Apellis Pharmaceuticals (APLS)

Executive Summary

Apellis Pharmaceuticals is a global biopharmaceutical company pioneering targeted C3 therapies for diseases driven by excessive complement activation. Its lead product, pegcetacoplan (Empaveli/Syfovre), is approved for paroxysmal nocturnal hemoglobinuria (PNH) and geographic atrophy (GA), generating growing commercial revenue. The pipeline includes late-stage trials in C3 glomerulopathy (C3G), delayed graft function, and earlier studies in IgA nephropathy. With a strong commercial base and multiple near-term catalysts, Apellis is well-positioned for sustained growth. Key upcoming events include Phase 3 data readouts and potential label expansions.

Upcoming Catalysts (preview)

• Q4 2026Top-line results from Phase 3 VALIANT trial of pegcetacoplan in C3G70% success
• 2027Interim data from Phase 3 study of pegcetacoplan in delayed graft function60% success
• TBDFDA updates on pegcetacoplan label expansion for geographic atrophy80% success