Apellis Pharmaceuticals, Inc. · NASDAQ:APLS
Apellis Pharmaceuticals — Q4 2025 Earnings Presentation
19 slides from Apellis Pharmaceuticals's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results Conference Call
Fourth Quarter and Full Year 2025 Financial Results Conference Call February 24, 2026
Slide 2: Forward-looking statements
Forward-looking statements Statements in this presentation about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act o
Slide 3: Call Participants
Call Participants CE DRI C FR ANCO IS , M.D., Ph .D. Co-Founder, President & Chief Executive Officer D AVI D A C H ES O N Executive Vice President of Commercial CAR OL INE BAU MAL, M. D. Chief Medical Officer T I M O T H Y S U L L I VA N Chief Financial Officer 3
Slide 4: Transforming innovation into durable value creation
Transforming innovation into durable value creation Apellis: The Leading Complement Company NEAR-TERM GROWTH LONG-TERM GROWTH SELF-FUNDED Two approved C3 therapies, Advancing pipeline leveraging Deploying capital with precision SYFOVRE ® and EMPAVELI ®, our C3 expertise across to drive revenue growt
Slide 5: Apellis is the leader in C3-targeting therapies, with two approved products across four indications
Apellis is the leader in C3-targeting therapies, with two approved products across four indications Carolyn Archer Living with GA Living with C3G ✓ ~$587M in FY 2025 U.S. net product revenue ✓ ~$102M in FY 2025 U.S. net product revenue ✓ Total injections increased 17% YoY ✓ Strong launch continues i
Slide 6: SYFOVRE is the market-leading treatment for GA in the U.S.
SYFOVRE is the market-leading treatment for GA in the U.S. CONTINUED INJECTION GROWTH ~17% YoY In a ~$587M PREFERRED in 2025 U.S. net POSITION product revenue with many payers Only GA therapy approved for AS FEW AS 6 DOSES/YEAR 6
Slide 7: Expanding the GA opportunity and positioning SYFOVRE for its next phase of growth
Expanding the GA opportunity and positioning SYFOVRE for its next phase of growth Targeted Field Data-driven Innovation-led Execution Differentiation Growth Precision execution Supported by Advancing a across priority unparalleled clinical best-in-class segments and data and prefilled syringe and ea
Slide 8: EMPAVELI continues to elevate the standard of care
EMPAVELI continues to elevate the standard of care As of December 31, 2025 ~$102 MILLION ~$35 MILLION in FY 2025 U.S. in Q4 2025 U.S. net product revenue net product revenue ROBUST EFFICACY across all approved indications Continued >3,000 PATIENT-YEARS of exposure to systemic pegcetacoplan1 STRONG S
Slide 9: Broad label positions EMPAVELI for high utilization in C3G and primary IC-MPGN
Broad label positions EMPAVELI for high utilization in C3G and primary IC-MPGN EMPAVELI is the only approved product for as much as two-thirds of overall U.S. C3G and IC-MPGN market Competitor EMPAVELI® U.S Label3 Adult patients with C3G ✓ ✓ Adult patients with primary IC-MPGN ✓ ~5K C3G / IC-MPGN
Slide 10: Strong launch for EMPAVELI in C3G & primary IC-MPGN continues
Strong launch for EMPAVELI in C3G & primary IC-MPGN continues 267 >5% ~95% payer policies cumulative covering to label or with patient start forms penetration into minimal restrictions as of Dec 31, 2025 U.S. patient market 1 Strong early demand with Growth driven by increasing Favorable access dyna
Slide 11: Positioning EMPAVELI for durable growth in 2026
Positioning EMPAVELI for durable growth in 2026 Strengthen patient identification and activation to support uptake momentum Broaden physician engagement through focused field efforts and peer education Easy-to-use on-body device enables flexible dosing only 2x / week Increase adoption across patient
Slide 12: SYFOVRE delayed GA progression by ~1.5 Years
SYFOVRE delayed GA progression by ~1.5 Years Patients with nonsubfoveal (NSF) GA (N=286) 14.0 Mean (SE) Change From Baseline SYFOVRE Monthly (n=95) 12.0 SYFOVRE Every-Other-Month (n=104) Sham (n=87) Projected Sham 10.0 in GA Growth, mm 2 ~18.5 months 8.0 6.0 4.0 Rollover to 2.0 open label extension
Slide 13: Strengthening SYFOVRE's competitive advantage through a best-in-class prefilled syringe
Strengthening SYFOVRE’s competitive advantage through a best-in-class prefilled syringe Retina specialists strongly prefer prefilled syringes: streamlines administration and reduces preparation time Optimizes workflow in clinics: lowers training burden, offers consistency, and reduces time in chair
Slide 14: Making the OCT "Functional": Leveraging AI to visualize GA progression and treatment effect
Making the OCT “Functional”: Leveraging AI to visualize GA progression and treatment effect PATIENT IMPACT CHANGE REPORT • AI-powered software to visualize functional decline Illustrative and quantify treatment impact patient impact OCT-F images Difference • Trained and tested on extensive Baseline
Slide 15: Advancing potential next generation treatment for GA
Advancing potential next generation treatment for GA SYFOVRE + APL-3007 APL-3007 (siRNA) Phase 1b study in patients with geographic atrophy 1 Mean change from baseline in C3 25 Mean (±SE) % Change from Baseline Placebo • Potential to improve efficacy in Complement C3 (mg/dL) 0 by comprehensively blo
Slide 16: Expanding EMPAVELI into new rare, kidney indications
Expanding EMPAVELI into new rare, kidney indications DELAYED GRAFT FUNCTION (DGF) PRIMARY FOCAL SEGMENTAL GLOMERULOSCLEROSIS (FSGS) ~13,000 patients in the U.S. have primary DGF occurs in approximately 30-35% of FSGS1 and ~50% of patients progress to deceased donor kidney transplants kidney failure
Slide 17: APL-9099: First-in-class base editing approach to disrupt the $20B FcRn market
APL-9099: First-in-class base editing approach to disrupt the $20B FcRn market RATIONALE • Clinically-validated FcRn target with de-risked biology • Durable IgG reduction with as few as 1-2 doses gRNA • Current biologics limited by frequent dosing, gRNA variable IgG control, and relapse POTENTIAL SA
Slide 18: Consolidated fourth quarter and full year 2025 financial results
Consolidated fourth quarter and full year 2025 financial results (In USD Millions) Three Months Ended Dec 31, Twelve Months Ended Dec 31, 2025 2024 2025 2024 EMPAVELI U.S. Net Product Sales $35.1 $23.4 $102.4 $98.1 SYFOVRE U.S. Net Product Sales $155.2 $167.8 $586.9 $611.8 Licensing and Other Revenu
Slide 19: Fourth Quarter and Full Year 2025 Financial Results Conference Call
Fourth Quarter and Full Year 2025 Financial Results Conference Call February 24, 2026
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