Apellis Pharmaceuticals Q2 Earnings: Revenue Down 10.6%, EPS Down 18.6%

Apellis Pharmaceuticals reported Q2 revenue of $178.49 million, down 10.6% YoY, and EPS of -$0.33, compared to -$0.28 a year ago. Product revenue was $171.39 million, down 4.3% YoY, while licensing and other revenue was $7.11 million, down 65.4% YoY. Shares have returned +6.6% over the past month.

Apellis Pharmaceuticals (Nasdaq: APLS) reported its second quarter 2025 financial results, highlighting significant achievements and financial performance. The company generated $178.5 million in total revenue, a 10.6% year-over-year (YoY) decline compared to $199.7 million in the same period last year. The company's earnings per share (EPS) were -$0.33, down from -$0.28 a year ago.

Product revenue stood at $171.39 million, a 4.3% YoY decrease, while licensing and other revenue fell to $7.11 million, a 65.4% YoY decline. Operating expenses reached $211.78 million, with operating income at -$33.286 million. The company reported a net loss of $42.2 million for the quarter.

Key highlights of the quarter include the FDA approval of EMPAVELI for C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) in patients 12 and older. This approval marks the first-ever treatment for these rare kidney conditions. Additionally, the company maintained market leadership with SYFOVRE in geographic atrophy (GA) treatment, holding a 60% market share.

The company secured a $300 million royalty purchase agreement with Sobi, receiving $275 million upfront for 90% of its ex-U.S. EMPAVELI royalties. This agreement provides immediate financial flexibility, with royalties reverting to Apellis once certain performance thresholds are met. As of June 30, 2025, Apellis had $370 million in cash and cash equivalents, which, combined with expected revenues and funds from the Sobi agreement, is anticipated to sustain operations until profitability.

Apellis continues to expand its pipeline with planned pivotal studies in delayed graft function and focal segmental glomerulosclerosis in the second half of 2025. The company also announced the addition of two experienced executives to its leadership team: Leslie Meltzer as Chief R&D Officer and Kelley Boucher as Chief People Officer.

The company's stock has returned +6.6% over the past month, reflecting investor confidence in its recent regulatory approvals and market leadership in GA treatment.

References:
[1] https://www.tradingview.com/news/reuters.com,2025-07-31:newsml_PLX5839D1:0-brief-apellis-pharmaceuticals-q2-basic-eps-usd-0-33/
[2] https://www.stocktitan.net/news/APLS/apellis-pharmaceuticals-reports-second-quarter-2025-financial-g16fl5vb9jyt.html