Apellis Pharmaceuticals (APLS) Stock Overview
A commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 4/6 |
| Past Performance | 2/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
APLS Community Fair Values
Create NarrativeSee what 21 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Apellis Pharmaceuticals, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$41.03 |
| 52 Week High | US$41.14 |
| 52 Week Low | US$16.10 |
| Beta | -0.25 |
| 1 Month Change | 0.59% |
| 3 Month Change | 81.71% |
| 1 Year Change | 134.19% |
| 3 Year Change | -53.43% |
| 5 Year Change | -22.67% |
| Change since IPO | 192.44% |
Recent News & Updates
Narrative Update • Apr 29
APLS: Biogen Deal Terms And Mixed Ratings Will Guide Future Repricing
Analysts have raised the fair value estimate for Apellis Pharmaceuticals to about $40.93, citing Street research that combines several recent price target increases with a series of downgrades following Biogen's acquisition announcement, along with updated views on long-term P/E assumptions and risk. Analyst Commentary Street research around the Biogen acquisition announcement shows a split in how analysts are framing Apellis Pharmaceuticals, with some highlighting upside to long-term value and others focusing on execution and pricing risks.Narrative Update • Apr 15
APLS: Balanced Biogen Deal And Mixed Ratings Will Shape Future Repricing
Apellis Pharmaceuticals' updated fair value estimate has shifted from $35.71 to $39.93 per share as analysts factor in higher long run P/E assumptions near 42x, alongside recent price target changes that include several upgrades, downgrades and target raises from firms such as Mizuho, JPMorgan, Morgan Stanley and RBC Capital. Analyst Commentary Recent Street research on Apellis Pharmaceuticals shows a split tape, with several firms lifting price targets while a cluster of downgrades points to fresh execution and valuation questions.Recent updates
Narrative Update • Apr 29
APLS: Biogen Deal Terms And Mixed Ratings Will Guide Future Repricing
Analysts have raised the fair value estimate for Apellis Pharmaceuticals to about $40.93, citing Street research that combines several recent price target increases with a series of downgrades following Biogen's acquisition announcement, along with updated views on long-term P/E assumptions and risk. Analyst Commentary Street research around the Biogen acquisition announcement shows a split in how analysts are framing Apellis Pharmaceuticals, with some highlighting upside to long-term value and others focusing on execution and pricing risks.Narrative Update • Apr 15
APLS: Balanced Biogen Deal And Mixed Ratings Will Shape Future Repricing
Apellis Pharmaceuticals' updated fair value estimate has shifted from $35.71 to $39.93 per share as analysts factor in higher long run P/E assumptions near 42x, alongside recent price target changes that include several upgrades, downgrades and target raises from firms such as Mizuho, JPMorgan, Morgan Stanley and RBC Capital. Analyst Commentary Recent Street research on Apellis Pharmaceuticals shows a split tape, with several firms lifting price targets while a cluster of downgrades points to fresh execution and valuation questions.Narrative Update • Apr 01
APLS: Syfovre Outlook And Downgrade Wave Will Limit Future Repricing
Analysts now see fair value for Apellis Pharmaceuticals at about $35.71 per share, up from roughly $33.60, reflecting updated views on revenue growth, margins, discount rates, and a somewhat higher future P/E multiple after a mix of recent price target raises, initiations, and downgrades across the Street. Analyst Commentary Street research on Apellis Pharmaceuticals reflects a mixed but engaged view, with both bullish and bearish analysts adjusting targets, ratings, and coverage in response to recent reports and product updates.Seeking Alpha • Mar 31
Biogen Acquires Apellis: Synergies, Risks, And What The Market Is Missing
Summary Biogen acquires Apellis for $41/share, a 140% premium, aiming to leverage Apellis’ nephrology sales force and product portfolio. Syfovre’s safety issues have stabilized, but its commercial prospects remain limited versus Astellas’ Izervay, justifying Biogen’s cautious CVR structure. Biogen’s acquisition thesis hinges on felzartamab’s potential in complement-mediated rare diseases, especially AMR, targeting $800M+ peak sales. I downgrade APLS to 'Sell' post-acquisition, as upside is realized; BIIB remains a 'Hold' given execution risk and dependence on felzartamab’s success. Read the full article on Seeking AlphaNarrative Update • Mar 18
APLS: Kidney Disease Launch And Index Adds Will Drive Future Repricing
Narrative Update on Apellis Pharmaceuticals The updated analyst price target framework now aligns with Street research that has recently adjusted Apellis price objectives in a roughly $18 to $44 range, with analysts pointing to demand trends for Syfovre and Empaveli, mixed views on growth beyond the current Q4 reporting period, and differing assumptions for revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on Apellis Pharmaceuticals presents a mixed picture, with price targets spanning roughly US$18 to US$44 and a range of views on execution, product demand and future growth.
Narrative Update • Mar 04
APLS: Future C3G Launch Execution Will Drive Bullish Re Rating Potential
Apellis Pharmaceuticals' updated analyst price targets cluster around the high teens to mid $40s, with modest adjustments up and down as analysts factor in the Q4 update, expectations for flat Syfovre pricing into FY26, progress in the C3G launch, and slightly revised assumptions for growth, margins, and future P/E. Analyst Commentary Recent Street research on Apellis Pharmaceuticals reflects a mixed but generally constructive stance, with price targets spanning from the high teens into the mid $40s and a blend of Neutral, Buy, and Overweight views.Narrative Update • Feb 17
APLS: Kidney Disease Launch And Index Adds Will Support Future Repricing
Analysts have nudged their consolidated price target and fair value framework for Apellis slightly higher to $33.95, reflecting a blend of cautious optimism from fresh Neutral initiations and upgrades, along with mixed target revisions following the recent Q4 pre-announcement and C3G launch commentary. Analyst Commentary Recent research has focused on how Apellis is executing around its Q4 pre announcement and the early C3G launch, and what that means for valuation and risk.Narrative Update • Feb 03
APLS: Kidney Disease Launch And Index Additions Will Support Future Share Recovery
Analysts have trimmed their average price target on Apellis Pharmaceuticals by about US$1.44 per share, reflecting more cautious assumptions on revenue growth and profit margins, even as some recent research updates point to steady product launches and a higher assumed future P/E multiple. Analyst Commentary Recent Street research on Apellis Pharmaceuticals shows a split view, with some analysts focusing on product execution and others emphasizing revenue uncertainty and guidance gaps.Narrative Update • Jan 20
APLS: Future C3G Renal Uptake Will Drive Bullish Re Rating Potential
Analysts have slightly increased their overall price expectations for Apellis, with recent Street targets clustering in a US$27 to US$45 range, as they balance cautious views on Syfovre revenue trends and guidance gaps against ongoing uptake in C3G and related renal indications. Analyst Commentary Recent Street research shows a mix of caution and optimism on Apellis, with several bullish analysts highlighting areas where they see the story improving around execution, revenue mix and potential upside to current expectations.Narrative Update • Jan 05
APLS: Future Renal Indication Execution Will Drive Bullish Re Rating Potential
Analysts have trimmed their price targets for Apellis Pharmaceuticals, with recent cuts to US$45 and US$27. These moves reflect concerns about "flattish" Syfovre revenue and uncertainty around Empaveli's early renal indications, even as long term fair value assumptions and projected revenue growth in some models remain unchanged.Narrative Update • Dec 14
APLS: Future Kidney Indication Uptake Will Drive Bullish Re-Rating Potential
Analysts have trimmed their average price target on Apellis Pharmaceuticals by about $5 per share. They cite higher perceived risk, slower expected revenue growth from Syfovre and Empaveli, and somewhat lower long term margin assumptions, although several covering firms remain generally supportive.Narrative Update • Nov 29
APLS: Kidney Disease Indication Launch Will Drive Share Price Recovery Ahead
Analysts have modestly lowered their average price target for Apellis Pharmaceuticals. They cite cautious outlooks on revenue growth and recent segment performance, with new targets ranging from $27 to $45 per share compared to prior targets up to $52.Narrative Update • Nov 15
APLS: Future Revenue From Kidney Disease Expansion Will Drive Shares Higher
Analysts have modestly lowered their fair value estimate for Apellis Pharmaceuticals from approximately $36.50 to $35.39 per share. This adjustment is due to concerns over slower revenue growth and contracting profit margins following recent company updates.Narrative Update • Oct 31
APLS: Uptake In Rare Kidney Disease Segment Will Drive Future Upside
Analysts have lowered their average price target for Apellis Pharmaceuticals, reducing it by nearly $1 to $36.50. This adjustment reflects moderating revenue growth forecasts and a higher discount rate, although expectations for profit margin have marginally improved.Narrative Update • Sep 27
FDA Label Expansion And SYFOVRE Will Unlock Future Value
Analyst price targets for Apellis Pharmaceuticals have edged lower to $37.47 as positive signals from Syfovre sales and pipeline opportunities are tempered by concerns over limited revenue guidance and commercial ramp uncertainties. Analyst Commentary Bullish analysts cite stabilization in the Geographic Atrophy (GA) market and optimism around the ongoing launches in C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN).Narrative Update • Aug 27
FDA Label Expansion And SYFOVRE Will Unlock Future Value
The consensus analyst price target for Apellis Pharmaceuticals has risen modestly to $38.56, reflecting improving sentiment from stabilizing Geographic Atrophy market dynamics, continued Syfovre injection growth, and upside potential from Empaveli expansions, despite some concerns over Syfovre sales guidance and a possibly slower Empaveli ramp. Analyst Commentary Bullish analysts point to stabilizing Geographic Atrophy market dynamics and the ongoing launch initiatives in C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) as a driver for upward price revisions.Analysis Article • Jul 29
Is Apellis Pharmaceuticals (NASDAQ:APLS) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
New Narrative • May 02
SYFOVRE And EMPAVELI Will Broaden Treatment Options Globally
SYFOVRE's strategic expansion and dominant GA market role could significantly drive revenue growth and international market penetration.Seeking Alpha • Mar 05
Apellis Pharmaceuticals: A Mixed Bag
Summary Commerical stage Apellis Pharmaceuticals, Inc. recently reported Q4 results that beat expectations. The company posted impressive revenue growth and cost reduction in FY2024. It is a bit of a complicated tale around this mid-cap, but the company looks set to move to profitability with the funding it has on hand. The analyst firm community is quite mixed on the current prospects around Apellis Pharmaceuticals, however. An analysis around APLS stock follows in the paragraphs below. Read the full article on Seeking AlphaSeeking Alpha • Dec 25
Apellis: Saved By The October Data
Summary Apellis' pegcetacoplan, approved for GA and PNH, faces challenges with safety concerns and EU rejection, but shows promise in IC-MPGN and C3G trials. Financially, Apellis has a market cap of $4.13bn, a cash balance of $397mn, and a cash runway of 5–6 quarters. SYFOVRE sales are decent, but faces risks from safety concerns and high G&A expenses, impacting overall financial health. Despite setbacks, positive October data in rare diseases makes Apellis a stock to watch for potential short-term gains before and after approval. Read the full article on Seeking AlphaSeeking Alpha • Oct 01
Apellis Pharmaceuticals: Assessing The Impact Of The Negative CHMP Opinion
Summary Despite the CHMP's negative opinion on pegcetacoplan for GA in Europe, Apellis still has significant growth potential in the U.S. and other markets. The U.S. market remains crucial for Apellis, with SYFOVRE being the first approved GA treatment, expected to capture a large market share. Apellis' strong cash position and promising pipeline, including potential approvals for C3G and IC-MPGN, provide a buffer against the European setback. I am cautiously optimistic and will wait for a strong reversal setup before committing to a sizeable buy order in APLS. Read the full article on Seeking AlphaSeeking Alpha • Aug 09
Apellis: Rare Kidney Disease Data Leads To Possible First To Market
Summary Positive results achieved from phase 3 VALIANT study, using pegcetacoplan for the treatment of patients with C3G and IC-MPGN. Apellis and its partner Sobi are expected to file regulatory applications of pegcetacoplan for the treatment of patients with C3G and IC-MPGN in 2025. U.S. net product revenues of SYFOVRE came in at $155 million in Q2 of 2024, which was a 12% increase quarter over quarter. Re-examination of negative CHMP opinion expected to occur in Q4 of 2024; Positive outcome of such re-examination could possibly lead to marketing SYFOVRE for GA in European territories. Read the full article on Seeking AlphaSeeking Alpha • May 14
Apellis Pharmaceuticals Strives For Recovery Despite Syfovre Setbacks
Summary Apellis Pharmaceuticals' stock struggles post-vasculitis scare from Syfovre injections, impacting its initial market penetration. Syfovre continues to lead in GA treatment sales, but faces competition and concerns about its long-term efficacy and safety. Despite significant Q1 revenues, APLS's financial health is precarious, with a high cash burn and a need for additional capital. I recommend holding Apellis stock, considering it for high-risk investment in a diversified portfolio. Read the full article on Seeking AlphaShareholder Returns
| APLS | US Biotechs | US Market | |
|---|---|---|---|
| 7D | 0.1% | 1.3% | 2.2% |
| 1Y | 134.2% | 42.0% | 31.1% |
Return vs Industry: APLS exceeded the US Biotechs industry which returned 42% over the past year.
Return vs Market: APLS exceeded the US Market which returned 31.1% over the past year.
Price Volatility
| APLS volatility | |
|---|---|
| APLS Average Weekly Movement | 39.4% |
| Biotechs Industry Average Movement | 10.7% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.1% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: APLS's share price has been volatile over the past 3 months compared to the US market.
Volatility Over Time: APLS's weekly volatility has increased from 21% to 39% over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2009 | 736 | Cedric Francois | apellis.com |
Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs. It offers EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria; and SYFOVRE for treating geographic atrophy secondary to age-related macular degeneration and geographic atrophy (GA). The company also develops EMPAVELI to treat C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, focal segmental glomerulosclerosis, and delayed graft function; and APL-3007, a small interfering RNA, or siRNA for the treatment of GA.
Apellis Pharmaceuticals, Inc. Fundamentals Summary
| APLS fundamental statistics | |
|---|---|
| Market cap | US$5.25b |
| Earnings (TTM) | US$133.27m |
| Revenue (TTM) | US$1.11b |
39.4x
P/E Ratio4.8x
P/S RatioIs APLS overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| APLS income statement (TTM) | |
|---|---|
| Revenue | US$1.11b |
| Cost of Revenue | US$394.82m |
| Gross Profit | US$710.47m |
| Other Expenses | US$577.20m |
| Earnings | US$133.27m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.04 |
| Gross Margin | 64.28% |
| Net Profit Margin | 12.06% |
| Debt/Equity Ratio | 109.9% |
How did APLS perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/11 19:47 |
| End of Day Share Price | 2026/05/08 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Apellis Pharmaceuticals, Inc. is covered by 34 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Michael Ulz | Baird |
| Colleen Kusy | Baird |
| Eliana Merle | Barclays |