Apellis to Exit S&P SmallCap 600 on May 14 as Q1 EPS Tops Estimates
Apellis Pharmaceuticals will be removed from the S&P SmallCap 600 on May 14 following its pending acquisition by Biogen. In Q1 2026 Apellis posted adjusted EPS of $0.15, beating the consensus loss estimate of $0.38 and improving from a $0.74 per-share loss a year earlier.
1. Removal from S&P SmallCap 600
S&P Dow Jones Indices announced that Apellis Pharmaceuticals will be deleted from the S&P SmallCap 600 prior to trading on May 14, to be replaced by Remitly Global. This action follows Biogen’s pending acquisition of Apellis, pending final closing conditions.
2. Q1 2026 Earnings Beat
Apellis reported adjusted earnings of $0.15 per share for the quarter ended March 31, compared with a consensus loss estimate of $0.38 and a $0.74 loss in the year-ago period. The swing to profitability underscores margin improvement and operational leverage.
3. Acquisition and Market Impact
Biogen’s acquisition of Apellis is expected to close soon, which will terminate Apellis’s independent listing and eliminate its eligibility for the SmallCap index. Removal from the index could reduce passive fund exposure and alter trading liquidity until deal completion.