NASDAQ$APLS

Apellis Pharmaceuticals Inc. · Q4 2023 earnings

Q4 2023 earnings · · Investor relations

Briefing

Apellis reported Q4 2023 financial results, marked by the successful launch of SYFOVRE and continued growth of EMPAVELI.

Apellis Pharmaceuticals reported a total revenue of $146.4 million for Q4 2023, driven by $114.3 million from SYFOVRE and $24.4 million from EMPAVELI. The company's net loss was $88.5 million for the quarter. The company had $351.2 million in cash and cash equivalents as of December 31, 2023.

  • SYFOVRE generated $114.3 million in U.S. net product revenue in Q4 2023.
  • EMPAVELI generated $24.4 million in U.S. net product revenue in Q4 2023.
  • Total revenue for Q4 2023 was $146.4 million.
  • Apellis had $351.2 million in cash and cash equivalents as of December 31, 2023.

Headline financials

Total Revenue

$146M

Previous: $22.7M+545.9%
EPS (adj)

-$0.73

Previous: -$1.50+51.3%
Cost of Sales

$19.9M

No prior period
R&D Expenses

$69.3M

No prior period
SG&A Expenses

$142M

No prior period
Capital Expenditures

-$95K

Previous: $851K-111.2%
Net Income

-$88.5M

Previous: -$166M+46.7%
Operating Income

-$84.5M

Previous: -$164M+48.5%
Gross Profit

$126M

Previous: $19.7M+540.7%
R&D Expense

$69.3M

No prior period
Stock-Based Comp

$26.2M

Previous: $24.2M+8.2%

Revenue & EPS history

Apellis · Revenue · Quarterly

$146M

Q4 2023+545.9%vs Q4 2022
Beat estimate in 9 of 16 quarters(56%)
ActualEstimate

Revenue by segment

Apellis · $110M total across 3 segments · Q3 2023

  • SYFOVRE U.S. Net Product Revenue
    $75.3M—
  • EMPAVELI U.S. Net Product Revenue
    $23.9M+35.2%
  • Licensing and Other Revenue
    $11.2M+156.1%

Forward guidance

Apellis is focused on bringing SYFOVRE to more patients, maximizing EMPAVELI, and advancing their pipeline.

Tailwinds

  • Continue strong execution in 2024
  • Bringing SYFOVRE to even more patients in the U.S. and globally
  • Maximizing EMPAVELI in PNH and C3G/IC-MPGN
  • Advancing our earlier-stage pipeline
  • Delivering on our mission for patients now and in the future

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q4 2023

Historical avgQ4 2023

-0.7%

Avg return

Earnings day

+0.3%

Avg return

5 days after

+6.0%

Avg return

30 days after

43%

15 / 35 earnings

Positive

+18.6%

Q4 2022

Best reaction

-24.4%

Q2 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.3%-0.1%—
Q4 2025-3.8%-6.7%-21.5%
Q3 2025-1.0%-6.9%+7.2%
Q2 2025+17.5%+27.4%+45.1%
Q1 2025-5.8%-8.4%+0.8%
Q4 2024-3.3%+0.0%-6.7%
Q3 2024+0.9%+5.0%+17.1%
Q2 2024-7.7%-11.3%-1.8%
Q1 2024-13.3%-14.0%-15.9%
Q4 2023-10.7%-10.9%-18.1%
Q3 2023+1.4%-6.6%+26.6%
Q2 2023-24.4%-23.4%+26.8%
Q1 2023+9.6%+5.2%+3.5%
Q4 2022+18.6%+20.2%+13.9%
Q3 2022-6.6%-10.5%-5.8%
Q2 2022+1.5%+7.3%+1.5%
Q1 2022-0.1%-17.6%+2.1%
Q4 2021+5.2%+2.3%+16.3%
Q3 2021+9.3%+27.4%+25.9%
Q2 2021-5.6%-9.3%-12.3%
Q1 2021+6.1%+10.5%+23.8%
Q4 2020+4.3%-1.3%-10.2%
Q3 2020+4.9%+12.9%+42.4%
Q2 2020-0.7%-2.5%-3.8%
Q1 2020-6.1%-6.6%-7.7%
Q4 2019+0.5%+5.0%-23.8%
Q3 2019+0.1%-2.5%-15.6%
Q2 2019-2.8%-12.5%+0.8%
Q1 2019+1.0%-3.2%+12.9%
Q4 2018-4.8%+22.4%+27.5%
Q3 2018-7.3%+2.4%+26.9%
Q2 2018-3.9%-4.3%+8.1%
Q1 2018-8.6%-1.8%-16.7%
Q4 2017-5.6%-5.8%+1.3%
Q3 2017+15.3%+28.3%+31.4%
Q2 2017———
Q1 2017———
Q4 2016———
Q3 2016———
Q2 2016———
Q1 2016———
Q4 2015———
Q3 2015———
Q2 2015———
Q1 2015———
Q4 2014———
Q3 2014———
Q2 2014———
Q1 2014———

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