Apellis Pharmaceuticals Posts $689M 2025 Product Revenues, Eyes H1 2026 Syringe Submission
Apellis Pharmaceuticals posted full-year 2025 net product revenues of $689M, with SYFOVRE contributing $587M and EMPAVELI $102M. The company held $466M cash as of Dec. 31, delivered Q4 SYFOVRE and EMPAVELI sales of $155M and $35M, and plans a prefilled syringe submission in H1 2026.
1. Financial Results
Apellis Pharmaceuticals reported full-year 2025 net product revenues of $689 million, comprising SYFOVRE at $587 million and EMPAVELI at $102 million, with Q4 revenues of $155 million and $35 million, respectively. Total revenue reached $1.0 billion for the year, up from $781.4 million in 2024, reflecting strong product performance and licensing contributions.
2. Cash Position and Profitability
The company ended 2025 with $466 million in cash and cash equivalents and expects projected revenues, cash, and royalties to fund operations to profitability. Licensing and other revenue totaled $314 million, primarily due to the upfront payment from the Sobi royalty agreement.
3. Pipeline and Milestones
A prefilled syringe regulatory submission for SYFOVRE is planned in the first half of 2026, while pivotal trials for focal segmental glomerulosclerosis and delayed graft function have been initiated for EMPAVELI. Additional milestones include topline Phase 2 data for SYFOVRE+APL-3007 in 2027 and an IND submission for APL-90992 in the second half of 2026.