This stock no longer trades (delisted May 15, 2026)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Apellis Pharmaceuticals

APLS

Biotechnology · Healthcare

Price

$41.03

+0.00 (+0.00%)

Market Cap

$5.25B

Exchange

NASDAQ

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Share count rising — dilution

+49.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 84.4M (2021) → 126.0M (2025)

Winston Score History

The full picture

Apellis Pharmaceuticals is a biotech company that makes medicines for rare and serious diseases caused by a part of the immune system called the complement system. Its main product is Syfovre, a treatment for geographic atrophy — a form of advanced age-related macular degeneration that can cause blindness. Apellis also sells Empaveli for a rare blood disorder called PNH (paroxysmal nocturnal hemoglobinuria). Both drugs target patients with few or no other treatment options.

Apellis earns money by selling these prescription drugs directly to doctors, clinics, and specialty pharmacies, primarily in the United States. Syfovre became the first FDA-approved treatment for geographic atrophy when it launched in 2023, giving Apellis an early-mover advantage in a large, underserved market. The company operates at a relatively small scale compared to major pharma firms, so its financial performance depends heavily on continued Syfovre adoption — and competition from rival complement-targeting drugs remains a key risk to watch.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+60.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+120.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$296M/ year

↓ Declining (-10% vs prior year)

29.5% of revenue

1.6x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~20 months

$407M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Apellis Pharmaceuticals grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

84.8%

Premium pricing power — 84.8% gross margin

Profit after running costs

Operating Margin

9.9%

Modest — 9.9% operating margin

Return on the money invested

ROCE

18.8%

Strong — 18.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+42.5%

Fast-growing sales (+42.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

28%

Weak — only 28% of profit becomes cash

Spare cash per sale

FCF Margin

3.4%

Thin free cash flow (3.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.12

Elevated debt (1.12)

Covers its interest

Interest Cover

3.79x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

38.7x

Pricey — P/E 38.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+6.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.7 → 32.5)

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Dividends

Not applicable for this business.

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