• Apellis Pharmaceuticals recently secured US FDA approval for EMPAVELI to treat the rare kidney diseases C3 glomerulopathy and IC-MPGN, the first and only approved therapy for these conditions, while facing slower-than-hoped patient uptake and flat SYFOVRE sales due to access and reimbursement hurdles.
• This combination of a major regulatory win with muted early commercial traction highlights the tension between scientific success and the practical realities of rare-disease drug launches.
• Next, we will examine how EMPAVELI’s slower-than-expected patient uptake shapes Apellis Pharmaceuticals’ investment narrative and future growth expectations.

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What Is Apellis Pharmaceuticals' Investment Narrative?

For Apellis, the big-picture belief is that pegcetacoplan can support a durable, multi-indication franchise while the company manages the growing pains of commercial execution. The new FDA approval for EMPAVELI in C3G and IC-MPGN strengthens the core thesis around complement biology and broadens the addressable market, but the slower-than-planned patient start trajectory and flat SYFOVRE volumes refocus the near-term story on uptake and access, not science. Short-term catalysts now sit squarely in whether management can convert this regulatory win into a steadier ramp, address co-pay and reimbursement bottlenecks, and sustain the recent move into profitability after Q3 2025. At the same time, the sharp share price pullback and high earnings multiple keep execution risk, pricing pressure, and reimbursement durability front and center.

But there is a specific commercial risk here that investors should not overlook. Despite retreating, Apellis Pharmaceuticals' shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

Three Simply Wall St Community fair value views span roughly US$35 to just over US$95 per share, underlining how far apart individual estimates sit. Against that spread, concerns about EMPAVELI’s gradual adoption and SYFOVRE access issues could materially influence how much of Apellis’s growth potential is ultimately realized, so it is worth weighing several of these viewpoints side by side.

Explore 3 other fair value estimates on Apellis Pharmaceuticals - why the stock might be worth just $35.39!

Build Your Own Apellis Pharmaceuticals Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Apellis Pharmaceuticals research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Apellis Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Apellis Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.