Can Revised Syfovre Projections Reshape Apellis Pharmaceuticals’ (APLS) Case for Long-Term Growth?

• In November 2025, Mizuho maintained its Neutral rating for Apellis Pharmaceuticals after reducing its projections for Syfovre's revenue, citing ongoing growth issues for the eye disease drug, despite a modest quarter-over-quarter increase in injections.
• This development highlights market concerns about whether Apellis can achieve anticipated growth targets for Syfovre amid competitive and access-related challenges.
• We'll look at how new doubts about Syfovre's growth potential could shift the outlook for Apellis Pharmaceuticals' investment narrative.

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Apellis Pharmaceuticals Investment Narrative Recap

To be an Apellis Pharmaceuticals shareholder, you need to believe in the company’s ability to drive meaningful revenue growth and expand market share through continued adoption of Syfovre and successful label expansions. The recent reduction in Syfovre revenue projections by Mizuho does impact the most important short-term catalyst, the sustained uptake of Syfovre in geographic atrophy, while also underscoring the ongoing risk of underperformance if access and competitive pressures persist.

Of the company's latest announcements, the GALE extension study results for Syfovre stand out, showing a delay in GA lesion growth over five years with a consistent safety profile. While this validates Syfovre’s medical value, it remains to be seen whether such clinical outcomes can translate into sustained commercial momentum, a crucial component for near-term growth.

By contrast, investors should be aware of the potential for persistent access and reimbursement headwinds that...

Read the full narrative on Apellis Pharmaceuticals (it's free!)

Apellis Pharmaceuticals’ outlook projects $1.2 billion in revenue and $130.6 million in earnings by 2028. This is based on a forecast annual revenue growth rate of 16.9% and a $358.8 million increase in earnings from the current level of -$228.2 million.

Uncover how Apellis Pharmaceuticals' forecasts yield a $35.39 fair value, a 64% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community fair value estimates for Apellis Pharmaceuticals range widely from US$35.39 to US$86.37. While opinions differ, many participants are tracking Syfovre’s commercial growth as a key driver for Apellis’s future performance, offering you several angles to consider before deciding your next steps.

Explore 3 other fair value estimates on Apellis Pharmaceuticals - why the stock might be worth just $35.39!

Build Your Own Apellis Pharmaceuticals Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Apellis Pharmaceuticals research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Apellis Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Apellis Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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