Apellis Pharmaceuticals (NASDAQ: APLS) is a biopharmaceutical company that develops and commercializes complement-targeted therapies for rare and serious diseases. Revenue comes from U.S. net product sales of two approved medicines: SYFOVRE (pegcetacoplan injection), an intravitreal treatment for geographic atrophy (GA) secondary to age-related macular degeneration, and EMPAVELI (pegcetacoplan), a systemic treatment for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (primary IC-MPGN). For FY2025, SYFOVRE generated $586.9 million in U.S. net product revenue and EMPAVELI generated $102.4 million. Outside the United States, Apellis has granted exclusive commercialization rights for systemic pegcetacoplan to Swedish Orphan Biovitrum AB (Sobi). SYFOVRE is approved in the United States and Australia (marketing approval received January 2025). Manufacturing and distribution are outsourced to third parties. The company had not reached profitability as of the FY2025 10-K filed February 24, 2026.

Revenue model

Transactional product sales of SYFOVRE and EMPAVELI through wholesale distributors and specialty pharmacy providers in the United States, with collaboration arrangements providing ex-U.S. commercialization rights to Sobi for systemic pegcetacoplan.

Products and services

SYFOVRE (intravitreal pegcetacoplan) for geographic atrophy; EMPAVELI (systemic pegcetacoplan) for PNH, C3G, and primary IC-MPGN; Aspaveli (pegcetacoplan, ex-U.S. brand for PNH); pipeline candidate APL-3007 (siRNA complement inhibitor) in Phase 2 combination trial with SYFOVRE for GA as of June 2025.

Customers and end markets

Ophthalmologists treating geographic atrophy patients; hematologists and nephrologists treating rare complement-mediated diseases including PNH, C3G, and primary IC-MPGN; distribution through wholesale distributors, specialty pharmacy providers, and third-party payors in the United States.

Value-chain role

Drug developer and commercial-stage biotech; outsources manufacturing, storage, and distribution to contract third parties; holds U.S. commercialization rights for both products; Sobi holds ex-U.S. commercialization rights for systemic pegcetacoplan.

Geographic exposure

Primary revenue from the United States; SYFOVRE approved in Australia as of January 2025 with commercialization exploration underway; ex-U.S. systemic pegcetacoplan commercialized by Sobi.

Source: SEC 10-K, filed 2026-02-24

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