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APLSApellis Pharmaceuticals, Inc.
$41.03$5.3B
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APLS logoApellis Pharmaceuticals, Inc.(APLS)Earnings, Financials & Key Ratios

APLS•NASDAQ
$41.03
227.9× P/E·Price updated Jun 20, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryImmunology and Inflammation Therapies
AboutApellis 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 more
  • Revenue$1B+28.5%
  • EBITDA$57M+134.9%
  • Net Income$22M+111.3%
  • EPS (Diluted)0.18+111.3%
  • Gross Margin89.81%+5.7%
  • EBITDA Margin5.68%+127.2%
  • Operating Margin5.52%+126.2%
  • Net Margin2.23%+108.8%
  • ROE7.48%+108.0%

APLS Price & Volume

Apellis Pharmaceuticals, Inc. (APLS) stock price & volume — 10-year historical chart

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Volatile Commercial Launch Masks Underlying Profitability Potential

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Adequate
Cash Flow:Mixed
Primary Risk:Regulatory and competitive headwinds

Key Thesis Takeaways

  • Apellis Pharmaceuticals faces a critical transition period as it attempts to stabilize the commercial trajectory of Syfovre amidst significant revenue lumpiness and competitive pressures in the GA market.
  • While the company has demonstrated the ability to achieve a 78.9% gross margin as of 2026Q1, the lack of consistent operating leverage and persistent reliance on stock-based compensation suggest that long-term value creation remains highly speculative.
  • Investors should monitor the company's ability to convert its $1.1 billion asset base into sustainable free cash flow, as current volatility in working capital and earnings quality continues to obscure the path to durable profitability.

Verdict Logic

while the company maintains a healthy 3.63 current ratio, the extreme volatility in quarterly earnings and the negative 3.27 OCF/NI ratio in 2026Q1 warrant a cautious wait-and-see approach until commercial adoption stabilizes.

APLS Growth Metrics

Apellis Pharmaceuticals, Inc. (APLS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years31.98%
3 Years136.98%
TTM32.63%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM159.58%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM150.84%

Return on Capital

10 Years-63.09%
5 Years-53.31%
3 Years-36.73%
Last Year7.64%

APLS Recent Earnings

Apellis Pharmaceuticals, Inc. (APLS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.15+139.5%
$0.38
Rev
$268M+27.5%
$210M
Q1 2026
Feb 24, 2026
Metric
Actual
Est
EPS
$0.47-20.5%
$0.39
Rev
$200M+0.3%
$199M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$1.67+62.1%
$1.03
Rev
$459M+130.1%
$199M
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$0.33+25.0%
$0.44
Rev
$178M-52.0%
$372M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.15vs $0.38+139.5%
$268Mvs $210M+27.5%
Q1 2026Feb 24, 2026
$0.47vs $0.39-20.5%
$200Mvs $199M+0.3%
Q4 2025Oct 30, 2025
$1.67vs $1.03+62.1%
$459Mvs $199M+130.1%
Q3 2025Jul 31, 2025
$0.33vs $0.44+25.0%
$178Mvs $372M-52.0%
Based on last 12 quarters of dataView full earnings history →

Latest APLS News

Recent stock market news and headlines for Apellis Pharmaceuticals, Inc. (APLS)

Reuters·Jun 26, 2026
Biogen scales back Apellis programs, trims research roles after $5.6 billion buyout

Biogen said on Friday it had either paused or discontinued funding for most of Apellis Pharmaceuticals' research programs ​as it integrates the rare-disease drugs specialist it purchased ‌for $5.6 billion earlier this year.

Peers Comparison

Key metrics vs top competitors for Apellis Pharmaceuticals, Inc. (APLS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
APLS logoAPLSApellis Pharmaceuticals, Inc.Current
$41.03$5.25B227.9428.46%2.23%7.48%—
RARE logoRAREUltragenyx Pharmaceutical Inc.
$35.87$3.53B-6.1520.13%-91.03%——
BEAM logoBEAMBeam Therapeutics Inc.
$37.92$3.9B-46.81120.01%-49.17%-5.89%—
AKRO logoAKROAkero Therapeutics, Inc.
$54.65$4.5B-14.57——-30.58%—
INVA logoINVAInnoviva, Inc.
$22.25$1.64B6.7418.52%118.91%47.59%—
BCAB logoBCABBioAtla, Inc.
$4.08$5.15M-0.08-81.82%-2530.85%——

Compare APLS vs Peers

Apellis Pharmaceuticals, Inc. (APLS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RARE

Most directly comparable listed peer for APLS.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare APLS against a more recognizable public peer.

Peer Set

Compare Top 5

vs RARE, BEAM, AKRO, INVA

APLS SEC Filings & Documents

Apellis Pharmaceuticals, Inc. (APLS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 4, 2026·SEC

Material company update

Mar 31, 2026·SEC

Material company update

Mar 2, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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APLS Frequently Asked Questions

Apellis Pharmaceuticals, Inc. (APLS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Apellis Pharmaceuticals, Inc.'s revenue?

Apellis Pharmaceuticals, Inc. (APLS) reported $1.03B in revenue for fiscal year 2025.

How fast is Apellis Pharmaceuticals, Inc. growing?

Apellis Pharmaceuticals, Inc. (APLS) grew revenue by 28.5% over the past year. This is strong growth.

Is APLS profitable?

Yes, Apellis Pharmaceuticals, Inc. (APLS) is profitable, generating $133.3M in net income for fiscal year 2025 (2.2% net margin).

Dividend & Returns
What is APLS's return on equity?

Apellis Pharmaceuticals, Inc. (APLS) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

What is Apellis Pharmaceuticals, Inc.'s free cash flow?

Apellis Pharmaceuticals, Inc. (APLS) generated $37.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in APLS back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

See returns →