 million in cash and cash equivalents, providing flexibility to fund operations to profitability.

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.

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

• 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% penetration of the 5,000-patient U.S. market at peak.