Apellis Pharmaceuticals, Inc. has experienced a mixed financial outcome for Q4 2025, posting declining revenues of $199.91 million, down 5.9% year-over-year, despite achieving a total revenue of $1 billion for the year. The company reported an EPS of $0.47, reversing last year's losses, yet shares have plummeted by 20.8%, contrasting starkly with industry growth. As Apellis faces challenges including high operating expenses and significant convertible debt, it aims to leverage its strong payer coverage and ongoing clinical studies for future growth.