Apellis Pharmaceuticals reported preliminary full‑year 2025 revenue of $689 million, a 12% decline from the $781.4 million it generated in 2024. The drop reflects weaker sales of its newer product EMPAVELI and a modest shortfall in other commercial lines, offsetting a 17% year‑over‑year increase in demand for its flagship complement‑inhibitor SYFOVRE.
Revenue was broken down into $587 million from SYFOVRE and $102 million from EMPAVELI, with the remaining $0 million coming from other products. EMPAVELI, launched late in 2025, achieved only about 5% market penetration in the C3G and primary IC‑MPGN indications, generating modest revenue that could not compensate for the decline in other product sales.
Cash and cash equivalents stood at $466 million as of December 31, 2025, giving the company a solid liquidity cushion to fund ongoing pipeline development and potential acquisitions. The cash position supports planned regulatory submissions for a prefilled syringe version of SYFOVRE and pivotal trials for EMPAVELI in additional nephrology indications.
CEO Cedric Francois emphasized that the company has made “significant strides” in commercial execution and pipeline progress, but acknowledged that the revenue decline signals headwinds. He highlighted the need to strengthen commercial momentum in 2026 while leveraging the strong cash base and expanding product portfolio.
The revenue decline signals a short‑term slowdown, but the company’s robust cash position and active pipeline development suggest that it is positioned to rebound. Management’s focus on commercial execution and strategic investments indicates confidence that 2026 will see a reversal of the 2025 revenue trend.
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