Apellis soars as Syfovre and Empaveli drive record revenue growth in 2025

Apellis Pharmaceuticals has reported strong growth for its key treatments in the stock market today. Syfovre, a therapy for geographic atrophy linked to age-related macular degeneration, saw a 17% rise in demand year over year. Meanwhile, Empaveli, used for C3G and primary IC-MPGN, achieved over 5% market penetration in its first full quarter after launch.

Syfovre remained dominant in the geographic atrophy (GA) market, holding a 60% share. By the end of 2025, around 150,000 patients worldwide had received the treatment, with the US accounting for over 95% of usage. Europe saw limited adoption in countries like Germany and the UK, while Japan recorded initial approvals.

In the fourth quarter, Apellis delivered approximately 102,000 Syfovre doses—89,000 commercial and 13,000 as free goods. Gross-to-net adjustments for the drug were just above the mid-20% range, with expectations rising to the high-20% range for 2026. New long-term data also showed Syfovre delayed nonsubfoveal GA progression by about 1.5 years.

Empaveli generated $35 million in net revenue for the fourth quarter and $102 million for the full year, based on US sales alone. The company's total revenue reached $200 million in the fourth quarter and $1 billion for 2025.

Looking ahead, Apellis plans 2026 launches for a prefilled syringe version of Syfovre and an OCT-F functional imaging platform.

Syfovre's market position remains strong, with sustained demand and expanded clinical evidence. The company's revenue growth reflects its focus on rare and degenerative eye diseases. Further product innovations are expected to support continued adoption in 2026.