Revenue: As of FY2026 Q1, the actual value is USD 268.3 M, beating the estimate of USD 203.29 M.EPS: As of FY2026 Q1, the actual value is USD 0.15.EBIT: As of FY2026 Q1, the actual value is USD 33.87 M.<h4>Revenue</h4>Apellis Pharmaceuticals, Inc. reported total revenue of $268,295 thousand for the three months ended March 31, 2026, marking a 61% increase from $166,797 thousand for the same period in 2025 . Product revenue, net, increased by 28% to $192,010 thousand in Q1 2026 . EMPAVELI contributed $41,291 thousand, up from $19,726 thousand in Q1 2025, while SYFOVRE contributed $150,719 thousand, an increase from $130,174 thousand in Q1 2025 . Licensing and other revenue significantly rose by 351% to $76,285 thousand for Q1 2026, compared to $16,897 thousand for Q1 2025 . This increase was primarily driven by $25,000 thousand related to a Royalty Agreement, a $30,000 thousand regulatory development milestone, and $20,500 thousand from product supplied to Sobi . However, royalty revenue from Sobi decreased to $800 thousand in Q1 2026 from $6,100 thousand in Q1 2025 due to the Royalty Agreement reducing royalty rates by 90% .<h4>Operating Expenses</h4>Total operating expenses decreased by 3% to $241,828 thousand in Q1 2026 from $250,125 thousand in Q1 2025 . Cost of Sales: Cost of sales increased by 18% to $40,547 thousand in Q1 2026, mainly due to higher commercial sales volumes, product provided under patient assistance programs, and increased product supplied to Sobi, partially offset by a decrease in expenses for excess or obsolete inventory . Research and Development Expenses: Research and development expenses decreased by 11% to $76,958 thousand in Q1 2026 from $86,420 thousand in Q1 2025 . This reduction was primarily attributed to a $4,600 thousand decrease in C3G and primary IC-MPGN costs as the VALIANT study wound down, and a $6,800 thousand decrease in other development and discovery programs . These decreases were partially offset by increased costs in PNH and GA product lifecycle development . Selling, General and Administrative Expenses: Selling, general and administrative expenses decreased by 4% to $124,323 thousand in Q1 2026 from $129,345 thousand in Q1 2025 . This was mainly due to a $15,500 thousand decrease in general commercial activities and a $1,200 thousand decrease in factoring fees, partially offset by increases in personnel-related costs, professional and consulting fees, and other general and administrative expenses .<h4>Net Income/(Loss)</h4>Apellis Pharmaceuticals, Inc. achieved a net income of $18,656 thousand in Q1 2026, a significant improvement from a net loss of -$92,225 thousand in Q1 2025 .<h4>Cash Flow</h4>Net cash used in operating activities was -$60,966 thousand for Q1 2026, compared to -$53,410 thousand for Q1 2025 . Cash and cash equivalents stood at $405,207 thousand as of March 31, 2026, down from $466,233 thousand as of December 31, 2025 .<h4>Unique Metrics</h4><ul><li>Product Revenue Allowances and Reserves: The ending balance for product revenue allowance and reserve categories was $65,761 thousand as of March 31, 2026, an increase from $58,614 thousand at December 31, 2025 . This includes $14,447 thousand for fees and patient assistance, $47,505 thousand for government, other rebates and chargebacks, and $3,809 thousand for returns .</li><li>Inventory: Total inventories were $159,897 thousand as of March 31, 2026, a decrease from $177,515 thousand at December 31, 2025 . The reserve for excess and obsolete inventory was $20,000 thousand as of March 31, 2026 .</li><li>Customer Concentration: For Q1 2026, Customer A accounted for 18% of gross product revenues, Customer C for 20%, and Customer D for 52% . As of March 31, 2026, Customer C accounted for 22% of product sales receivable and Customer D for 62% .</li><li>Convertible Senior Notes: The outstanding balance of Convertible Notes was $93,744 thousand as of March 31, 2026, maturing on September 15, 2026 .</li><li>Credit Facility: The outstanding balance of the senior secured term loan facility was $362,243 thousand as of March 31, 2026, maturing on May 13, 2030 .</li></ul><h4>Future Outlook and Strategy</h4>Apellis Pharmaceuticals, Inc. anticipates that its current cash and cash equivalents, along with projected cash from EMPAVELI and SYFOVRE sales, will be sufficient to cover operations and capital expenditure requirements for at least the next 12 months . The company expects to incur significant commercialization expenses for EMPAVELI and SYFOVRE and plans to continue substantial investment in pivotal clinical trials for EMPAVELI in FSGS and DGF, as well as developing other product candidates . Future funding needs are contingent on successful commercialization, regulatory approvals, and the progression of its development pipeline, with potential reliance on external funding if current resources are insufficient .

Apellis Pharma | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 268.3 M