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Apellis Stock Down Despite Q3 Earnings and Revenues Beat Estimates
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Key Takeaways
{\"0\":\"Apellis posted Q3 EPS of $1.67, beating estimates, versus a loss of 46 cents a year ago.\",\"1\":\"Revenues more than doubled to $458.6M, lifted by a $275M upfront payment from Sobi.\",\"2\":\"Syfovre sales fell 1% year over year, missing expectations and weighing on investor sentiment.\"}
Apellis Pharmaceuticals (APLS - Free Report) reported third-quarter 2025 earnings of $1.67 per share, beating the Zacks Consensus Estimate of $1.03 per share. The company had incurred a loss of 46 cents in the year-ago quarter.
Total revenues in the third quarter amounted to $458.6 million and beat the Zacks Consensus Estimate of $366 million. In the year-ago quarter, the company had reported revenues of $196.8 million. The top line more than doubled year over year, primarily due to a $275 million upfront payment from Sobi in connection with the Aspaveli royalty purchase agreement.
Although Apellis delivered headline beats on both earnings and revenues, the stock tumbled 31% as the upside was primarily fueled by a one-time upfront payment rather than underlying demand strength. Core performance was softer than expected, with Syfovre (pegcetacoplan injection) showing a year-over-year decline and coming in below investor expectations, fueling concerns around the product’s momentum.
More on APLS' Q3 Results
Revenues in the third quarter included product sales of the marketed drugs — Empaveli (pegcetacoplan) and Syfovre — and licensing and other revenues under the collaboration agreement with Sobi.
Syfovre was approved for treating geographic atrophy (GA) secondary to age-related macular degeneration by the FDA in 2023. The drug recorded sales of $150.9 million in the reported quarter, down 1% year over year. Syfovre's sales missed the Zacks Consensus Estimate of $156.6 million as well as our model estimate of $160.4 million.
Apellis delivered more than 86,000 commercial vials and nearly 15,000 samples of Syfovre to doctors in the reported quarter. Per APLS, Syfovre is the market leader in GA, enjoying more than 60% share of the overall market, as new patient starts continue to grow, exceeding 52% during the third quarter. The potential approval and successful launch of Syfovre in additional geographies could boost revenues in the future.
Year to date, shares of Apellis have plunged 35% against the industry’s 12% growth.
Image Source: Zacks Investment Research
Empaveli recorded sales of $26.8 million, up 9% from the year-ago quarter’s figure, on the back of high patient compliance rates of 97%. Empaveli sales beat the Zacks Consensus Estimate of $22.1 million and our model estimate of $25 million.
Licensing and other revenues came in at $280.8 million, up significantly year over year due to the one-time payment from Sobi.
Research and development expenses decreased 23% from the prior-year quarter’s level to $68.2 million. This was due to lower program-specific and non-program-specific external costs, and lower compensation and related personnel costs.
Selling, general and administrative expenses totaled $142.7 million, up 17% year over year, due to higher general commercial activities, personnel costs and general and administrative expenses and other expenses.
As of Sept. 30, 2025, Apellis had cash, cash equivalents and marketable securities worth $479.2 million compared with $370 million as of June 30, 2025. APLS expects its cash balance, combined with cash anticipated from sales of marketed products, to be enough to fund its operations to profitability.
Apellis Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Empaveli is approved in the United States for the treatment of paroxysmal nocturnal hemoglobinuria. The drug is also approved in Europe under the brand name Aspaveli for the same indication.
Please note that Apellis and Sobi’s regulatory filing seeking the label expansion of Empaveli to treat C3 glomerulopathy and primary immune complex glomerulonephritis (C3G and IC-MPGN) was approved by the FDA as the first treatment for this indication in patients aged 12 years and older in July. The drug’s launch in the United States for this new indication is currently underway, with 152 patient start forms received as of Sept. 30, 2025. A similar regulatory filing by Sobi is also currently under review by the regulatory body in the EU.
In the earnings release, Apellis stated that it is on track to initiate two pivotal phase III studies of Empaveli in focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) by year-end 2025. Both FSGS and DGF are rare kidney diseases in which the complement pathway plays a significant role, and there are no approved therapies.
The company’s mid-stage multi-dose study of siRNA candidate APL-3007 in combination with Syfovre is currently ongoing, aimed at comprehensively blocking complement activity in the retina and choroid.
During the quarter, Apellis and Sobi struck a capped royalty purchase deal giving Apellis up to $300 million. Sobi paid $275 million upfront for 90% of Apellis’ ex-U.S. Aspaveli royalties and may pay up to $25 million more if the drug wins EU approval for C3G and IC-MPGN. Once preset performance caps are met, full royalty rights revert to Apellis.
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 66.3%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Beam Therapeutics' loss per share have narrowed from $4.36 to $4.23 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $4.41 to $4.21. Year to date, shares of BEAM have lost 4.1%.
Beam Therapeutics’ earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average negative surprise being 2.62%.
In the past 60 days, estimates for Amicus Therapeutics’ earnings per share have remained constant at 31 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 69 cents to 70 cents. Year to date, shares of FOLD have lost 5.5%.
Amicus Therapeutics’ earnings beat estimates in one of the trailing four quarters, missing the mark thrice, with the average negative surprise being 24.38%.
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Apellis Stock Down Despite Q3 Earnings and Revenues Beat Estimates
Key Takeaways
Apellis Pharmaceuticals (APLS - Free Report) reported third-quarter 2025 earnings of $1.67 per share, beating the Zacks Consensus Estimate of $1.03 per share. The company had incurred a loss of 46 cents in the year-ago quarter.
Total revenues in the third quarter amounted to $458.6 million and beat the Zacks Consensus Estimate of $366 million. In the year-ago quarter, the company had reported revenues of $196.8 million. The top line more than doubled year over year, primarily due to a $275 million upfront payment from Sobi in connection with the Aspaveli royalty purchase agreement.
Although Apellis delivered headline beats on both earnings and revenues, the stock tumbled 31% as the upside was primarily fueled by a one-time upfront payment rather than underlying demand strength. Core performance was softer than expected, with Syfovre (pegcetacoplan injection) showing a year-over-year decline and coming in below investor expectations, fueling concerns around the product’s momentum.
More on APLS' Q3 Results
Revenues in the third quarter included product sales of the marketed drugs — Empaveli (pegcetacoplan) and Syfovre — and licensing and other revenues under the collaboration agreement with Sobi.
Syfovre was approved for treating geographic atrophy (GA) secondary to age-related macular degeneration by the FDA in 2023. The drug recorded sales of $150.9 million in the reported quarter, down 1% year over year. Syfovre's sales missed the Zacks Consensus Estimate of $156.6 million as well as our model estimate of $160.4 million.
Apellis delivered more than 86,000 commercial vials and nearly 15,000 samples of Syfovre to doctors in the reported quarter. Per APLS, Syfovre is the market leader in GA, enjoying more than 60% share of the overall market, as new patient starts continue to grow, exceeding 52% during the third quarter. The potential approval and successful launch of Syfovre in additional geographies could boost revenues in the future.
Year to date, shares of Apellis have plunged 35% against the industry’s 12% growth.
Image Source: Zacks Investment Research
Empaveli recorded sales of $26.8 million, up 9% from the year-ago quarter’s figure, on the back of high patient compliance rates of 97%. Empaveli sales beat the Zacks Consensus Estimate of $22.1 million and our model estimate of $25 million.
Licensing and other revenues came in at $280.8 million, up significantly year over year due to the one-time payment from Sobi.
Research and development expenses decreased 23% from the prior-year quarter’s level to $68.2 million. This was due to lower program-specific and non-program-specific external costs, and lower compensation and related personnel costs.
Selling, general and administrative expenses totaled $142.7 million, up 17% year over year, due to higher general commercial activities, personnel costs and general and administrative expenses and other expenses.
As of Sept. 30, 2025, Apellis had cash, cash equivalents and marketable securities worth $479.2 million compared with $370 million as of June 30, 2025. APLS expects its cash balance, combined with cash anticipated from sales of marketed products, to be enough to fund its operations to profitability.
Apellis Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Apellis Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Apellis Pharmaceuticals, Inc. Quote
APLS' Recent Pipeline Update
Empaveli is approved in the United States for the treatment of paroxysmal nocturnal hemoglobinuria. The drug is also approved in Europe under the brand name Aspaveli for the same indication.
Please note that Apellis and Sobi’s regulatory filing seeking the label expansion of Empaveli to treat C3 glomerulopathy and primary immune complex glomerulonephritis (C3G and IC-MPGN) was approved by the FDA as the first treatment for this indication in patients aged 12 years and older in July. The drug’s launch in the United States for this new indication is currently underway, with 152 patient start forms received as of Sept. 30, 2025. A similar regulatory filing by Sobi is also currently under review by the regulatory body in the EU.
In the earnings release, Apellis stated that it is on track to initiate two pivotal phase III studies of Empaveli in focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) by year-end 2025. Both FSGS and DGF are rare kidney diseases in which the complement pathway plays a significant role, and there are no approved therapies.
The company’s mid-stage multi-dose study of siRNA candidate APL-3007 in combination with Syfovre is currently ongoing, aimed at comprehensively blocking complement activity in the retina and choroid.
During the quarter, Apellis and Sobi struck a capped royalty purchase deal giving Apellis up to $300 million. Sobi paid $275 million upfront for 90% of Apellis’ ex-U.S. Aspaveli royalties and may pay up to $25 million more if the drug wins EU approval for C3G and IC-MPGN. Once preset performance caps are met, full royalty rights revert to Apellis.
APLS’ Zacks Rank and Stocks to Consider
Apellis currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are ANI Pharmaceuticals (ANIP - Free Report) , Beam Therapeutics (BEAM - Free Report) and Amicus Therapeutics (FOLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 66.3%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Beam Therapeutics' loss per share have narrowed from $4.36 to $4.23 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $4.41 to $4.21. Year to date, shares of BEAM have lost 4.1%.
Beam Therapeutics’ earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average negative surprise being 2.62%.
In the past 60 days, estimates for Amicus Therapeutics’ earnings per share have remained constant at 31 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 69 cents to 70 cents. Year to date, shares of FOLD have lost 5.5%.
Amicus Therapeutics’ earnings beat estimates in one of the trailing four quarters, missing the mark thrice, with the average negative surprise being 24.38%.