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General information

Country: UNITED STATES

Sector: Biotechnology

Apellis Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company. The Company focuses on the discovery and development of therapeutic compounds for autoimmune and inflammatory diseases. Apellis Pharmaceuticals serves clients worldwide.
Website: apellis.com



Growth: Good revenue growth rate 133.0%, there is acceleration compared to average historical growth rates 107.7%. The revenue growth dynamics is moderately stable

Profitability: LTM EBITDA margin is positive, +15.1%. On average the margin is improving steadily. Gross margin is high, +94.7%. In the last quarter the company did not beat the estimated EPS. The company was ahead of estimated EPS in 20% of quarters (showing a gain of -$0.11 per share on average)

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield 3.6% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 25.1% higher than minimum and 78.1% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 8.2x by EV / Sales multiple , the company can be >100% undervalued

Insiders: For the last 3 months insiders sold company shares on $0.9 mln (-0.038% of cap.)

Key Financials (Download financials)

Ticker: APLS
Share price, USD:  (+2.7%)20.47
year average price 22.79  


year start price 30.39 2025-01-22

max close price 30.76 2025-01-23

min close price 16.36 2025-05-15

current price 20.47 2026-01-21
Common stocks: 107 196 299

Dividend Yield:  0.0%
FCF Yield LTM: 3.6%
EV / LTM EBITDA: 14.2x
EV / EBITDA annualized: 2.4x
EV / Sales: 2.2x
Margin (EBITDA LTM / Revenue): 15.1%
Fundamental value created in LTM:
Market Cap ($m): 2 194
Net Debt ($m): -4
EV (Enterprise Value): 2 190
Price to Book: 5.5x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2026-01-17247wallst.com

Is Apellis Pharmaceuticals' FDA Win Just the Beginning?

2026-01-12seekingalpha.com

Apellis Pharmaceuticals, Inc. (APLS) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript

2025-12-03globenewswire.com

The New England Journal of Medicine Publishes Positive Phase 3 VALIANT Results of EMPAVELI® (pegcetacoplan) for C3G and Primary IC-MPGN

2025-11-12seekingalpha.com

Apellis Pharmaceuticals, Inc. (APLS) Presents at Stifel 2025 Healthcare Conference Transcript

2025-10-30seekingalpha.com

Apellis Pharmaceuticals, Inc. (APLS) Q3 2025 Earnings Call Transcript

2025-10-30zacks.com

Apellis Pharmaceuticals, Inc. (APLS) Q3 Earnings and Revenues Top Estimates

2025-09-30seekingalpha.com

Apellis Pharmaceuticals: Maintaining "Buy" Rating With Continued EMPAVELI Expansions Beyond PNH And C3G-Disorders

2025-08-14seekingalpha.com

Apellis Pharmaceuticals: Restart Of Growth Story After Empaveli's New Approval

2025-08-02seekingalpha.com

Apellis Pharmaceuticals, Inc. (APLS) Q2 2025 Earnings Call Transcript

2025-08-01seekingalpha.com

Apellis Pharmaceuticals: The Picture Becomes Clearer
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2025 q3 2025 q2 2024 q3 2024 q2 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2025-09-30 2025-06-30 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS
reportedCurrency USD USD USD USD USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M
fillingDate 2025-10-30 2025-07-31 2024-11-05 2024-08-01 2024-05-07 2024-02-27 2023-11-01 2023-07-31 2023-05-04 2023-02-21 2022-11-07
acceptedDate 2025-10-30 06:57:30 2025-07-31 06:52:59 2024-11-05 06:57:32 2024-08-01 07:02:24 2024-05-07 07:02:51 2024-02-27 07:01:54 2023-11-01 07:02:15 2023-07-31 16:07:17 2023-05-04 16:02:25 2023-02-21 16:09:51 2022-11-07 16:13:20
calendarYear 2025 2025 2024 2024 2024 2023 2023 2023 2023 2022 2022
period Q3 Q2 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
revenue 459M 178M 197M 200M 172M 146M 99M 95M 45M 23M 22M
costOfRevenue 25M 14M 34M 24M 21M 20M 22M 8M 8M 3M 1M
grossProfit 434M 164M 163M 176M 152M 126M 77M 87M 37M 20M 21M
grossProfitRatio 0.947 0.921 0.83 0.882 0.88 0.864 0.774 0.912 0.826 0.871 0.937
researchAndDevelopmentExpenses 68M 67M 89M 78M 85M 69M 79M 96M 110M 99M 95M
generalAndAdministrativeExpenses 0 0 0 0 0 142M 146M 111M 102M 84M 78M
sellingAndMarketingExpenses 0 0 0 0 0 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 143M 131M 122M 128M 129M 142M 146M 111M 102M 84M 78M
otherExpenses 0 0 0 24 000 -499 000 219 000 -603 000 -63 000 -277 000 -246 000 0
operatingExpenses 211M 198M 211M 206M 214M 211M 225M 207M 212M 184M 174M
costAndExpenses 235M 212M 244M 229M 234M 231M 247M 215M 220M 187M 175M
interestIncome 4M 3M 3M 3M 3M 5M 5M 6M 5M 5M 3M
interestExpense 11M 11M 13M 9M 7M 7M -7M 7M 8M 8M 8M
depreciationAndAmortization 339 000 446 000 621 000 449 000 444 000 43 812 405 000 410 000 6M 5M 3M
ebitda 228M -30M -44M -28M -62M -84M -148M -115M -170M -159M -150M
ebitdaratio 0.497 -0.169 -0.223 -0.145 -0.358 -0.574 -1.495 -1.206 -3.781 -7.029 -6.786
operatingIncome 223M -33M -47M -29M -62M -85M -148M -120M -175M -164M -153M
operatingIncomeRatio 0.487 -0.186 -0.24 -0.147 -0.36 -0.577 -1.495 -1.268 -3.904 -7.239 -6.934
totalOtherIncomeExpensesNet -7M -8M -10M -8M -4M -3M 8M -63 000 -2M -3M -38M
incomeBeforeTax 216M -42M -57M -38M -66M -87M -140M -122M -177M -167M -191M
incomeBeforeTaxRatio 0.472 -0.234 -0.289 -0.188 -0.384 -0.595 -1.412 -1.283 -3.958 -7.389 -8.652
incomeTaxExpense 602 000 466 000 592 000 114 000 170 000 1M 233 000 194 000 282 000 -1M 446 000
netIncome 216M -42M -57M -38M -66M -89M -140M -122M -178M -166M -191M
netIncomeRatio 0.47 -0.236 -0.292 -0.189 -0.385 -0.605 -1.414 -1.285 -3.964 -7.324 -8.672
eps 1.71 -0.33 -0.46 -0.3 -0.54 -0.73 -1.17 -1.02 -1.56 -1.52 -1.75
epsdiluted 1.71 -0.33 -0.46 -0.3 -0.54 -0.73 -1.17 -1.02 -1.56 -1.52 -1.75
weightedAverageShsOut 126M 126M 124M 124M 123M 121M 120M 119M 114M 109M 109M
weightedAverageShsOutDil 126M 126M 124M 124M 123M 121M 120M 119M 114M 109M 109M
link Link Link Link Link Link Link Link Link Link Link Link
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Balance Sheet Statement

Property 2025 q3 2025 q2 2024 q3 2024 q2 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2025-09-30 2025-06-30 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS
reportedCurrency USD USD USD USD USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M
fillingDate 2025-10-30 2025-07-31 2024-11-05 2024-08-01 2024-05-07 2024-02-27 2023-11-01 2023-07-31 2023-05-04 2023-02-21 2022-11-07
acceptedDate 2025-10-30 06:57:30 2025-07-31 06:52:59 2024-11-05 06:57:32 2024-08-01 07:02:24 2024-05-07 07:02:51 2024-02-27 07:01:54 2023-11-01 07:02:15 2023-07-31 16:07:17 2023-05-04 16:02:25 2023-02-21 16:09:51 2022-11-07 16:13:20
calendarYear 2025 2025 2024 2024 2024 2023 2023 2023 2023 2022 2022
period Q3 Q2 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 479M 371M 397M 361M 327M 352M 452M 616M 765M 552M 584M
shortTermInvestments 0 0 0 8M 8M 4M 13M 9M 0 0 124M
cashAndShortTermInvestments 479M 371M 397M 361M 327M 352M 452M 616M 765M 552M 709M
netReceivables 355M 229M 284M 309M 268M 206M 187M 111M 32M 8M 8M
inventory 123M 121M 121M 153M 161M 146M 99M 103M 85M 86M 60M
otherCurrentAssets 34M 34M 32M 37M 55M 61M 13M 27M 34M 37M 24M
totalCurrentAssets 991M 756M 834M 860M 811M 766M 797M 893M 954M 720M 832M
propertyPlantEquipmentNet 22M 17M 20M 20M 19M 21M 20M 22M 24M 25M 25M
goodwill 0 0 0 0 0 0 0 0 0 0 0
intangibleAssets 0 0 0 0 0 0 0 0 0 0 0
goodwillAndIntangibleAssets 0 0 0 0 0 0 0 0 0 0 0
longTermInvestments 0 0 0 0 0 0 0 0 0 0 0
taxAssets 0 0 0 0 0 0 0 0 0 0 0
otherNonCurrentAssets 46M 49M 48M 24M 1M 1M 1M 827 000 793 000 16M 16M
totalNonCurrentAssets 68M 66M 68M 45M 21M 22M 21M 23M 25M 41M 41M
otherAssets 0 0 0 1 1 0 0 0 0 0 0
totalAssets 1 059M 821M 902M 904M 832M 789M 818M 916M 979M 760M 873M
accountPayables 39M 54M 43M 38M 27M 38M 18M 28M 31M 37M 14M
shortTermDebt 101M 7M 14M 12M 84M 6M 6M 6M 6M 6M 5M
taxPayables 0 0 0 0 0 0 0 0 0 0 0
deferredRevenue 0 0 2M 2M 4M 0 117M 98M 0 0 0
otherCurrentLiabilities 140M 139M 133M 117M 101M 204M 45M 44M 101M 125M 96M
totalCurrentLiabilities 280M 201M 191M 169M 215M 248M 186M 175M 139M 168M 115M
longTermDebt 375M 462M 464M 468M 338M 93M 104M 105M 106M 107M 108M
deferredRevenueNonCurrent 0 0 0 0 0 0 0 0 0 0 0
deferredTaxLiabilitiesNonCurrent 0 0 0 0 0 0 0 0 0 0 0
otherNonCurrentLiabilities 3M 2M 10M 3M 12M 254M 296M 290M 322M 316M 431M
totalNonCurrentLiabilities 378M 464M 473M 471M 350M 347M 400M 395M 428M 423M 450M
otherLiabilities 0 0 0 1 0 0 0 0 0 0 0
capitalLeaseObligations 21M 16M 18M 17M 10M 11M 17M 18M 19M 20M 21M
totalLiabilities 658M 665M 665M 640M 565M 594M 586M 570M 567M 590M 565M
preferredStock 0 0 0 0 0 0 0 0 0 0 0
commonStock 12 000 12 000 12 000 12 000 12 000 12 000 12 000 12 000 12 000 11 000 11 000
retainedEarnings -2 954M -3 170M -2 999M -2 942M -2 904M -2 837M -2 749M -2 609M -2 487M -2 309M -2 143M
accumulatedOtherComprehensiveIncomeLoss -2M -3M -3M -3M -4M -4M -1M -796 000 -775 000 -875 000 -3M
othertotalStockholdersEquity 3 358M 3 329M 3 239M 3 209M 3 174M 3 036M 2 982M 2 955M 2 900M 2 480M 2 453M
totalStockholdersEquity 401M 156M 237M 264M 267M 195M 232M 345M 412M 170M 307M
totalEquity 401M 156M 237M 264M 267M 195M 232M 345M 412M 170M 307M
totalLiabilitiesAndStockholdersEquity 1 059M 821M 902M 904M 832M 789M 818M 916M 979M 760M 873M
minorityInterest 0 0 0 0 0 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 1 059M 821M 902M 904M 832M 789M 818M 916M 979M 760M 873M
totalInvestments 0 0 0 8M 8M 4M 13M 9M 0 0 124M
totalDebt 475M 470M 470M 475M 431M 111M 110M 111M 112M 113M 113M
netDebt -4M 98M 74M 113M 104M -241M -343M -505M -653M -439M -471M
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Cash Flow Statement

Property 2025 q3 2025 q2 2024 q3 2024 q2 2024 q1 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2025-09-30 2025-06-30 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS APLS
reportedCurrency USD USD USD USD USD USD USD USD USD USD USD
cik 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M
fillingDate 2025-10-30 2025-07-31 2024-11-05 2024-08-01 2024-05-07 2024-02-27 2023-11-01 2023-07-31 2023-05-04 2023-02-21 2022-11-07
acceptedDate 2025-10-30 06:57:30 2025-07-31 06:52:59 2024-11-05 06:57:32 2024-08-01 07:02:24 2024-05-07 07:02:51 2024-02-27 07:01:54 2023-11-01 07:02:15 2023-07-31 16:07:17 2023-05-04 16:02:25 2023-02-21 16:09:51 2022-11-07 16:13:20
calendarYear 2025 2025 2024 2024 2024 2023 2023 2023 2023 2022 2022
period Q3 Q2 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
netIncome 216M -42M -57M -38M -66M -89M -140M -122M -178M -166M -191M
depreciationAndAmortization 339 000 446 000 457 000 449 000 444 000 490 000 405 000 410 000 399 000 428 000 357 000
deferredIncomeTax 0 0 0 0 0 -133 000 133 000 0 0 0 0
stockBasedCompensation 28M 27M 27M 30M 30M 26M 22M 29M 29M 24M 24M
changeInWorkingCapital -136M 18M 63M -6M -103M -43M -57M -64M -36M -4M -28M
accountsReceivables -131M 21M 25M -37M -61M -37M -58M -79M -24M 365 000 -574 000
inventory 5M -26M 9M -15M -15M -48M 5M -18M 144 000 -26M -11M
accountsPayables -16M -1M -1M 11M -11M 20M -10M -4M -6M 23M -7M
otherWorkingCapital 5M 24M 30M 33M -16M 23M 6M 37M 29M -2M -9M
otherNonCashItems 636 000 614 000 822 000 76M 124M 7M 6M 7M 7M 5M 41M
netCashProvidedByOperatingActivities 108M 4M 34M -8M -133M -98M -169M -150M -178M -141M -154M
investmentsInPropertyPlantAndEquipment -148 000 -49 000 0 -90 000 -293 000 -95 000 -47 000 -372 000 -259 000 -851 000 -196 000
acquisitionsNet 0 0 0 0 0 99 000 0 0 0 0 0
purchasesOfInvestments 0 0 0 0 0 0 0 0 0 332M 0
salesMaturitiesOfInvestments 0 0 0 0 0 0 0 0 0 125M 125M
otherInvestingActivites 0 0 0 0 0 99 000 0 0 0 -332M 0
netCashUsedForInvestingActivites -148 000 -49 000 0 -90 000 -293 000 4000 -47 000 -372 000 -259 000 124M 125M
debtRepayment 0 0 0 0 -99M -25M 0 -25M 0 0 0
commonStockIssued 797 000 7M -15M -99M 9M 27M 6M 26M 384M -380M 0
commonStockRepurchased 0 0 3M 0 -28 000 -2000 -11 000 -28 000 0 4M 0
dividendsPaid 0 0 0 0 0 -2M 0 -2M 0 0 0
otherFinancingActivites -4000 0 3M 42M -28 000 -4M -11 000 2M 7M 360M 10M
netCashUsedProvidedByFinancingActivities 793 000 7M 3M 42M 108M -4M 6M 2M 391M -16M 10M
effectOfForexChangesOnCash 22 000 685 000 173 000 342 000 -209 000 584 000 -458 000 -47 000 56 000 187 000 -310 000
netChangeInCash 109M 12M 37M 34M -25M -101M -164M -149M 213M -32M -20M
cashAtEndOfPeriod 481M 371M 398M 361M 327M 352M 454M 617M 766M 553M 585M
cashAtBeginningOfPeriod 371M 360M 361M 327M 352M 454M 617M 766M 553M 585M 606M
operatingCashFlow 108M 4M 34M -8M -133M -98M -169M -150M -178M -141M -154M
capitalExpenditure -148 000 -49 000 0 -90 000 -293 000 -95 000 -47 000 -372 000 -259 000 -851 000 -196 000
freeCashFlow 108M 4M 34M -8M -133M -98M -169M -151M -178M -142M -155M
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Earning call transcript

2025 q3
2025-10-30 ET (fiscal 2025 q3)
2025 q2
2025-08-02 ET (fiscal 2025 q2)
2025 q1
2025-05-07 ET (fiscal 2025 q1)
2024 q4
2025-02-28 ET (fiscal 2024 q4)
2024 q3
2024-11-05 ET (fiscal 2024 q3)
2024 q2
2024-08-01 ET (fiscal 2024 q2)
2024 q1
2024-05-07 ET (fiscal 2024 q1)
2023 q4
2024-02-27 ET (fiscal 2023 q4)
2023 q3
2023-11-01 ET (fiscal 2023 q3)
2023 q2
2023-07-31 ET (fiscal 2023 q2)
2023 q1
2023-05-06 ET (fiscal 2023 q1)
2022 q3
2022-11-08 ET (fiscal 2022 q3)
2022 q2
2022-08-08 ET (fiscal 2022 q2)
2022 q1
2022-05-04 ET (fiscal 2022 q1)

SEC forms

Show financial reports only

SEC form 8
2026-01-12 21:52 ET
Apellis Pharmaceuticals published news for 2025 q4
SEC form 8
2026-01-12 21:52 ET
Apellis Pharmaceuticals published news for 2025 q4
SEC form 10
2025-10-30 10:57 ET
Apellis Pharmaceuticals reported for 2025 q3
SEC form 10
2025-07-31 10:52 ET
Apellis Pharmaceuticals reported for 2025 q2
SEC form 10
2025-05-07 11:01 ET
Apellis Pharmaceuticals reported for 2025 q1
SEC form 10
2025-05-07 00:00 ET
Apellis Pharmaceuticals published news for 2025 q1
SEC form 10
2025-02-28 12:00 ET
Apellis Pharmaceuticals published news for 2024 q4
SEC form 10
2025-02-28 00:00 ET
Apellis Pharmaceuticals reported for 2024 q4
SEC form 8
2025-01-13 00:00 ET
Apellis Pharmaceuticals published news for 2024 q4
SEC form 8
2025-01-13 00:00 ET
Apellis Pharmaceuticals published news for 2024 q4
SEC form 10
2024-11-05 06:57 ET
Apellis Pharmaceuticals published news for 2024 q3
SEC form 10
2024-08-01 07:02 ET
Apellis Pharmaceuticals reported for 2024 q2
SEC form 10
2024-08-01 00:00 ET
Apellis Pharmaceuticals published news for 2024 q2
SEC form 10
2024-05-07 07:02 ET
Apellis Pharmaceuticals reported for 2024 q1
SEC form 10
2024-05-07 00:00 ET
Apellis Pharmaceuticals published news for 2024 q1
SEC form 8
2024-02-27 07:30 ET
Apellis Pharmaceuticals published news for 2023 q4
SEC form 8
2024-02-27 07:30 ET
Apellis Pharmaceuticals published news for 2023 q4
SEC form 10
2024-02-27 07:01 ET
Apellis Pharmaceuticals reported for 2023 q4
SEC form 10
2024-02-27 00:00 ET
Apellis Pharmaceuticals published news for 2023 q4
SEC form 8
2024-01-08 00:00 ET
Apellis Pharmaceuticals published news for 2023 q4
SEC form 8
2024-01-08 00:00 ET
Apellis Pharmaceuticals published news for 2023 q4
SEC form 10
2023-11-01 07:02 ET
Apellis Pharmaceuticals reported for 2023 q3
SEC form 10
2023-11-01 00:00 ET
Apellis Pharmaceuticals published news for 2023 q3
SEC form 8
2023-10-05 00:00 ET
Apellis Pharmaceuticals published news for 2023 q3
SEC form 10
2023-07-31 16:07 ET
Apellis Pharmaceuticals published news for 2023 q2
SEC form 6
2023-07-31 08:03 ET
Apellis Pharmaceuticals reported for 2023 q2
SEC form 8
2023-07-31 00:00 ET
Apellis Pharmaceuticals published news for 2023 q2
SEC form 10
2023-07-31 00:00 ET
Apellis Pharmaceuticals published news for 2023 q2
SEC form 6
2023-07-17 16:14 ET
Apellis Pharmaceuticals published news for 2023 q2
SEC form 6
2023-06-01 16:10 ET
Apellis Pharmaceuticals published news for 2023 q1
SEC form 10
2023-05-04 00:00 ET
Apellis Pharmaceuticals published news for 2023 q1
SEC form 10
2023-02-21 00:00 ET
Apellis Pharmaceuticals reported for 2022 q4
SEC form 10
2022-11-07 00:00 ET
Apellis Pharmaceuticals reported for 2022 q3
SEC form 10
2022-08-08 00:00 ET
Apellis Pharmaceuticals reported for 2022 q2
SEC form 10
2022-05-04 00:00 ET
Apellis Pharmaceuticals reported for 2022 q1
SEC form 10
2022-02-28 00:00 ET
Apellis Pharmaceuticals published news for 2021 q4
SEC form 8
2022-01-10 00:00 ET
Apellis Pharmaceuticals published news for 2021 q4
SEC form 10
2021-11-08 00:00 ET
Apellis Pharmaceuticals published news for 2021 q3
SEC form 10
2021-08-09 00:00 ET
Apellis Pharmaceuticals published news for 2021 q2
SEC form 10
2021-04-28 00:00 ET
Apellis Pharmaceuticals published news for 2021 q1