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.…
Earnings analysis · 10-Q
APLS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.46
What stood out
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Strong Revenue Growth
Total revenue surged to $268.3 million, up 61% from $166.8 million in Q1 2025.
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Positive EPS Recovery
Diluted EPS turned positive at $0.46 compared to a loss of $0.92 per share in Q1 2025.
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Segment Growth Driven by SYFOVRE
Sales for SYFOVRE reached $150.7 million, up from $130.2 million in Q1 2025.
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Licensing Revenue Boost
Licensing and other revenue rose to $76.3 million, a 351% increase from $16.9 million in the previous year.
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Improved Gross Margin
Gross margin remained strong at 80.9%, slightly down from 92.4% in the prior quarter.
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Reduced Operating Loss
Operating income increased to $26.5 million from a loss of $83.3 million a year ago.
What to watch
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Continued Negative Cash Flow
Operating cash flow remained negative at $61.0 million for Q1 2026, up from $53.4 million in Q1 2025.
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High Accumulated Deficit
Accumulated deficit increased to $3.0 billion as of March 31, 2026.
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Pending Acquisition Risks
The pending merger with Biogen poses risks if not completed as anticipated, including a $205 million termination fee.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.