Apellis Pharmaceuticals, Inc.

NasdaqGS:APLS Stock Report

Market Cap: US$5.3b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Apellis Pharmaceuticals Future Growth

Future criteria checks 4/6

Apellis Pharmaceuticals is forecast to grow earnings and revenue by 29.8% and 8.6% per annum respectively. EPS is expected to grow by 30.1% per annum. Return on equity is forecast to be 55.1% in 3 years.

Key information

29.8%

Earnings growth rate

30.09%

EPS growth rate

Biotechs earnings growth25.5%
Revenue growth rate8.6%
Future return on equity55.05%
Analyst coverage

Good

Last updated15 May 2026

Recent future growth updates

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 Alpha
Narrative 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...
User avatar
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 Alpha

Earnings and Revenue Growth Forecasts

NasdaqGS:APLS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,2961854923212
12/31/20271,029-57-712613
12/31/2026924-10243-395
3/31/20261,1051333738N/A
12/31/20251,004224545N/A
9/30/20251,016457979N/A
6/30/2025755-22844N/A
3/31/2025776-224-8-8N/A
12/31/2024781-198-88-88N/A
9/30/2024715-250-206-205N/A
6/30/2024629-333-409-408N/A
3/31/2024524-417-551-550N/A
12/31/2023397-529-596-595N/A
9/30/2023273-606-639-638N/A
6/30/2023185-657-625-623N/A
3/31/2023106-691-582-580N/A
12/31/202275-652-515-514N/A
9/30/2022113-634-486-485N/A
6/30/202297-638-501-500N/A
3/31/202281-702-522-521N/A
12/31/202167-746-564-563N/A
9/30/2021256-520-310-309N/A
6/30/2021251-460-245-240N/A
3/31/2021251-360-211-205N/A
12/31/2020251-345-166-160N/A
9/30/20201-536-389-385N/A
6/30/2020N/A-470-340-338N/A
3/31/2020N/A-423-285-284N/A
12/31/2019N/A-305N/A-211N/A
9/30/2019N/A-228N/A-174N/A
6/30/2019N/A-194N/A-153N/A
3/31/2019N/A-156N/A-144N/A
12/31/2018N/A-128N/A-131N/A
9/30/2018N/A-109N/A-102N/A
6/30/2018N/A-85N/A-80N/A
3/31/2018N/A-64N/A-61N/A
12/31/2017N/A-51N/A-47N/A
9/30/2017N/A-39N/A-38N/A
6/30/2017N/A-35N/A-33N/A
3/31/2017N/A-30N/A-28N/A
12/31/2016N/A-27N/A-26N/A
9/30/2016N/A-29N/A-27N/A
6/30/2016N/A-53N/A-24N/A
3/31/2016N/A-50N/A-21N/A
12/31/2015N/A-47N/A-19N/A
9/30/2015N/A-41N/A-14N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: APLS's forecast earnings growth (29.8% per year) is above the savings rate (3.5%).

Earnings vs Market: APLS's earnings (29.8% per year) are forecast to grow faster than the US market (16.7% per year).

High Growth Earnings: APLS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: APLS's revenue (8.6% per year) is forecast to grow slower than the US market (11.7% per year).

High Growth Revenue: APLS's revenue (8.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: APLS's Return on Equity is forecast to be very high in 3 years time (55.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/16 11:59
End of Day Share Price 2026/05/13 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

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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 30 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael UlzBaird
Colleen KusyBaird
Eliana MerleBarclays