Apellis (APLS) Q4 2025 Earnings Call Transcript

The Motley Fool

by newsfeedback@fool.com (Motley Fool Transcribing)

February 25, 2026

AI-Generated Deep Dive Summary

Apellis Pharmaceuticals (APLS) delivered strong financial results in its Q4 2025 earnings call, highlighting robust revenue growth and continued momentum across its product portfolio. The company reported $200 million in total revenue for the quarter and $1 billion for the full year 2025, driven by significant contributions from both Syfovre and Empaveli. Syfovre, a leading treatment for geographic atrophy (GA), generated $155 million in net product revenue during Q4, with a stable 60% market share in the GA segment. Empaveli, a newer asset targeting rare nephrology conditions, also performed well, achieving over 5% U.S. market penetration just one quarter after its full launch. These figures underscore Apellis's ability to maintain strong revenue growth despite facing headwinds from gross-to-net adjustments and increased use of free goods. The company's pipeline expansion and strategic initiatives further demonstrated its commitment to innovation. Empaveli has already begun pivotal trials in focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF), while Syfovre continues to show promising five-year data from its GALE extension study, delaying GA progression by approximately 1.5 years compared to sham controls. Apellis also made strides in enhancing patient accessibility with the completion of a clinical study for a prefilled syringe version of Syfovre and the development of OCT-F, an AI-powered tool aimed at improving functional benefit visualization in GA patients. Looking ahead, Apellis faces key challenges and opportunities. The $94 million convertible debt maturing in September 2026 requires careful management, with the company actively exploring alternatives to address this obligation while maintaining financial flexibility. Despite these risks, Apellis's strong cash position ($466 million as of year-end 2025) provides significant leeway

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Originally published on The Motley Fool on 2/25/2026