Apellis Pharmaceuticals, Inc. (APLS)

In October 2025, Apellis reported strong third-quarter results but the stock tumbled due to investor concerns. In January 2026, shares declined following a preliminary report of 2025 results, with SYFOVRE sales declining but EMPAVELI showing strong performance. In February 2026, Apellis reported its fourth quarter and full year 2025 financial results, with full-year 2025 net product revenues of $689 million and a net income of $22.4 million. In March 2026, Biogen Inc. announced a definitive agreement to acquire Apellis Pharmaceuticals, Inc. for $41.00 per share in cash.

There is evidence of demand seasonality for Apellis Pharmaceuticals, Inc.'s products. SYFOVRE experienced fluctuations around the end of the year.

Apellis Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for complement-driven diseases. Its major commercialized products include EMPAVELI, approved for paroxysmal nocturnal hemoglobinuria (PNH) and C3 glomerulopathy (C3G), and SYFOVRE, the first FDA-approved therapy for geographic atrophy (GA). The company's pipeline includes APL-3007 for GA and APL-9099 targeting the neonatal Fc receptor (FcRn). Apellis collaborates with Swedish Orphan Biovitrum AB and Beam Therapeutics, Inc.

Apellis Pharmaceuticals, Inc. is headquartered in Waltham, Massachusetts, United States, with operations in Switzerland for European trials and commercialization. EMPAVELI/Aspaveli has global approvals, while SYFOVRE is approved in the U.S. and Australia. In January 2025, Apellis announced plans to reduce its ex-U.S. footprint by approximately 40 employees, prioritizing commercial efforts in the U.S.

Apellis' reputation was impacted by reports of rare retinal vasculitis after SYFOVRE, leading to safety label updates and a share price decline. The announcement of Biogen's acquisition of Apellis in March 2026 could positively impact the company's brand reputation.

Apellis Pharmaceuticals, Inc.'s ownership is predominantly institutional, with institutional investors holding over 92% of outstanding shares as of January 2025. Major institutional shareholders include Wellington Management Group Llp, Avoro Capital Advisors LLC, and Vanguard Group Inc. Individual insiders, including co-founders Cedric Francois and Pascal Deschatelets, also maintain stakes in the company.