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Apellis' Q1 Earnings and Revenues Miss Estimates, Stock Down
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Apellis Pharmaceuticals (APLS - Free Report) reported first-quarter 2025 loss of 74 cents per share, wider than the Zacks Consensus Estimate of a loss of 36 cents. The company had incurred a loss of 54 cents in the year-ago quarter.
Total revenues in the first quarter amounted to $166.8 million and missed the Zacks Consensus Estimate of $192 million. In the year-ago quarter, the company had reported revenues of $172.3 million.
The top line lost 3% year over year as sales of Syfovre (pegcetacoplan injection) were impacted by inventory and funding shortage at co-pay assistance programs in the reported quarter. Syfovre was approved for treating geographic atrophy (GA) secondary to age-related macular degeneration by the FDA in 2023. (Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.)
Apellis shares lost 5.9% yesterday, likely because the investors were disappointed by the weaker-than-expected first-quarter results.
More on APLS' Q1 Results
Revenues in the first quarter included product sales of the marketed drugs — Empaveli (pegcetacoplan) and Syfovre — and licensing and other revenues under the collaboration agreement with Sobi.
Syfovre recorded sales of $130.2 million in the reported quarter, which declined 5% year over year. Syfovre's sales missed the Zacks Consensus Estimate of $156.9 million as well as our model estimate of $154.2 million.
Apellis delivered more than 82,000 commercial vials and nearly 10,000 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 50% during the first quarter and reaching 55% by late April. The potential approval and successful launch of Syfovre in additional geographies will add an incremental stream of revenues to the company in the future.
Year to date, shares of Apellis have plunged 43.6% compared with the industry’s decline of 8%.
Image Source: Zacks Investment Research
Empaveli recorded sales of $19.7 million, down 23% from the year-ago quarter’s figure, despite continued high patient compliance rates of 97%. Empaveli sales also missed the Zacks Consensus Estimate of $23.7 million and our model estimate of $23.1 million.
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.
Licensing and other revenues came in at $16.9 million, up 83% year over year.
Research and development expenses increased 2% from the prior-year quarter’s level to $86.4 million. This was due to higher non-program-specific external costs and personnel costs, partially offset by a decline in program-specific external costs.
Selling, general and administrative expenses totaled $129.3 million, which was relatively flat year over year.
As of March 31, 2025, Apellis had cash, cash equivalents and marketable securities worth $358.4 million compared with $411.3 million as of Dec. 31, 2024. APLS expects its cash balance, combined with cash anticipated from sales of marketed products, to be enough to fund its operations to profitability.
APLS' Recent Pipeline Update
Apellis and Sobi’s supplemental new drug application seeking the approval of systemic pegcetacoplan for C3 glomerulopathy and primary immune complex glomerulonephritis is currently being reviewed by the FDA under the Priority Review pathway. A decision is expected on July 28, 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) in the second half of 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 is also looking to initiate a mid-stage multi-dose study of siRNA candidate APL-3007 in combination with Syfovre in the second quarter of 2025, which has the potential to comprehensively block complement activity in the retina and choroid.
Apellis Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Bayer’s earnings per share have increased from $1.17 to $1.23 for 2025. During the same time, earnings per share have increased from $1.27 to $1.31 for 2026. Year to date, shares of Bayer have gained 36.3%.
BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%.
In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 70 cents to 71 cents for 2025. During the same time, earnings per share estimates for 2026 have remained constant at 93 cents. Year to date, shares of ADMA have rallied 37.7%.
ADMA’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, the average surprise being 14.68%.
In the past 60 days, estimates for Beam Therapeutics' loss per share have narrowed from $4.45 to $4.30 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $4.94 to $4.65. Year to date, shares of BEAM have lost 34.6%.
BEAM’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, delivering an average negative surprise of 3.14%.
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Apellis' Q1 Earnings and Revenues Miss Estimates, Stock Down
Apellis Pharmaceuticals (APLS - Free Report) reported first-quarter 2025 loss of 74 cents per share, wider than the Zacks Consensus Estimate of a loss of 36 cents. The company had incurred a loss of 54 cents in the year-ago quarter.
Total revenues in the first quarter amounted to $166.8 million and missed the Zacks Consensus Estimate of $192 million. In the year-ago quarter, the company had reported revenues of $172.3 million.
The top line lost 3% year over year as sales of Syfovre (pegcetacoplan injection) were impacted by inventory and funding shortage at co-pay assistance programs in the reported quarter. Syfovre was approved for treating geographic atrophy (GA) secondary to age-related macular degeneration by the FDA in 2023. (Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.)
Apellis shares lost 5.9% yesterday, likely because the investors were disappointed by the weaker-than-expected first-quarter results.
More on APLS' Q1 Results
Revenues in the first quarter included product sales of the marketed drugs — Empaveli (pegcetacoplan) and Syfovre — and licensing and other revenues under the collaboration agreement with Sobi.
Syfovre recorded sales of $130.2 million in the reported quarter, which declined 5% year over year. Syfovre's sales missed the Zacks Consensus Estimate of $156.9 million as well as our model estimate of $154.2 million.
Apellis delivered more than 82,000 commercial vials and nearly 10,000 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 50% during the first quarter and reaching 55% by late April. The potential approval and successful launch of Syfovre in additional geographies will add an incremental stream of revenues to the company in the future.
Year to date, shares of Apellis have plunged 43.6% compared with the industry’s decline of 8%.
Image Source: Zacks Investment Research
Empaveli recorded sales of $19.7 million, down 23% from the year-ago quarter’s figure, despite continued high patient compliance rates of 97%. Empaveli sales also missed the Zacks Consensus Estimate of $23.7 million and our model estimate of $23.1 million.
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.
Licensing and other revenues came in at $16.9 million, up 83% year over year.
Research and development expenses increased 2% from the prior-year quarter’s level to $86.4 million. This was due to higher non-program-specific external costs and personnel costs, partially offset by a decline in program-specific external costs.
Selling, general and administrative expenses totaled $129.3 million, which was relatively flat year over year.
As of March 31, 2025, Apellis had cash, cash equivalents and marketable securities worth $358.4 million compared with $411.3 million as of Dec. 31, 2024. APLS expects its cash balance, combined with cash anticipated from sales of marketed products, to be enough to fund its operations to profitability.
APLS' Recent Pipeline Update
Apellis and Sobi’s supplemental new drug application seeking the approval of systemic pegcetacoplan for C3 glomerulopathy and primary immune complex glomerulonephritis is currently being reviewed by the FDA under the Priority Review pathway. A decision is expected on July 28, 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) in the second half of 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 is also looking to initiate a mid-stage multi-dose study of siRNA candidate APL-3007 in combination with Syfovre in the second quarter of 2025, which has the potential to comprehensively block complement activity in the retina and choroid.
Apellis Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Apellis Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Apellis Pharmaceuticals, Inc. Quote
APLS’ Zacks Rank and Stocks to Consider
Apellis currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Bayer (BAYRY - Free Report) , ADMA Biologics Inc. (ADMA - Free Report) and Beam Therapeutics Inc. (BEAM - 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 Bayer’s earnings per share have increased from $1.17 to $1.23 for 2025. During the same time, earnings per share have increased from $1.27 to $1.31 for 2026. Year to date, shares of Bayer have gained 36.3%.
BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%.
In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 70 cents to 71 cents for 2025. During the same time, earnings per share estimates for 2026 have remained constant at 93 cents. Year to date, shares of ADMA have rallied 37.7%.
ADMA’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, the average surprise being 14.68%.
In the past 60 days, estimates for Beam Therapeutics' loss per share have narrowed from $4.45 to $4.30 for 2025. During the same time, loss per share estimates for 2026 have narrowed from $4.94 to $4.65. Year to date, shares of BEAM have lost 34.6%.
BEAM’s earnings beat estimates in two of the trailing four quarters while missing the same on the other two occasions, delivering an average negative surprise of 3.14%.