Apellis Pharmaceuticals, Inc.

NasdaqGS:APLS Stock Report

Market Cap: US$5.1b

Apellis Pharmaceuticals Valuation

Is APLS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of APLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: APLS ($40.23) is trading below our estimate of future cash flow value ($121.55)

Significantly Below Future Cash Flow Value: APLS is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for APLS?

Key metric: As APLS is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for APLS. This is calculated by dividing APLS's market cap by their current revenue.
What is APLS's PS Ratio?
PS Ratio5.1x
SalesUS$1.00b
Market CapUS$5.14b

Price to Sales Ratio vs Peers

How does APLS's PS Ratio compare to its peers?

The above table shows the PS ratio for APLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.6x
TVTX Travere Therapeutics
5.6x20.29%US$2.7b
IDYA IDEAYA Biosciences
13.4x38.55%US$2.9b
LEGN Legend Biotech
3.3x17.17%US$3.2b
ADMA ADMA Biologics
4.2x17.61%US$2.1b
APLS Apellis Pharmaceuticals
5.1x10.20%US$5.1b

Price-To-Sales vs Peers: APLS is good value based on its Price-To-Sales Ratio (5.1x) compared to the peer average (6.6x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does APLS's PS Ratio compare vs other companies in the US Biotechs Industry?

124 CompaniesPrice / SalesEstimated GrowthMarket Cap
BIIB Biogen
2.7x-0.18%US$27.53b
INCY Incyte
3.6x-1.37%US$18.74b
BMRN BioMarin Pharmaceutical
3.4x10.52%US$10.54b
ALKS Alkermes
4x9.67%US$5.88b
APLS 5.1xIndustry Avg. 10.6xNo. of Companies124PS01632486480+
124 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: APLS is good value based on its Price-To-Sales Ratio (5.1x) compared to the US Biotechs industry average (10.2x).

Price to Sales Ratio vs Fair Ratio

What is APLS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

APLS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.1x
Fair PS Ratio4.8x

Price-To-Sales vs Fair Ratio: APLS is expensive based on its Price-To-Sales Ratio (5.1x) compared to the estimated Fair Price-To-Sales Ratio (4.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst APLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$40.23
US$35.71
-11.25%
25.50%US$48.00US$18.00n/a17
Mar ’27US$20.96
US$33.68
+60.71%
34.84%US$55.00US$18.00n/a19
Feb ’27US$22.58
US$33.95
+50.34%
34.41%US$55.00US$19.00n/a19
Jan ’27US$25.12
US$35.00
+39.33%
33.06%US$55.00US$19.00n/a18
Dec ’26US$21.20
US$35.39
+66.93%
34.21%US$55.00US$19.00n/a18
Nov ’26US$21.47
US$35.61
+65.86%
34.13%US$55.00US$19.00n/a18
Oct ’26US$23.10
US$37.47
+62.22%
36.51%US$60.00US$18.00n/a19
Sep ’26US$27.57
US$37.89
+37.45%
34.81%US$60.00US$19.00n/a19
Aug ’26US$22.95
US$36.90
+60.78%
36.20%US$60.00US$19.00n/a20
Jul ’26US$17.87
US$35.45
+98.38%
37.61%US$60.00US$18.00n/a20
Jun ’26US$16.93
US$36.35
+114.71%
36.53%US$60.00US$18.00n/a20
May ’26US$20.08
US$42.14
+109.87%
33.93%US$75.00US$21.00n/a21
Apr ’26US$22.68
US$43.20
+90.48%
31.27%US$75.00US$25.00US$40.2320
Mar ’26US$25.15
US$43.70
+73.76%
31.91%US$78.00US$25.00US$20.9620
Feb ’26US$29.01
US$46.10
+58.91%
32.84%US$78.00US$26.00US$22.5820
Jan ’26US$31.91
US$45.75
+43.37%
34.04%US$78.00US$24.00US$25.1220
Dec ’25US$33.93
US$45.75
+34.84%
34.04%US$78.00US$24.00US$21.2020
Nov ’25US$27.98
US$63.11
+125.54%
34.57%US$95.00US$25.00US$21.4719
Oct ’25US$27.74
US$68.06
+145.35%
27.92%US$95.00US$35.00US$23.1017
Sep ’25US$38.90
US$70.18
+80.40%
24.60%US$96.00US$41.00US$27.5717
Aug ’25US$36.00
US$70.82
+96.73%
23.86%US$95.00US$38.00US$22.9517
Jul ’25US$36.29
US$76.35
+110.40%
26.35%US$111.00US$40.00US$17.8717
Jun ’25US$39.25
US$77.53
+97.53%
24.36%US$111.00US$46.00US$16.9317
May ’25US$46.05
US$81.66
+77.33%
18.29%US$112.00US$52.00US$20.0817
Apr ’25US$59.71
US$82.69
+38.48%
16.16%US$110.00US$60.00US$22.6816
US$35.71
Fair Value
12.7% overvalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/31 06:32
End of Day Share Price 2026/03/31 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Apellis Pharmaceuticals, Inc. is covered by 34 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael UlzBaird
Colleen KusyBaird
Eliana MerleBarclays