- SYFOVRE revenue growth reached $587M for 2025, reflecting ~17% YoY increase in total injections and maintaining stable revenue through 2026.
- EMPAVELI launch success achieved $102M in 2025 revenue with >5% market penetration in its first full quarter, outpacing rare nephrology competitors.
- Pipeline advancements include pivotal trials in focal segmental glomerulosclerosis and delayed graft function, alongside APL-9099’s potential to target a multibillion-dollar market.
- Total 2025 revenue hit $1B, driven by SYFOVRE ($587M) and EMPAVELI ($102M), with disciplined expense management supporting growth.
- 5-year GALE data demonstrated SYFOVRE’s ability to save up to 1.5 years of retinal tissue, reinforcing its leadership in geographic atrophy treatment.
SYFOVRE Continues to be a Resilient Business
SYFOVRE remains a stable and meaningful revenue stream for Apellis Pharmaceuticals, with total injections growing approximately 17% year-over-year. The company is advancing key initiatives to lay the foundation for accelerated growth in 2027, including a best-in-class prefilled syringe and OCT-F, an AI-enabled approach to visualize the functional benefits SYFOVRE can provide for patients. As Cedric Francois highlighted, "The 5-year GALE data shows patients on treatment for 5 years can save up to 1.5 years of tissue, which is a significant benefit for individuals dependent on their vision."
EMPAVELI Gains Traction in Rare Kidney Diseases
EMPAVELI is gaining traction in C3G and primary IC-MPGN, with more than 5% market penetration achieved after its first full quarter on the market. The company expects a steady ramp and steady growth as typical in rare diseases, driven by the clear differentiation and unique positioning of EMPAVELI without competition in the pediatric and IC-MPGN segments.
Valuation and Growth Prospects
Analysts estimate next year's revenue growth at 19.4%. The company's current valuation metrics include a P/S Ratio of 4.06 and an EV/EBITDA of 44.14. With a P/B Ratio of 7.52, the market is pricing in significant growth expectations. The company's ROIC is 6.78%, indicating a reasonable return on invested capital. As the company continues to drive innovation and execution across its commercial portfolio, it is well-positioned to create durable value for patients and shareholders.
Pipeline Advancements
Apellis Pharmaceuticals is advancing its innovative pipeline, including pivotal trials in focal segmental glomerulosclerosis and delayed graft function. The company is also excited to advance APL-9099, its category-defining FcRn program, which has the potential to disrupt a multibillion-dollar market and enable a one-and-done treatment paradigm across multiple indications.