Apellis Pharmaceuticals, Inc.

Fourth quarter 2025 total revenue was $200 million and full-year 2025 total revenue was $1 billion, which included a one-time $275 million upfront payment from the Sobi royalty repurchase agreement. SYFOVRE net product revenue was $155 million in Q4 and $587 million for full-year 2025, while EMPAVELI U.S. net product revenue was $35 million in Q4 and $102 million for full-year 2025. SYFOVRE doses delivered in Q4 were approximately 102,000, including approximately 89,000 commercial doses and 13,000 free goods doses; total injections grew approximately 17% year over year. Operating expenses were $251 million in Q4 versus $239 million a year ago, and full-year operating expenses were in line with expectations and consistent with 2024. Management guided to 2026 SYFOVRE gross-to-net in the high 20% range, SYFOVRE net price relatively stable, modestly higher operating expenses, and a modest inventory reduction in Q1 with typical seasonal dynamics.

Cedric Francois framed 2025 as a year of disciplined execution and company-building, emphasizing that Apellis strengthened its commercial franchises, advanced pipeline programs, and preserved a strong balance sheet. He repeatedly described SYFOVRE as a durable foundation and EMPAVELI as the near-term growth engine, while highlighting three 2026 pillars: defend SYFOVRE leadership, drive EMPAVELI growth, and advance the pipeline. His tone was confident and upbeat, especially on EMPAVELI’s launch and the potential of the company’s C3-focused biology platform.

Tim Sullivan focused on the financial bridge from 2025 into 2026. He said cash and cash equivalents were $466 million at year-end and that this should provide flexibility to fund the business to profitability, while also noting approximately $94 million of convertible debt maturing in September that the company is actively evaluating. On margins and revenue mechanics, he said SYFOVRE gross-to-net was just above the mid-20% range in Q4 and should move to the high 20% range in 2026, with net price relatively stable; he also pointed to elevated free goods through 2025 and said that could evolve as third-party assistance programs reopen. He added that 2026 operating expenses should be modestly higher, mainly because of FSGS and DGF trial investment and milestone payments, partly offset by lower SG&A.

Analysts pressed management on how quickly EMPAVELI could penetrate the estimated 5,000-patient U.S. C3G/primary IC-MPGN market, how the launch would break out across subpopulations, and whether growth would be steady or accelerate. Management said the launch is already in a steady-state phase after an initial patient bolus, that uptake should remain steady but with quarter-to-quarter variability, and that it is too early to say exactly how penetration will differ by sub-indication. On SYFOVRE, analysts asked about the 5-year GALE data, the prefilled syringe, co-pay dynamics, and market share; management highlighted the long-term data, said the prefilled syringe is a practice-enabling innovation that should help efficiency and potentially expand the GA market, and said SYFOVRE was holding about 60% market share. The company also said it will continue reporting revenue and start forms for EMPAVELI but will not provide additional start-form guidance.