Apellis Pharmaceuticals (NASDAQ:APLS) reported a milestone fiscal year 2025, delivering total net product revenues of $689 million and achieving its first year of net profitability.
The performance was anchored by the continued market leadership of Syfovre, the first-ever treatment for geographic atrophy (GA), which generated $587 million in U.S. net product revenue.
The company’s rare disease franchise, led by Empaveli, contributed $102 million in revenue as launches in paroxysmal nocturnal hemoglobinuria and rare kidney diseases gained traction.
Despite a full-year net income of $22.4 million, Apellis reported a net loss of $58.9 million in the fourth quarter, reflecting intensified spending on pivotal kidney trials and preparations for a broader international footprint.
The company’s balance sheet was significantly bolstered by a one-time $275 million upfront payment from Sobi as part of a strategic royalty transaction.
Apellis ended the year with $466.2 million in cash and cash equivalents, providing a substantial runway for its upcoming regulatory milestones.
Meanwhile, management confirmed it remains on track to submit a supplemental New Drug Application for a Syfovre prefilled syringe in the first half of 2026, a move expected to simplify administration and further solidify its market share against emerging competitors.