Download PDF

1. Company Snapshot

1.a. Company Description

Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases.The company's lead product candidate is pegcetacoplan that is in Phase III clinical trials for the treatment of geographic atrophy (GA) in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria (PNH) diseases.It also develops EMPAVELI (systemic pegcetacoplan) for the treatment of cold agglutinin disease (CAD), and hematopoietic stem cell transplantation-associated thrombotic microangiopathy (HSCT-TMA) in hematology; C3 glomerulopathy (C3G), and immune complex membranoproliferative glomerulonephritis (IC-MPGN) in nephrology; and amyotrophic lateral sclerosis (ALS) in neurology.


In addition, the company develops APL-2006, a bispecific C3 and VEGF inhibitor for treating complement-mediated disorders; APL-1030, a C3 inhibitor for the treatment of multiple neurodegenerative diseases; and the combination of EMPAVELI and a small interfering RNA, or siRNA for reducing the production of C3 proteins by the liver.It has a collaboration and license agreement with Swedish Orphan Biovitrum AB (publ) to co-develop pegcetacoplan; and a research collaboration with Beam Therapeutics Inc.focused on the use of Beam's base editing technology to discover new treatments for complement-driven diseases.


Apellis Pharmaceuticals, Inc.was incorporated in 2009 and is based in Waltham, Massachusetts.

Show Full description

1.b. Last Insights on APLS

Apellis Pharmaceuticals' recent performance was negatively impacted by a one-time payment from Sobi, which drove Q3 earnings and revenue beats, but didn't provide long-term growth visibility. A 10% stake decrease by Connor Clark & Lunn Investment Management Ltd. may have also contributed to downward pressure. However, the company has made progress with EMPAVELI (pegcetacoplan) for rare kidney diseases, with positive Phase 3 VALIANT study results published in The New England Journal of Medicine. Upcoming investor conferences may provide opportunities for growth.

1.c. Company Highlights

2. Apellis Pharmaceuticals' Q3 2025 Earnings: A Strong Performance

Apellis Pharmaceuticals reported a total revenue of $459 million for the third quarter, including a $275 million upfront payment from Sobi in connection with the Aspaveli royalty purchase agreement. SYFOVRE net product revenue for the quarter was $151 million. The company's earnings per share (EPS) came in at $1.67, beating estimates of $1.03. The strong EPS was a significant beat, indicating a solid operational performance. With a current P/E Ratio of 55.89, the market seems to be pricing in significant growth expectations.

Publication Date: Nov -06

📋 Highlights
  • EMPAVELI FDA Approval Expansion:: Expanded addressable patient population by 5,000 for C3G and primary IC-MPGN.
  • SYFOVRE Market Leadership:: 52% of new patient starts in Q3, with $151M net product revenue.
  • Total Revenue Boost:: Q3 revenue reached $459M, driven by $275M upfront payment from Sobi.
  • Cash Position Strength:: Ended Q3 with $475M in cash, funded by Sobi transaction and operational cash flow.
  • EMPAVELI Launch Progress:: 152 start forms (50 via EAP) as of Q3, with 4–6 week time-to-treatment target.

Commercial Performance and Launch Progress

The company is making significant strides with its commercial products, particularly with the launch of EMPAVELI for C3G and primary IC-MPGN. David Acheson mentioned that they are "2 months into the launch of EMPAVELI, and I'm very pleased with our progress so far." The feedback from the nephrology community has been outstanding, and the company is carrying that momentum into Q4. With approximately 5,000 C3G and primary IC-MPGN patients in the U.S., EMPAVELI is the only approved therapy for about 2/3 of this patient population.

SYFOVRE Market Leadership

SYFOVRE continues to maintain its market leadership, accounting for an estimated 52% of new patient starts during the third quarter and more than 60% of the overall market. According to Caroline Baumal, "we believe that the long-term market opportunity remains significant with blockbuster potential." The company delivered approximately 101,000 doses of SYFOVRE in the quarter, including 86,000 commercial doses and 15,000 free goods doses.

Cash Position and Guidance

The company ended the quarter with $475 million in cash and cash equivalents, supported by the $275 million upfront payment from Sobi. Tim Sullivan stated that "we continue to expect our cash position will be sufficient to fund the business to sustainable profitability." The company's cash position provides a solid foundation for future growth initiatives.

Valuation and Growth Expectations

With a P/S Ratio of 2.48 and an EV/EBITDA of 23.13, the market is pricing in significant revenue growth. Analysts estimate next year's revenue growth at -13.1%, indicating a potential decline. However, the company's strong EPS beat and progress on the commercial front suggest that the operational performance is robust. As Cedric Francois mentioned, "we have made important progress in 2025 to date," highlighting the company's achievements in the year.

3. NewsRoom

Card image cap

The New England Journal of Medicine Publishes Positive Phase 3 VALIANT Results of EMPAVELI® (pegcetacoplan) for C3G and Primary IC-MPGN

Dec -03

Source: globenewswire.com

Card image cap

Apellis Pharmaceuticals, Inc. (APLS) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -03

Source: seekingalpha.com

Card image cap

Apellis Pharmaceuticals, Inc. (APLS) Presents at Citi Annual Global Healthcare Conference 2025 Transcript

Dec -02

Source: seekingalpha.com

Card image cap

Apellis Pharmaceuticals to Participate in Upcoming Investor Conferences

Nov -25

Source: globenewswire.com

Card image cap

Connor Clark & Lunn Investment Management Ltd. Decreases Stake in Apellis Pharmaceuticals, Inc. $APLS

Nov -17

Source: defenseworld.net

Card image cap

Apellis Pharmaceuticals, Inc. (APLS) Presents at Stifel 2025 Healthcare Conference Transcript

Nov -12

Source: seekingalpha.com

Card image cap

Apellis Announces 5-Year GALE Data Showing SYFOVRE® (pegcetacoplan injection) Delayed Progression of Geographic Atrophy by ~1.5 Years

Nov -12

Source: globenewswire.com

Card image cap

Apellis Pharmaceuticals to Present at the Stifel 2025 Healthcare Conference

Nov -05

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Novel Therapeutic Compounds

Expected Growth: 8.97%

Apellis Pharmaceuticals' 8.97% growth is driven by increasing demand for novel therapeutic compounds, particularly in the ophthalmology and nephrology spaces. Strong clinical trial results, strategic partnerships, and expanding pipeline of innovative treatments contribute to the company's growth momentum.

7. Detailed Products

Pegcetacoplan

A targeted C3 therapy for the treatment of paroxysmal nocturnal hemoglobinuria (PNH) and geographic atrophy (GA) secondary to age-related macular degeneration (AMD)

ASP8232

An oral small molecule inhibitor of complement factor 3 (C3) for the treatment of various diseases including PNH, C3 glomerulopathy, and other complement-mediated diseases

APL-9

A novel, orally administered inhibitor of the complement system for the treatment of various diseases including PNH, C3 glomerulopathy, and other complement-mediated diseases

8. Apellis Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Apellis Pharmaceuticals, Inc. has a moderate threat of substitutes due to the presence of alternative treatments for diseases such as paroxysmal nocturnal hemoglobinuria (PNH) and geographic atrophy.

Bargaining Power Of Customers

Apellis Pharmaceuticals, Inc. has a low bargaining power of customers due to the lack of negotiating power of individual patients and the high demand for its products.

Bargaining Power Of Suppliers

Apellis Pharmaceuticals, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and the company's dependence on these suppliers.

Threat Of New Entrants

Apellis Pharmaceuticals, Inc. has a high threat of new entrants due to the attractiveness of the pharmaceutical industry and the presence of research and development activities by new companies.

Intensity Of Rivalry

Apellis Pharmaceuticals, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.84%
Debt Cost 8.77%
Equity Weight 66.16%
Equity Cost 8.77%
WACC 8.77%
Leverage 51.14%

11. Quality Control: Apellis Pharmaceuticals, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
TG Therapeutics

A-Score: 4.8/10

Value: 2.0

Growth: 8.2

Quality: 7.7

Yield: 0.0

Momentum: 8.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Axsome Therapeutics

A-Score: 4.6/10

Value: 6.0

Growth: 4.1

Quality: 3.6

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Arrowhead Pharmaceuticals

A-Score: 3.9/10

Value: 6.2

Growth: 1.1

Quality: 4.2

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Apellis Pharmaceuticals

A-Score: 3.4/10

Value: 4.4

Growth: 6.9

Quality: 4.9

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Intellia Therapeutics

A-Score: 3.4/10

Value: 7.0

Growth: 2.8

Quality: 4.8

Yield: 0.0

Momentum: 4.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Ultragenyx Pharmaceutical

A-Score: 3.0/10

Value: 6.4

Growth: 4.7

Quality: 3.5

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.63$

Current Price

23.63$

Potential

-0.00%

Expected Cash-Flows