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APLSApellis Pharmaceuticals, Inc.
$41.03$5.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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APLS logo

Apellis Pharmaceuticals, Inc.

APLS
NASDAQ · Biotechnology
$41.03
At close - Jul 31, 4:00 PM EDT - USD
Market Cap$5.25B
P/E227.9x
52W High$41.14
Volume28.64M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q1

Volatile Commercial Launch Masks Underlying Profitability Potential

Apellis Pharmaceuticals faces a critical transition period as it attempts to stabilize the commercial trajectory of Syfovre amidst significant revenue lumpiness and competitive pressures in the GA market. While the company has demonstrated the ability to achie...

GrowthMixed
ProfitabilityStrained
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

APLS price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

+688% Peers

P/E is 688% above peer median

03

Market leadership

RS 95 · Leader

High momentum (Outperforming 95% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Aug 7
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth remains inconsistent, evidenced by a sharp decline from $458.6 million in 2025Q3 to $192.0 million in 2026Q1, despite maintaining a robust 78.9% gross margin.

Analyst Consensus+51.1% target
Buy(25 analysts)
18 Buy6 Hold1 Sell

The Bull Case

Upside Catalysts

Biogen acquisition deal

Biogen has agreed to acquire Apellis Pharmaceuticals for $41.00 per share in cash, providing a significant premium and immediate value to shareholders.

Upcoming financial results

Apellis Pharmaceuticals is set to discuss its fourth quarter and full year 2025 financial results in an upcoming conference call, which may highlight growth or profitability.

Commercial execution focus

Apellis has emphasized its commercial execution and strategic priorities at a major healthcare conference, signaling confidence in its business trajectory.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/4/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
APLS+58.66%
S&P 500 (^GSPC)+12.66%
1-Year Return
APLS+77.54%
S&P 500 (^GSPC)+15.01%
3-Year Return
APLS+10.47%
S&P 500 (^GSPC)+80.11%
5-Year Return
APLS+24.30%
S&P 500 (^GSPC)+82.47%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
227.9x
Forward P/E
N/A
EV/EBITDA100th %ile
92.5x
FCF YieldCash Flow
0.9%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
227.9x
139.6x
100th· High
EV/EBITDA
92.5x
55.9x
100th· High
Price/FCF
116.7x
70.3x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$4.40-89.3%
Base (Fair)$45.85+11.7%
Bull$11.69-71.5%
$4.40 Bear$45.85 Base$11.69 Bull
Current Market Price: $41.03
Trades at a 10.5% discount to Base DCF ($45.85)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1B+28.5% YoY
Net income
$22M+111.3% YoY
Free cash flow
$45M+151.0% YoY
Operating margin
5.5%+26.6 pts YoY
ROIC (TTM)12.3%
Avg ROIC 5Y-
ROE (TTM)7.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026Latest
May 7, 2026
$0.15+139.5%
vs -$0.38
$268M+27.5%
vs $210M
Q1 2026
Feb 24, 2026
-$0.47-20.5%
vs -$0.39
$200M+0.3%
vs $199M
Q4 2025
Oct 30, 2025
$1.67+62.1%
vs $1.03
$459M+130.1%
vs $199M
Q3 2025
Jul 31, 2025
-$0.33+25.0%
vs -$0.44
$178M-52.0%
vs $372M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
04

Compare before deciding

Benchmark APLS against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Apellis Pharmaceuticals, Inc. (APLS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
APLS logoAPLSApellis Pharmaceuticals, Inc.Current
$41.03$5.25B227.9428.46%2.23%7.48%—
RARE logoRAREUltragenyx Pharmaceutical Inc.
$15.22$1.5B-2.6120.13%-81.79%——
BEAM logoBEAMBeam Therapeutics Inc.
$24.50$2.52B-30.25120.01%-54.75%-7.7%—
AKRO logoAKROAkero Therapeutics, Inc.
$54.65$4.5B-14.57——-30.58%—
INVA logoINVAInnoviva, Inc.
$20.50$1.51B6.2118.52%80.56%30.03%—
BCAB logoBCABBioAtla, Inc.
$1.74$2.88M-0.03-81.82%-370.05%——

Compare APLS vs Peers

Apellis Pharmaceuticals, Inc. (APLS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RARE

Most directly comparable listed peer for APLS.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare APLS against a more recognizable public peer.

Peer Set

Compare Top 5

vs RARE, BEAM, AKRO, INVA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

APLS SEC Filings & Documents

Apellis Pharmaceuticals, Inc. (APLS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 14, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

Mar 31, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 28, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 7, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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APLS Frequently Asked Questions

Apellis Pharmaceuticals, Inc. (APLS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Apellis Pharmaceuticals, Inc.'s revenue?

Apellis Pharmaceuticals, Inc. (APLS) reported $1.11B in revenue for fiscal year 2025.

How fast is Apellis Pharmaceuticals, Inc. growing?

Apellis Pharmaceuticals, Inc. (APLS) grew revenue by 28.5% over the past year. This is strong growth.

Is APLS profitable?

Yes, Apellis Pharmaceuticals, Inc. (APLS) is profitable, generating $133.3M in net income for fiscal year 2025 (2.2% net margin).

Dividend & Returns
What is APLS's return on equity?

Apellis Pharmaceuticals, Inc. (APLS) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

What is Apellis Pharmaceuticals, Inc.'s free cash flow?

Apellis Pharmaceuticals, Inc. (APLS) generated $37.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in APLS back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

See returns →