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Apellis Pharmaceuticals: SYFOVRE Is Rebuilding Momentum—But the Free-Goods Headwind Tells a Bigger Story!

Apellis Pharmaceuticals recently announced its third-quarter 2025 financial results, marking significant developments in its commercialization efforts and research pipeline. The company is focusing on therapies targeting the complement system’s overactivation, a process implicated in several serious diseases. Apellis has gained approval for therapies across multiple conditions, most notably SYFOVRE for geographic atrophy (GA) and EMPAVELI for paroxysmal nocturnal hemoglobinuria (PNH) and now with the expanded indication for C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN). On the positive side, the recent FDA approval of EMPAVELI for treating C3G and primary IC-MPGN in patients aged 12 and older is a significant milestone. This approval broadens the market potential, addressing unmet needs in about 5,000 patients and marking a breakthrough in the treatment of these conditions by improving three critical measures: proteinuria reduction, eGFR stabilization, and removal of C3 deposits.