Apellis Pharmaceuticals, Inc.

NasdaqGS:APLS Stock Report

Market Cap: US$2.7b

Apellis Pharmaceuticals Valuation

Is APLS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of APLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$89.21
Fair Value
75.9% undervalued intrinsic discount
18
Number of Analysts

Below Fair Value: APLS ($21.47) is trading below our estimate of fair value ($89.21)

Significantly Below Fair Value: APLS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for APLS?

Key metric: As APLS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for APLS. This is calculated by dividing APLS's market cap by their current earnings.
What is APLS's PE Ratio?
PE Ratio60.4x
EarningsUS$44.99m
Market CapUS$2.72b

Price to Earnings Ratio vs Peers

How does APLS's PE Ratio compare to its peers?

The above table shows the PE ratio for APLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average36.5x
ALVO Alvotech
37.8x50.39%US$2.4b
KNSA Kiniksa Pharmaceuticals International
78.1x33.32%US$2.8b
CPRX Catalyst Pharmaceuticals
12.5x8.09%US$2.6b
ADMA ADMA Biologics
17.7x23.31%US$3.7b
APLS Apellis Pharmaceuticals
60.4x36.86%US$2.7b

Price-To-Earnings vs Peers: APLS is expensive based on its Price-To-Earnings Ratio (60.4x) compared to the peer average (36.5x).

Price to Earnings Ratio vs Industry

How does APLS's PE Ratio compare vs other companies in the US Biotechs Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NVAX Novavax
3.2x-42.34%US$1.36b
CHRS Coherus Oncology
3.3x-12.78%US$195.26m
NERV Minerva Neurosciences
2.6xn/aUS$29.37m
PBM Psyence Biomedical
1.8xn/aUS$1.83m
APLS 60.4xIndustry Avg. 17.7xNo. of Companies12PE01632486480+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: APLS is expensive based on its Price-To-Earnings Ratio (60.4x) compared to the US Biotechs industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is APLS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

APLS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio60.4x
Fair PE Ratio30.5x

Price-To-Earnings vs Fair Ratio: APLS is expensive based on its Price-To-Earnings Ratio (60.4x) compared to the estimated Fair Price-To-Earnings Ratio (30.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst APLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$21.47
US$36.50
+70.00%
33.43%US$55.00US$19.00n/a18
Oct ’26US$23.10
US$37.47
+62.22%
36.51%US$60.00US$18.00n/a19
Sep ’26US$27.57
US$37.89
+37.45%
34.81%US$60.00US$19.00n/a19
Aug ’26US$22.95
US$36.90
+60.78%
36.20%US$60.00US$19.00n/a20
Jul ’26US$17.87
US$35.45
+98.38%
37.61%US$60.00US$18.00n/a20
Jun ’26US$16.93
US$36.35
+114.71%
36.53%US$60.00US$18.00n/a20
May ’26US$20.08
US$42.14
+109.87%
33.93%US$75.00US$21.00n/a21
Apr ’26US$22.68
US$43.20
+90.48%
31.27%US$75.00US$25.00n/a20
Mar ’26US$25.15
US$43.70
+73.76%
31.91%US$78.00US$25.00n/a20
Feb ’26US$29.01
US$46.10
+58.91%
32.84%US$78.00US$26.00n/a20
Jan ’26US$31.91
US$45.75
+43.37%
34.04%US$78.00US$24.00n/a20
Dec ’25US$33.93
US$45.75
+34.84%
34.04%US$78.00US$24.00n/a20
Nov ’25US$27.98
US$63.11
+125.54%
34.57%US$95.00US$25.00US$21.4719
Oct ’25US$27.74
US$68.06
+145.35%
27.92%US$95.00US$35.00US$23.1017
Sep ’25US$38.90
US$70.18
+80.40%
24.60%US$96.00US$41.00US$27.5717
Aug ’25US$36.00
US$70.82
+96.73%
23.86%US$95.00US$38.00US$22.9517
Jul ’25US$36.29
US$76.35
+110.40%
26.35%US$111.00US$40.00US$17.8717
Jun ’25US$39.25
US$77.53
+97.53%
24.36%US$111.00US$46.00US$16.9317
May ’25US$46.05
US$81.66
+77.33%
18.29%US$112.00US$52.00US$20.0817
Apr ’25US$59.71
US$82.69
+38.48%
16.16%US$110.00US$60.00US$22.6816
Mar ’25US$63.89
US$82.50
+29.13%
16.15%US$110.00US$60.00US$25.1516
Feb ’25US$62.13
US$77.06
+24.03%
18.24%US$106.00US$49.00US$29.0116
Jan ’25US$59.86
US$65.56
+9.53%
20.18%US$95.00US$39.00US$31.9116
Dec ’24US$61.58
US$71.69
+16.41%
20.86%US$95.00US$44.00US$33.9316
Nov ’24US$49.90
US$69.73
+39.75%
24.73%US$95.00US$42.00US$27.9815
US$36.5
Fair Value
41.2% undervalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/02 23:43
End of Day Share Price 2025/10/31 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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

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 33 analysts. 19 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
Matthew LuchiniBMO Capital Markets Equity Research