Apellis Pharmaceuticals Stock Earnings Reports

Apellis highlighted progress in Q3 2025 driven by a new FDA approval, ongoing commercialization of SYFOVRE (geographic atrophy) and the early launch of EMPAVELI in rare kidney diseases. Key commercial points: EMPAVELI received approval for C3 glomerulopathy (C3G) and primary IC-MPGN (including pediatrics and post-transplant recurrence), expanding the addressable market by ~5,000 patients; launch activity shows early momentum with 152 patient start forms through September (≈50 converting from EAP) and management expects ~225 cumulative start forms by year-end with a typical 4–6 week time to treatment. SYFOVRE remains market leader in GA (≈52% of new starts, >60% of overall market) with modest total injection growth (~4% quarter-on-quarter) but adoption constrained by under-treatment, payer/copay challenges and elevated use of free goods. Financials: total revenue was $459M in Q3 (includes $275M upfront from Sobi royalty transaction); SYFOVRE net product revenue was $151M (≈101k doses delivered) and EMPAVELI net product revenue was $27M; free goods have been a headwind (~$40M YTD, roughly $15M in Q3). Gross-to-net for SYFOVRE remained in the low-to-mid 20% range but is expected to trend slightly above that in Q4; FY operating expense guidance remains roughly in line with 2024; cash and equivalents ended Q3 at $475M (including Sobi proceeds) and management says cash is sufficient to fund the business toward sustainable profitability. Pipeline and product support: Apellis is pursuing a prefilled syringe for SYFOVRE and AI tools to identify and educate GA patients; EMPAVELI development will expand into pivotal programs for FSGS and delayed graft function (DGF), with trials planned/initiated and readouts to follow; SYFOVRE combination work (APL-3007) is enrolling with a 1-year endpoint. Management emphasized disciplined cost control and focus on commercialization execution while advancing the C3 platform.