New York, Jan 12, 2026, 14:41 EST — Regular session
- Apellis shares dropped roughly 14.7%, sliding to $23.29 in afternoon trading following a preliminary sales update for 2025.
- The drugmaker projected full-year 2025 U.S. net product revenue around $689 million and highlighted rising demand for SYFOVRE.
- Traders are tuning in for fresh insights from management at the J.P. Morgan Healthcare Conference, while also keeping an eye on the upcoming earnings report.
Apellis Pharmaceuticals shares dropped almost 15% Monday following the release of preliminary 2025 U.S. sales numbers ahead of its J.P. Morgan Healthcare Conference update. The move put the stock in focus as biotech firms roll out early guidance for the year.
Timing is key. The J.P. Morgan meeting tends to trigger sharp, single-day swings as investors reassess everything from product demand to cash burn ahead of the busy earnings season.
Apellis is working to bolster confidence in SYFOVRE, its treatment for geographic atrophy, while validating early sales momentum for EMPAVELI in rare kidney disorders. In a quiet market, a sharp earnings report can shift the stock sharply. 1
Apellis reported preliminary full-year 2025 U.S. net product revenue around $689 million, closing the year with about $466 million in cash and cash equivalents. CEO Cedric Francois emphasized the company’s focus on “expanding the geographic atrophy market” and boosting SYFOVRE’s competitive edge. 2
Net product revenue reflects drug sales after rebates, discounts, and returns. Apellis reported that SYFOVRE total injection demand climbed 17% year-on-year, delivering roughly 102,000 doses to physician offices in 2025. The company also plans a regulatory submission for a prefilled syringe in the first half of 2026. 3
Apellis reported that EMPAVELI’s U.S. net product revenue for 2025 is projected to hit roughly $102 million. The drug has seen 267 cumulative patient start forms as of December 31, with more than 5% penetration in its newly launched kidney indications. The company also announced the initiation of pivotal trials targeting focal segmental glomerulosclerosis and delayed graft function. 4
Apellis laid out plans for its pipeline, including an AI-driven imaging tool dubbed OCT-F set for research use in the latter half of 2026. The company also has an investigational program employing Beam Therapeutics’ base-editing technology, with an IND filing targeted for the second half of 2026. 5
SYFOVRE, which targets the complement system—a key component of the immune response—received FDA approval in 2023 to treat geographic atrophy linked to age-related macular degeneration. 6
Competition in geographic atrophy remains intense. Astellas’ IZERVAY is the only other approved treatment in the U.S., also administered via eye injection. 7
Apellis faces a risk as safety concerns can quickly reemerge in the injectable eye-drug sector. The U.S. SYFOVRE label flags warnings including retinal vasculitis and retinal vascular occlusion, also highlighting a higher incidence of neovascular (“wet”) AMD during trials. 8
Apellis kicked off trading at $26.41 but slipped to about $23.29 by the close, swinging between a high of $27.54 and a low of $22.37, per market data.
Attention now turns to any further insight from Francois’ conference comments, along with Apellis’ full Q4 earnings and 2026 forecast. Wall Street expects the company’s next report on Feb. 27, per Zacks. 9
