APLS earnings analysis
What we found in APLS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Apellis Pharmaceuticals reported Q1 2026 total revenue of $268.3 million, reflecting a significant increase of 61% compared to $166.8 million in Q1 2025, driven by product sales and licensing revenue. The company achieved a diluted EPS of $0.46, marking a substantial turnaround from a loss of $0.92 per share in the same quarter last year, indicative of strong operational performance and reduced losses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue surged to $268.3 million, up 61% from $166.8 million in Q1 2025.
- Positive EPS Recovery
- Diluted EPS turned positive at $0.46 compared to a loss of $0.92 per share in Q1 2025.
- Segment Growth Driven by SYFOVRE
- Sales for SYFOVRE reached $150.7 million, up from $130.2 million in Q1 2025.
- Licensing Revenue Boost
- Licensing and other revenue rose to $76.3 million, a 351% increase from $16.9 million in the previous year.
- Improved Gross Margin
- Gross margin remained strong at 80.9%, slightly down from 92.4% in the prior quarter.
- Reduced Operating Loss
- Operating income increased to $26.5 million from a loss of $83.3 million a year ago.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Negative Cash Flow
- Operating cash flow remained negative at $61.0 million for Q1 2026, up from $53.4 million in Q1 2025.
- High Accumulated Deficit
- Accumulated deficit increased to $3.0 billion as of March 31, 2026.
- Pending Acquisition Risks
- The pending merger with Biogen poses risks if not completed as anticipated, including a $205 million termination fee.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.46
- Gross margin
- 80.9%
- Operating margin
- 10.4%
- Segment
- SYFOVRE: $150.7M
- Segment
- EMPAVELI: $41.3M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · April 28, 2026
- The Amendment to Apellis’s 2025 Form 10-K (filed as a Form 10-K/A) primarily adds Part III corporate governance and executive compensation disclosures; it does not change financial statements or risk factor text.…
- 10-K · February 24, 2026
- Apellis reported a 2025 operating year marked by a one-time licensing cash infusion and a return to net income. The company generated $586.9 million in U.S. SYFOVRE sales and $102.4 million in U.S. EMPAVELI sales in…
- 10-Q · October 30, 2025
- Apellis reported an outsized Q3: total revenue of $458,578,000 and diluted EPS of $1.67, driven by $280,823,000 of licensing and other revenue. Gross margin expanded to 94.7% and operating margin to 48.7%, turning a…
- 10-Q · May 7, 2025
- Apellis reported revenue of $166,797,000 for Q1 2025, down $5,528,000 (3.2%) year-over-year and down $46,203,000 (≈21.7%) versus the prior quarter; gross margin compressed to 79.4% while operating margin swung to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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