Did Apellis beat or miss consensus estimates last quarter?

What is Apellis's gross profit margin?

What guidance did Apellis's management provide for the next earnings period?

What is the revenue and EPS growth rate for Apellis year over year?

What were the key takeaways from Apellis's earnings call?

What factors drove the changes in Apellis's revenue and profit?

What is the market's earnings forecast for Apellis next quarter?

What does Apellis do and what are its main business segments?

- **Blockbuster Potential**: EMPAVELI on track for 50% penetration in 5,000 U.S. patients, with Q4 2025 achieving 5% market penetration.
- **SYFOVRE Resilience**: 17% YoY injection growth, 5-year data showing 1.5-year GA delay, and 2027 innovations (prefilled syringe, OCT-F).
- **Pipeline Breakthroughs**: APL-9099 (base editing) IND expected H2 2026; FSGS/DGF trials expand kidney disease reach.
- **Financial Strength**: $466M cash, $1B 2025 revenue, and disciplined spending to fund growth.

**【CEO Summary Section】**
- **2025 Progress**: Cedric highlighted Apellis' disciplined execution across three pillars: SYFOVRE in geographic atrophy (GA), EMPAVELI in rare kidney diseases, and pipeline innovation. SYFOVRE saw steady growth despite free goods usage, while EMPAVELI achieved 5% market penetration in its first full quarter post-launch. The pipeline includes APL-9099 (FcRn base editing) and APL-3007 (next-gen GA combo therapy).
- **SYFOVRE Updates**: Total injections grew 17% YoY, with 89,000 commercial doses in Q4. The prefilled syringe and OCT-F (AI-enabled functional OCT) are expected to drive 2027 growth. The 5-year GALE study showed SYFOVRE delays GA progression by 1.5 years.
- **EMPAVELI Momentum**: Launched in C3G and primary IC-MPGN, EMPAVELI achieved 5% penetration and 267 patient starts by year-end. It is the only therapy for ~2/3 of the U.S. patient population, with potential for 50% peak penetration.

**【CFO Financial Commentary】**
- **Revenue**: Full-year 2025 revenue was $1B, including a $275M one-time Sobi payment. SYFOVRE net revenue: $587M; EMPAVELI: $102M. Q4 SYFOVRE doses: 102,000 (89K commercial, 13K free goods).
- **Financial Health**: Cash of $466M; 2026 operating expenses expected to rise modestly due to new trials. Gross-to-net for SYFOVRE in Q4 was ~22%, expected to trend higher in 2026.
- **Milestones**: $25M milestone from Sobi for Aspaveli's EU approval; evaluating options to address $94M convertible debt.

**【Q&A Key Highlights】**
- **EMPAVELI Growth**: Cedric emphasized its potential to reach 50% of the 5,000 U.S. patient population, driven by pediatric and post-transplant segments. Q1 2026 start forms indicate steady pipeline growth.
- **SYFOVRE Access**: Co-pay programs reopened, but free goods usage remains variable. The prefilled syringe and OCT-F aim to improve workflow and patient engagement.
- **Pipeline Ambition**: APL-9099 (IND expected H2 2026) and FSGS/DGF trials position Apellis for long-term growth. GALLOP Phase II combo study with APL-3007 could extend GA efficacy.

Apellis Pharmaceuticals, Inc. (APLS) Q4 2025 Earnings Call Transcript

- **FDA Approval Milestone**: EMPAVELI now treats 5,000+ rare kidney disease patients, with 152 patient starts in first 2 months.
- **Revenue Resilience**: $459M Q3 revenue (including $275M Sobi payment), SYFOVRE net $151M despite 4% injection growth headwinds.
- **Growth Drivers**: Prefilled syringe for SYFOVRE and FSGS/DGF trials set to launch, targeting $475M cash runway.
- **Key Risks**: Free goods usage ($40M headwind) and limited patient access programs constrain GA adoption.
- **Strategic Wins**: EMPAVELI's C3 targeting outperforms competitors, with 52% GA market share and 19/20 top nephrology accounts engaged.

**【CEO Summary Section】**
- Apellis achieved FDA approval for EMPAVELI in C3G and primary IC-MPGN, expanding its addressable market by ~5,000 patients.
- Q3 revenue was $459M, including $275M upfront payment from Sobi, with SYFOVRE net product revenue at $151M.
- EMPAVELI launch progress: 152 patient start forms received, with 50 from expanded access program transitioning to commercial drug.
- SYFOVRE maintains 52% new patient start share in GA, despite 4% injection growth driven by free goods usage.
- Long-term growth initiatives include prefilled syringe for SYFOVRE and expansion into FSGS and DGF kidney diseases.

**【CFO Financial Commentary】**
- Total revenue growth driven by Sobi royalty ($275M) and stable SYFOVRE demand.
- Operating expenses decreased 4% YoY to $235M, with disciplined cost management.
- Cash position of $475M supports operations, with discontinuation of factoring saving ~$5M annually.
- SYFOVRE gross-to-net adjustments remain stable, with modest degradation expected in Q4.

**【Q&A Highlights】**
- **EMPAVELI Launch Dynamics**: 19/20 top nephrology accounts submitted start forms, with 4-6 week time frame to initiate therapy.
- **SYFOVRE Challenges**: $40M headwind from free goods usage over 9 months; prefilled syringe expected to reinvigorate growth.
- **Pipeline Progress**: Phase II SYFOVRE/APL-3007 combo trial enrolling, targeting 3-month dosing; FSGS and DGF trials to begin by year-end.
- **Competitive Landscape**: EMPAVELI's differentiated efficacy (C3 targeting) vs. Fabhalta (C5 targeting) driving prescriber preference.
- **Access Issues**: Patient assistance programs constrained for SYFOVRE, impacting new starts despite strong demand.

Apellis Pharmaceuticals, Inc. (APLS) Q3 2025 Earnings Call Transcript

- **EMPAVELI Breakthrough**: FDA approves for 5,000+ rare kidney patients, targeting $0.5B+ revenue potential. 
- **SYFOVRE Dominance**: 6% QoQ growth, 60% market share, $151M revenue despite $13M free goods impact. 
- **$275M Sobi Deal**: Validates Aspaveli's $1B+ potential, adds $645M liquidity. 
- **Pipeline Momentum**: Phase II combo study, pivotal trials for DGS/FSGS, 4-year SYFOVRE data shows increasing benefits.

**【CEO Summary Section】**
- FDA approves EMPAVELI for C3G and primary IC-MGN, expanding into rare nephrology with potential for 5,000+ patients. 
- SYFOVRE delivers $151M revenue, 6% QoQ injection growth, maintaining 60% market share in GA. 
- Capped royalty purchase agreement with Sobi secures $275M upfront, validating Aspaveli's blockbuster potential in rare kidney diseases.

**【CFO Financial Commentary】**
- Q2 total revenue: $178M (SYFOVRE: $151M, EMPAVELI: $21M, +5% QoQ). 
- Free goods impact: $13M in Q2, expected similar Q3-Q4. 
- Operating expenses: $212M (down 7% YoY), 2025 OpEx in line with 2024. 
- Cash position: $370M + $275M Sobi payment = $645M liquidity.

**【CFO on Aspaveli Royalty Agreement】**
- Sobi pays $275M upfront for 90% of ex-US royalties up to defined caps. 
- Milestones: $25M on EMA approval, long-term upside beyond caps. 
- No impact to existing Sobi milestones under 2020 agreement.

**【CMO and Pipeline Updates】**
- Phase II SYFOVRE/ATL-3007 combo study initiated for fewer injections, better efficacy. 
- Pivotal trials for DGS and FSGS (rare kidney diseases) to begin Q4. 
- 4-year SYFOVRE data shows increasing benefits over time, functional vision preservation.

**【Commercial Update】**
- SYFOVRE: 55% new patient starts, 60% market share, 97% compliance. 
- Free goods usage: 13,000 doses (40% growth), driven by copay funding shortages. 
- EMPAVELI launch: pediatric, post-transplant C3G, targeting 50+ EAP transitions by year-end.

**【Q&A Highlights】**
- Competitor claims 20%+ growth: Apellis maintains leadership via 4-year data, every-other-month dosing, 5 ASRS presentations vs 0 for competitor. 
- Free goods trends: $13M/Q2 impact expected to persist, 10-15% of injections in 2025. 
- SYFOVRE profitability: High-margin business with ~$150M annual revenue, >50% gross margin.

Apellis Pharmaceuticals (APLS)-31 Jul 25-2025 Q2 Earnings call transcript

- **SYFOVRE Growth Challenges**: 4% injection growth vs. 10% revenue decline due to inventory drawdown and sample usage
- **EMPAVELI Launch Momentum**: FDA Priority Review with PDUFA-28 for C3G/IC-MPGN
- **Financial Resilience**: $358M cash, flat OpEx, 20-25% gross-to-net margin guidance
- **Market Leadership**: >60% GA market share, 55% new patient starts
- **EMPAVELI Differentiation**: 68% proteinuria reduction vs. competitor's 34% in Phase 3

**【CEO Opening Remarks】**
- SYFOVRE injection demand grew 4% QoQ, but revenue fell due to channel inventory drawdown and increased sample usage (funding shortages in co-pay assistance programs). 
- SYFOVRE maintains >60% market share, with new patient starts at 55% by late April.
- EMPAVELI for C3G/IC-MPGN received FDA Priority Review with PDUFA date of July 28, 2025. Phase 3 VALIANT data shows 68% proteinuria reduction, eGFR stabilization, and C3c clearance.

**【CFO Financial Review】**
- SYFOVRE net product revenue: $130M (down 10% YoY)
- Key drivers:
  - $10M impact from co-pay assistance funding shortage
  - Q1 channel inventory drawdown
- Gross-to-net rate: ~20-25% for 2025
- Operating expenses remain flat YoY
- Cash balance: $358M (sufficient for ~2 years of operations)

**【Commercial Update】**
- 92,000 SYFOVRE doses delivered (82,000 commercial + 10,000 samples)
- DTC campaign drives 30% increase in website traffic vs. 2024
- EMPAVELI launch prep: 
  - 5,000+ U.S. patients in target C3G/IC-MPGN population
  - Field teams engaged with key accounts
  - Payer outreach for coverage

**【Key Q&A Takeaways】**
1. **Inventory Dynamics**: Q1 channel inventory returned to normal levels after Q4 build-up. No expectation of resolution for co-pay assistance funding shortage.
2. **Competitive Landscape**: SYFOVRE maintains >60% market share vs. competitor with limited label
3. **EMPAVELI Potential**: 52-week VALIANT data to be presented at ERA 2025
4. **Cash Position**: $358M cash + future product sales provide >2-year runway
5. **Tariff Mitigation**: Actively monitoring and planning for potential impacts

Apellis Pharmaceuticals (APLS)-7 May 25-2025 Q1 Earnings call transcript

- **Revenue Powerhouse**: SYFOVRE drives 120% YoY growth; full-year 2024 revenue doubles to $781M. 
- **EMPAVELI Breakthrough**: C3G/IC-MPGN Phase III data hits trifecta (proteinuria, C3 clearance, eGFR stability); H2 2025 launch on track. 
- **GA Market Dominance**: >60% share with 6 doses/year flexibility; only 10% of patients treated. 
- **Pipeline Momentum**: Phase II GA combo trial Q2 2025; FSGS/DGF trials H2 2025. 
- **Financial Strength**: $411M cash; stable OpEx for 2025. 


**【CEO Opening Remarks】**
- **2024 Milestones**: SYFOVRE achieved 120% YoY U.S. net revenue growth; Phase III data for EMPAVELI in C3G and ICF-PGN showed significant reductions in proteinuria and C3 deposits. 
- **Three Strategic Pillars**: 
  1. **GA Leadership**: SYFOVRE is the only GA product with a label allowing 6 doses/year and preferred payer status. 
  2. **EMPAVELI Expansion**: Targeting C3G, IC-MPGN, FSGS, and DGF with Phase III trials starting H2 2025. 
  3. **Pipeline Innovation**: Next-gen GA combo (SYFOVRE + APL-3007 siRNA) Phase II trial to begin Q2 2025. 
- **Market Position**: SYFOVRE maintains >60% market share; only 10% of diagnosed GA patients are treated. 

**【CFO Financial Overview】**
- **Q4 2024 Results**: Total revenue $213M (SYFOVRE: $168M, EMPAVELI: $23M). Full year 2024 revenue $781M (+98% YoY). 
- **Cost Management**: Gross to net ~20-25%; R&D/Sales & Admin expenses stable at $76M/$121M. 
- **Cash Position**: $411M cash; 2025 OpEx expected to remain flat. 

**【Q&A Key Takeaways】**
- **EMPAVELI Launch**: FDA validation for C3G/IC-MPGN expected H2 2025; 5,000+ U.S. patients targeted. 
- **SYFOVRE Dynamics**: Q1 2025 net revenue lower due to sample spike (5,000+ vials), but injection growth (+20% vs Q4) signals long-term demand. 
- **Pipeline Progress**: Phase II combo trial for GA; FSGS/DGF Phase III trials to start H2 2025. 
- **Competitive Edge**: SYFOVRE's flexible dosing and real-world data (40% GA growth reduction) differentiate from competitors. 

**【Commercial Strategy】**
- **DTC Campaign**: Phase 2 with Henry Winkler drives ~3,000 website visits post-SNL ad. 
- **Payer Strategy**: >50% new patient share in preferred formulary states; Aetna requires SYFOVRE first. 
- **International Expansion**: Australia approval; Switzerland review ongoing. 


Actual									-2.29	-1.79	0.93	-2.32	-2.72	-2.28	-1.61	-1.42	-1.46	-1.75	-1.5	-1.56	-1.02	-1.17	-0.73	-0.54	-0.3	-0.46	-0.29	-0.74	-0.33	1.67	0.47
Forecast									-1.3753	-1.5683	-0.6665	-1.6366	-1.7165	-1.6936	-1.5381	-1.3337	-1.4144	-1.4634	-1.5205	-1.4781	-1.3597	-0.9935	-0.7307	-0.4775	-0.3062	-0.2949	-0.3695	-0.3444	-0.4655	1.5787	-0.3783
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-66.51%	-14.14%	+239.53%	-41.76%	-58.46%	-34.62%	-4.67%	-6.47%	-3.22%	-19.58%	+1.35%	-5.54%	+24.98%	-17.77%	+0.10%	-13.09%	+2.02%	-55.99%	+21.52%	-114.87%	+29.11%	+5.78%	+224.24%

APLS

APLS fundamentals

APLS Q4 2025 Earnings

Earnings Call

You can ask Aime

APLS

APLS fundamentals

APLS Q4 2025 Earnings

Earnings Call

APLS Earnings Call Summary for Q4/20258:30 AM on Feb 24, 2026

APLS Earnings Call Summary for Q3/20258:30 AM on Oct 30, 2025

APLS Earnings Call Summary for Q2/20258:30 AM on Jul 31, 2025

APLS Earnings Call Summary for Q1/20258:30 AM on May 7, 2025

APLS Earnings Call Summary for Q4/20248:30 AM on Feb 28, 2025

You can ask Aime