Apellis Stock Crashes 23% in a Week: Here's What You Should Know

Core Insights - Apellis Pharmaceuticals (APLS) shares have dropped 22.6% in the past week following disappointing preliminary fourth-quarter U.S. net product revenues reported at the J.P. Morgan Healthcare Conference [2][6] Financial Performance - Preliminary U.S. net product revenues for Q4 2025 were reported at $190 million, which includes sales from two marketed drugs: Empaveli and Syfovre [3][6] - Syfovre generated approximately $155 million in Q4 2025, reflecting an 8% year-over-year decline, although it slightly exceeded the Zacks Consensus Estimate of $154 million [4][6] - Empaveli's sales rose 50% year-over-year to about $35 million in Q4 2025, surpassing the Zacks Consensus Estimate of $28 million [6][8] - For the full year 2025, Apellis reported preliminary U.S. net product revenues of approximately $689 million, down 3% year over year [11] Market Position and Sales Dynamics - Despite holding over 60% market share in geographic atrophy (GA), Syfovre's revenue decline disappointed investors, especially as Apellis' stock has only gained 2.9% over the past six months compared to the industry's 22.9% growth [5][6] - Apellis delivered over 89,000 commercial vials and nearly 13,000 samples of Syfovre to doctors in Q4 2025 [5] Regulatory and Pipeline Updates - Empaveli has received FDA approval for expanded use in treating C3 glomerulopathy and primary immune complex glomerulonephritis [9] - As of December 31, 2025, Apellis received 267 cumulative patient start forms for Empaveli, indicating over 5% market penetration within five months post-launch [10] - The company has initiated two pivotal phase III studies for Empaveli targeting focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF) [13] - A mid-stage study of siRNA candidate APL-3007 in combination with Syfovre is ongoing, with top-line data expected in 2027 [14] Financial Position - As of December 31, 2025, Apellis had cash, cash equivalents, and marketable securities totaling $466 million, down from $479.2 million as of September 30, 2025 [15]