Apellis Reports Strong Preliminary 2025 Revenues, SYFOVRE Market Leadership, EMPAVELI Growth, and Path to Profitability

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This 8-K provides a comprehensive and highly positive update on Apellis's commercial performance, pipeline progress, and financial health. The preliminary full-year 2025 revenues of $689 million, driven by SYFOVRE's market leadership in geographic atrophy and EMPAVELI's strong launch in rare kidney diseases, demonstrate successful execution. The company's projection to fund operations to profitability with existing cash and expected revenues is a critical de-risking factor for a biopharmaceutical company, signaling financial stability and potential for sustained growth. Investors should view these updates as a strong affirmation of the company's strategy and product potential.

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• Strong Preliminary 2025 Revenues

  Reported preliminary unaudited total U.S. net product revenues of $689 million for the full year 2025.

• SYFOVRE Commercial Success

  SYFOVRE achieved approximately $587 million in full-year U.S. net product revenues, maintaining a ~60% market share in geographic atrophy with 17% year-over-year injection demand growth.

• EMPAVELI Launch Momentum

  EMPAVELI generated approximately $102 million in full-year U.S. net product revenues, demonstrating over 5% market penetration in C3G and primary IC-MPGN within five months post-launch.

• Pipeline Advancement

  Initiated pivotal trials for EMPAVELI in two new nephrology indications (FSGS and DGF) and plans regulatory submission for a SYFOVRE prefilled syringe in 1H 2026.

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This 8-K provides a comprehensive and highly positive update on Apellis's commercial performance, pipeline progress, and financial health. The preliminary full-year 2025 revenues of $689 million, driven by SYFOVRE's market leadership in geographic atrophy and EMPAVELI's strong launch in rare kidney diseases, demonstrate successful execution. The company's projection to fund operations to profitability with existing cash and expected revenues is a critical de-risking factor for a biopharmaceutical company, signaling financial stability and potential for sustained growth. Investors should view these updates as a strong affirmation of the company's strategy and product potential.