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.
Apellis Pharmaceuticals, Inc. (APLS) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 1.11B | 1B | 781.37M | 396.59M | 75.42M | 66.56M | 250.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 42.46% | 28.46% | 97.02% | 425.83% | 13.31% | -73.44% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 109.16M | 102.24M | 117.72M | 58.51M | 5.64M | 5.2M | 25.05M | 595.45K | 127.92M | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 10.19% | 15.07% | 14.75% | 7.47% | 7.81% | 9.99% | - | - | - | - | - | - | - |
| Gross Profit | 996.12M | 901.55M | 663.64M | 338.08M | 69.79M | 61.36M | 225.6M | -595.45K | -127.92M | -50.77M | 0 | 0 | 0 | 0 |
| Gross Margin % | 90.12% | 89.81% | 84.93% | 85.25% | 92.53% | 92.19% | 90.01% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 35.85% | 96.3% | 384.45% | 13.73% | -72.8% | 37986.7% | 99.53% | -151.98% | - | - | - | - | - |
| Operating Expenses | 831.19M | 846.12M | 828.62M | 855.2M | 664.4M | 597.64M | 439.32M | 287.42M | 127.92M | 50.77M | 27.28M | 20.09M | 11.29M | 4.03M |
| OpEx % of Revenue | - | 84.29% | 106.05% | 215.64% | 880.91% | 897.86% | 175.28% | - | - | - | - | - | - | - |
| Selling, General & Admin | 544.8M | 550.26M | 501.05M | 500.81M | 277.16M | 176.77M | 139.4M | 66.45M | 22.64M | 10.46M | 4.3M | 6.36M | 2.91M | 1.71M |
| SG&A % of Revenue | - | 54.82% | 64.13% | 126.28% | 367.48% | 265.57% | 55.62% | - | - | - | - | - | - | - |
| Research & Development | 286.39M | 295.85M | 327.57M | 354.39M | 387.24M | 420.87M | 299.92M | 220.97M | 105.29M | 40.3M | 22.98M | 13.73M | 8.38M | 2.32M |
| R&D % of Revenue | - | 29.47% | 41.92% | 89.36% | 513.43% | 632.29% | 119.66% | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -288K | 1.36M | -501K | 0 | -111K | 11.54K | 157.71K | 6.28K | 6.59K | 6.26K |
| Operating Income | 165.22M | 55.43M | -164.98M | -517.12M | -594.61M | -536.28M | -213.73M | -288.02M | -127.92M | -50.77M | -27.28M | -46.57M | -11.29M | -4.03M |
| Operating Margin % | 14.95% | 5.52% | -21.11% | -130.39% | -788.38% | -805.67% | -85.27% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 133.6% | 68.1% | 13.03% | -10.88% | -150.92% | 25.79% | -125.14% | -151.98% | -86.08% | 41.42% | -312.37% | -180.25% | - |
| EBITDA | 166.63M | 56.98M | -163.18M | -515.42M | -593.13M | -534.78M | -212.87M | -287.42M | 0 | -50.76M | 0 | 6.4M | -11.29M | -4.02M |
| EBITDA Margin % | 15.08% | 5.68% | -20.88% | -129.96% | -786.41% | -803.43% | -84.93% | - | - | - | - | - | - | - |
| EBITDA Growth % | 190.35% | 134.92% | 68.34% | 13.1% | -10.91% | -151.23% | 25.94% | - | 100% | - | -100% | 156.69% | -180.52% | - |
| D&A (Non-Cash Add-back) | 1.4M | 1.56M | 1.8M | 1.7M | 1.49M | 1.49M | 859K | 595.45K | 127.92M | 11.94K | 27.28M | 52.97M | 6.59K | 6.26K |
| EBIT | 178.74M | 68.44M | -156.32M | -496.92M | -618.88M | -732.76M | -313.09M | -299.42M | -124.99M | -50.91M | -27.13M | -46.52M | -11.29M | -4.03M |
| Net Interest Income | -30.2M | -31.18M | -27.62M | -8.65M | -23.71M | -12.82M | -25.77M | -176K | 447.81K | -96.92K | 0 | 0 | 0 | 0 |
| Interest Income | 13.4M | 13.14M | 12.77M | 20.93M | 8.91M | 418K | 4.16M | 5.11M | 2.96M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 43.59M | 44.33M | 40.39M | 29.58M | 32.63M | 13.24M | 29.94M | 5.29M | 2.51M | 96.92K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -30.08M | -31.32M | -31.74M | -9.38M | -56.89M | -209.72M | -129.3M | -16.69M | 422.81K | -239K | 157.71K | 57.14K | 62.46K | 68K |
| Pretax Income | 135.15M | 24.11M | -196.72M | -526.5M | -651.5M | -746M | -343.03M | -304.71M | -127.5M | -51.01M | -27.13M | -46.52M | -11.23M | -3.96M |
| Pretax Margin % | 12.23% | 2.4% | -25.18% | -132.76% | -863.81% | -1120.75% | -136.86% | - | - | - | - | - | - | - |
| Income Tax | 1.88M | 1.72M | 1.16M | 2.13M | 669K | 352K | 1.84M | 0 | -533K | 250.61K | 0 | 0 | -443K | 0 |
| Effective Tax Rate % | 1.39% | 7.14% | -0.59% | -0.4% | -0.1% | -0.05% | -0.54% | 0% | 0.42% | -0.49% | 0% | 0% | 3.94% | 0% |
| Net Income | 133.27M | 22.39M | -197.88M | -528.63M | -652.17M | -746.35M | -344.87M | -304.71M | -127.5M | -51.01M | -27.13M | -46.52M | -10.79M | -3.96M |
| Net Margin % | 12.06% | 2.23% | -25.32% | -133.29% | -864.7% | -1121.27% | -137.59% | - | - | - | - | - | - | - |
| Net Income Growth % | 159.58% | 111.31% | 62.57% | 18.94% | 12.62% | -116.41% | -13.18% | -138.98% | -149.97% | -88.04% | 41.69% | -331.18% | -172.29% | - |
| Net Income (Continuing) | 133.27M | 22.39M | -197.88M | -528.63M | -652.17M | -746.35M | -344.87M | -304.71M | -127.5M | -51.01M | -27.13M | -46.52M | -10.79M | -3.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.06 | 0.18 | -1.60 | -4.45 | -6.15 | -8.84 | -4.59 | -4.98 | -2.34 | -1.49 | -1.50 | -2.57 | -0.60 | -0.86 |
| EPS Growth % | 159.22% | 111.25% | 64.04% | 27.64% | 30.43% | -92.59% | 7.83% | -112.82% | -57.05% | 0.67% | 41.63% | -328.33% | 30.23% | - |
| EPS (Basic) | - | 0.18 | -1.60 | -4.45 | -6.15 | -8.84 | -4.59 | -4.98 | -2.34 | -1.49 | -1.50 | -2.57 | -0.60 | -0.86 |
| Diluted Shares Outstanding | 126.02M | 126.02M | 123.91M | 118.68M | 106.11M | 84.42M | 75.16M | 62.23M | 54.4M | 34.22M | 18.09M | 18.09M | 18.09M | 4.58M |
| Basic Shares Outstanding | 126.02M | 126.02M | 123.91M | 118.68M | 106.11M | 84.42M | 75.16M | 62.23M | 54.4M | 34.22M | 18.09M | 18.09M | 18.09M | 4.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying APLS stock.
For fiscal year 2025, Apellis Pharmaceuticals, Inc. (APLS) reported total revenue of $1.00B.
Apellis Pharmaceuticals, Inc. (APLS) is profitable, generating $22.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Apellis Pharmaceuticals, Inc. (APLS) reported an operating income of $55.4M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Apellis Pharmaceuticals, Inc. (APLS) generated $901.5M in gross profit for the year, representing a gross profit margin of 89.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and competitive headwinds
Metrics are mathematically derived from official filings.
Revenue Growth Lacks Consistent Momentum
As reported in financial statements, Apellis experienced significant volatility in quarterly revenue, peaking at $458.6 million in 2025Q3 before retreating to $192.0 million in 2026Q1, suggesting that the initial commercial launch phase for Syfovre remains subject to lumpy adoption patterns and potential inventory channel fluctuations.
The wide variance in quarterly revenue figures indicates that the company has yet to establish a predictable, linear growth trajectory for its core ophthalmology franchise. Investors should monitor whether the recent deceleration reflects a saturation of early-adopter demand or if competitive pressures from alternative C5 inhibitors are beginning to erode market share.
Gross Margin Resilience Amid Volatility
Based on recent SEC filings, Apellis maintained a robust gross margin profile, generally hovering near 90%, which underscores the inherent pricing power of its specialized biologic therapies despite the periodic fluctuations in quarterly revenue and the associated costs of goods sold observed over the last ten quarters.
The high gross margin suggests that the company possesses significant leverage in its manufacturing process, typical of high-value orphan drug assets. However, the occasional compression in gross margins warrants investigation into whether these dips are driven by shifts in product mix between Empaveli and Syfovre or by increased gross-to-net adjustments.
Operating Leverage Remains Highly Sensitive
According to the provided income statement data, Apellis has struggled to achieve consistent operating leverage, with SG&A expenses frequently outpacing gross profit, resulting in a pattern of operating losses that only recently shifted toward a modest 13.8% operating margin in the most recent quarter.
The company's heavy reliance on a specialized sales force to drive adoption in the competitive GA market creates a high fixed-cost burden that requires sustained volume growth to overcome. Future profitability appears contingent on the company's ability to scale revenue without a commensurate increase in commercial infrastructure spending.
Earnings Quality Obscured by Volatility
As indicated by the historical income statements, the company's net income has been characterized by extreme swings, including a $215.7 million profit in 2025Q3 followed by a return to losses, suggesting that non-operating items or collaboration-related accounting adjustments may be significantly distorting the underlying earnings quality.
The presence of substantial stock-based compensation and the impact of the Sobi collaboration agreement make it difficult to assess the true operational profitability of the business. Analysts should look past the headline EPS figures to determine if the recent move toward positive net income is sustainable or merely a result of one-time accounting events.
Sustainability of Commercial Growth Challenged
Based on the provided financial data, short-sellers may focus on the company's inability to maintain the revenue levels seen in 2025Q3, which may indicate that the initial market penetration for Syfovre is facing structural headwinds from both regulatory scrutiny and intensifying competition in the GA space.
The recent negative EMA opinion and the competitive threat from Astellas suggest that the company's growth narrative may be overly optimistic. If the company cannot demonstrate consistent, organic volume growth in the coming quarters, the current valuation may be vulnerable to a significant downward re-rating.