Apellis Pharmaceuticals Inc (APLS) fair value: what the stock is really worth
As of Sep 4, 2026: fair value of Apellis Pharmaceuticals Inc $0.63, price $3.22, upside -80.5%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Apellis Pharmaceuticals Inc
APLS · USStructural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $3.05 – $93.31 · fair‑value band $0.4400 – $0.8200 · the $3.22 price screens above the $0.6300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Company profile
Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs.
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Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs. It offers EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria; and SYFOVRE for treating geographic atrophy secondary to age-related macular degeneration and geographic atrophy (GA). The company also develops EMPAVELI to treat C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, focal segmental glomerulosclerosis, and delayed graft function; and APL-3007, a small interfering RNA, or siRNA for the treatment of GA. In addition, it conducts preclinical studies for APL-9099, a treatment targeting the neonatal Fc receptor, or FcRn, which has the potential to be a first-in-class gene editing treatment for future target indications with one-time dosing; and developing other programs with its proprietary in-house capabilities and under its Beam collaboration. It has a collaboration and license agreement with Swedish Orphan Biovitrum AB (publ) for development and commercialization of pegcetacoplan; and a collaboration with Beam Therapeutics, Inc. focused on the use of Beam's base editing technology to discover new treatments for complement-driven diseases. Apellis Pharmaceuticals, Inc. was incorporated in 2009 and is headquartered in Waltham, Massachusetts. As of May 14, 2026, Apellis Pharmaceuticals, Inc. operates as a subsidiary of Biogen Inc.
Stock analysis
Apellis Pharmaceuticals Inc (APLS) currently trades at $3.22, while our model-based Fair Value estimate is $0.6300, 80.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $1.03 per share, and 0 of the 24 models we run sit above the $3.22 price.
Bear case: the Asset-Based group reads lowest at $0.1500, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.4400 (bear) to $0.8200 (bull), the price of $3.22 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Apellis Pharmaceuticals Inc reported revenue of $1.0B in FY2025 versus $66.6M in FY2021, a compound +97.1%/yr. Reported net income was $22.4M in FY2025.
Key figures
Market cap $5.3B · P/E ratio 38.3 · P/S ratio 0.86 · EPS (TTM) $1.07 · Net margin 2.2% · Return on equity 46.0% · Return on assets (EBIT) −43.6% · Operating margin 9.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 92% below its 52-week high and 6% above its 52-week low.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −80%, APLS screens richer than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 22
Revenue & earnings trend
Growth Forecast
Compare Apellis Pharmaceuticals Inc with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 576 stocks
Valuation Multiplesvs Biotechnology median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $527.67 | $580.44 | +10% |
| Regeneron Pharmaceuticals, Inc REGN | $752.25 | $1,275 | +69% |
| argenx SE ARGX | $959.49 | $918.60 | −4% |
| CSL Limited CSL | A$175.35 | A$192.89 | +10% |
| Samsung Biologics Co 207940 | 1,354,000 KRW | 1,489,400 KRW | +10% |
| BeOne Medicines AG ONC | $360.85 | $280.94 | −22% |
| Alnylam Pharmaceuticals, Inc ALNY | $255.96 | $217.88 | −15% |
| Royalty Pharma plc RPRX | $58.21 | $19.01 | −67% |
| Celltrion, Inc 068270 | 177,400 KRW | 74,519 KRW | −58% |
| WuXi Biologics (Cayman) Inc 2269 | HK$53.00 | HK$58.30 | +10% |
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