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Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs. It offers EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria; and SYFOVRE for treating geographic atrophy secondary to age-related macular degeneration and geographic atrophy (GA). The company also develops EMPAVELI to treat C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, focal segmental glomerulosclerosis, and delayed graft function; and APL-3007, a small interfering RNA, or siRNA for the treatment of GA. In addition, it conducts preclinical studies for APL-9099, a treatment targeting the neonatal Fc receptor, or FcRn, which has the potential to be a first-in-class gene editing treatment for future target indications with one-time dosing; and developing other programs with its proprietary in-house capabilities and under its Beam collaboration. It has a collaboration and license agreement with Swedish Orphan Biovitrum AB (publ) for development and commercialization of pegcetacoplan; and a 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 headquartered in Waltham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $70M | $22M | $45M | 6.0% | 28.5% | -111.3% |
| 2024 | $781M | $-155M | $-198M | $-88M | -86.6% | 97.0% | -62.6% |
| 2023 | $397M | $-495M | $-529M | $-596M | -271.8% | 425.8% | -18.9% |
| 2022 | $75M | $-617M | $-652M | $-515M | -383.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 75.42 | 396.59 | 781.37 | 1,003.78 |
| Operating Revenue | - | 75.42 | 396.59 | 781.37 | 1,003.78 |
| Cost Of Revenue | - | 5.64 | 58.51 | 117.72 | 102.24 |
| Gross Profit | - | 69.79 | 338.08 | 663.64 | 901.55 |
| Operating Expense | - | 664.40 | 855.20 | 828.62 | 846.12 |
| Research And Development | - | 387.24 | 354.39 | 327.57 | 295.85 |
| Selling General And Administration | - | 277.16 | 500.82 | 501.05 | 550.26 |
| Total Expenses | - | 670.04 | 913.71 | 946.35 | 948.36 |
| Operating Income | - | -594.61 | -517.12 | -164.98 | 55.43 |
| Total Operating Income As Reported | - | -594.61 | -517.12 | -164.98 | 55.43 |
| EBITDA | - | -617.33 | -495.13 | -154.53 | 70 |
| Normalized EBITDA | - | -584.43 | -495.13 | -152.58 | 70 |
| EBIT | - | -618.88 | -496.92 | -156.32 | 68.44 |
| Interest Income | - | 8.91 | 20.93 | 12.77 | 13.14 |
| Interest Expense | - | 32.63 | 29.58 | 40.39 | 44.33 |
| Net Interest Income | - | -23.71 | -8.65 | -27.62 | -31.18 |
| Other Non Operating Income Expenses | - | -0.29 | -0.73 | -2.17 | -0.13 |
| Other Income Expense | - | -33.18 | -0.73 | -4.12 | -0.13 |
| Interest Income Non Operating | - | 8.91 | 20.93 | 12.77 | 13.14 |
| Interest Expense Non Operating | - | 32.63 | 29.58 | 40.39 | 44.33 |
| Net Non Operating Interest Income Expense | - | -23.71 | -8.65 | -27.62 | -31.18 |
| Pretax Income | - | -651.50 | -526.50 | -196.72 | 24.11 |
| Tax Provision | - | 0.67 | 2.13 | 1.16 | 1.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -6.91 | 0 | -0.41 | 0 |
| Net Income Continuous Operations | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Net Income From Continuing And Discontinued Operation | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Net Income From Continuing Operation Net Minority Interest | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Net Income | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Net Income Common Stockholders | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Net Income Including Noncontrolling Interests | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Normalized Income | - | -626.19 | -528.63 | -196.34 | 22.39 |
| Diluted NI Availto Com Stockholders | - | -652.17 | -528.63 | -197.88 | 22.39 |
| Basic Average Shares | - | 106.11 | 118.68 | 123.90 | 126.14 |
| Diluted Average Shares | - | 106.11 | 118.68 | 123.90 | 129.85 |
| Reconciled Depreciation | - | 1.55 | 1.78 | 1.80 | 1.56 |
| Reconciled Cost Of Revenue | - | 5.64 | 58.51 | 117.72 | 102.24 |
| Total Unusual Items | - | -32.89 | 0 | -1.95 | 0 |
| Total Unusual Items Excluding Goodwill | - | -32.89 | 0 | -1.95 | 0 |
| Special Income Charges | - | -32.89 | 0 | -1.95 | 0 |
| Other Special Charges | 100.59 | 32.89 | - | 1.95 | - |
| Gain On Sale Of Security | -97.68 | - | - | - | - |
| General And Administrative Expense | 176.77 | 277.16 | 500.82 | - | - |
| Other Gand A | 176.77 | 277.16 | 500.82 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apellis Pharmaceuticals, Inc.this co. | APLS | $5.3B | 234.62↑ premium | 14.19 | 6.0% | 75.16 |
| TG Therapeutics, Inc. | TGTX | $6.2B | 13.88 | 9.58 | 69.0% | 47.51 |
| PTC Therapeutics, Inc. | PTCT | $5.9B | 8.58 | - | -332.5% | 7.46 |
| Teleflex Incorporated | TFX | $5.8B | -6.46 | 1.87 | -29.0% | 27.09 |
| Ligand Pharmaceuticals Incorporated | LGND |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $4.7B |
| 37.99 |
| 4.65 |
| 12.2% |
| 25.35 |
| Indivior Pharmaceuticals, Inc. | INDV | $4.4B | 21.08 | -44.71 | -212.1% | 15.07 |
| Amneal Pharmaceuticals, Inc. | AMRX | $4.3B | 59.86 | -60.93 | -101.8% | 11.13 |
| RadNet, Inc. | RDNT | $4.2B | -222.64 | 3.81 | -1.7% | 16.71 |
| Veracyte, Inc. | VCYT | $4.0B | 60.06 | 3.04 | 5.1% | 40.86 |
| Peer Median | - | 17.48 | 3.04 | -15.3% | 21.03 | |