It has been about a month since the last earnings report for Apellis Pharmaceuticals, Inc. (APLS). Shares have lost about 17.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Apellis Pharmaceuticals due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Apellis Q4 Loss Wider Than Expected, Revenues Decline Y/Y
Apellisreported fourth-quarter 2025 loss of 47 cents per share, wider than the Zacks Consensus Estimate of a loss of 39 cents. The company had incurred a loss of 29 cents in the year-ago quarter.
Total revenues in the fourth quarter were $199.9 million, beating the Zacks Consensus Estimate of $194 million. In the year-ago quarter, the company had reported revenues of $212.5 million. The 6% year-over-year decline in revenues was due to lower Syfovre revenues during the reported quarter.
More on APLS' Q4 Results
Revenues in the fourth quarter included product sales of the marketed drugs — Empaveli and Syfovre — and licensing and other revenues under the collaboration agreement with Sobi.
Syfovre recorded sales of $155.2 million in the reported quarter, down 8% year over year. Syfovre's sales marginally beat the Zacks Consensus Estimate of $154.2 million.
Apellis delivered more than 89,000 commercial vials and nearly 13,000 samples of Syfovre to doctors in the reported quarter. Per APLS, Syfovre is the market leader in GA, enjoying approximately 60% share of the overall market. On the fourth-quarter earnings call, management said that the year-over-year decline in Syfovre revenues was largely due to elevated use of free goods, but the underlying demand remains strong with total injections growing approximately 17% year over year.
Empaveli recorded sales of $35.1 million, up 50% from the year-ago quarter’s figure on the back of a strong early launch in C3G and IC-MPGN. Empaveli sales beat the Zacks Consensus Estimate of $28.5 million. As of Dec. 31, 2025, Apellis received 267 cumulative patient start forms, reflecting over 5% penetration of the U.S. patient population after its first full quarter post-launch. It also secured strong payer coverage, with 95% of published policies covering the product in line with its label or with minimal restrictions.
Licensing and other revenues came in at $9.6 million, down significantly year over year.
Research and development expenses decreased 3% from the prior-year quarter’s level to $74.2 million. This was due to lower program-specific external costs and lower compensation and related personnel costs.
Selling, general and administrative expenses totaled $147.1 million, up 21% year over year, due to higher professional and consulting fees, personnel costs and general and administrative expenses and other expenses, which were partially offset by a decrease in general commercial activities.
As of Dec. 31, 2025, Apellis had cash, cash equivalents and marketable securities worth $466.2 million compared with $479.2 million as of Sept. 30, 2025. APLS continues to expect its cash balance, combined with cash anticipated from sales of marketed products, to be enough to fund its operations to profitability.
APLS’ Full-Year 2025 Results
In 2025, Apellis recorded total revenues of $1.0 billion, representing 28% year-over-year growth, and beat the Zacks Consensus Estimate of $998.3 million. Please note that this figure includes the one-time $275 million upfront payment from the Sobi royalty repurchase agreement.
The company reported an earnings per share of 20 cents in 2025, in contrast to a loss of $1.60 per share incurred in 2024. The reported figure, however, missed the Zacks Consensus Estimate of 24 cents.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended upward during the past month.
The consensus estimate has shifted 13.86% due to these changes.
VGM Scores
At this time, Apellis Pharmaceuticals has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Apellis Pharmaceuticals has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Apellis Pharmaceuticals is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Royalty Pharma (RPRX), a stock from the same industry, has gained 4.2%. The company reported its results for the quarter ended December 2025 more than a month ago.
Royalty Pharma reported revenues of $874 million in the last reported quarter, representing a year-over-year change of +17.8%. EPS of $1.46 for the same period compares with $1.15 a year ago.
Royalty Pharma is expected to post earnings of $1.18 per share for the current quarter, representing a year-over-year change of +11.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.4%.
Royalty Pharma has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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This article originally published on Zacks Investment Research (zacks.com).