**Apellis Pharmaceuticals Reports Profitable Year Driven by SYFOVRE and EMPAVELI Sales**
Apellis Pharmaceuticals, Inc. (APLS) announced a net income of $22.4 million for the year ended December 31, 2025, a significant turnaround from the $197.9 million net loss reported in 2024 and the $528.6 million net loss in 2023. This profitability was primarily driven by strong sales of its two marketed drugs, SYFOVRE and EMPAVELI, with total product revenue reaching $689.4 million. SYFOVRE, used for treating geographic atrophy (GA), contributed $586.9 million to this total, while EMPAVELI, used for treating paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (primary IC-MPGN), generated $102.4 million.
The company's financial performance also benefited from a $275.0 million upfront payment received from Swedish Orphan Biovitrum AB (Sobi) under a Royalty Buy-Down Agreement, which contributed to a substantial increase in licensing and other revenue, reaching $314.4 million compared to $71.4 million in the previous year. This agreement reduced Sobi's royalty payment obligations to Apellis by 90%, subject to defined caps tied to Aspaveli's performance. Operating expenses remained relatively stable at $948.4 million, with a decrease in research and development costs offset by an increase in selling, general, and administrative expenses.
Operationally, Apellis continued to focus on expanding the market reach and clinical applications of its key products. The company launched SYFOVRE in Australia in January 2025 and initiated two pivotal clinical trials for EMPAVELI in primary focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) during the fourth quarter of 2025. These trials aim to explore the potential of EMPAVELI in treating rare and severe nephrology conditions. The company also advanced its pipeline through a collaboration with Beam Therapeutics, commencing preclinical studies for APL-9099, a gene editing treatment targeting the neonatal Fc receptor (FcRn).
Looking ahead, Apellis outlined its strategic priorities for 2026, which include transforming the treatment of GA with SYFOVRE, maximizing EMPAVELI's impact in rare diseases, and advancing its innovative pipeline by leveraging its expertise in complement biology. The company plans to continue investing in its commercial infrastructure, expanding its clinical development programs, and exploring new therapeutic opportunities within the complement system. Apellis anticipates that its current cash reserves, combined with projected revenues from SYFOVRE and EMPAVELI, will be sufficient to fund its operating plans and capital expenditure requirements for the foreseeable future.
About Apellis Pharmaceuticals, Inc.
Apellis Pharmaceuticals, Inc. is a biopharmaceutical company specializing in the discovery, development, and commercialization of therapies targeting the complement system to treat diseases with high unmet needs. Its core products include pegcetacoplan-based treatments SYFOVRE for geographic atrophy in age-related macular degeneration and EMPAVELI for paroxysmal nocturnal hemoglobinuria. Apellis serves patients in ophthalmology and rare diseases, leveraging proprietary complement inhibition technology and collaborations for global commercialization.
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