Apellis Pharmaceuticals, Inc. Segments Disclosure
16. Segment Information
The Company operates as a reportable and single operating segment, which is the development and commercialization of treatments across a broad range of diseases driven by complement. The Company defines its segment on the basis in which internally reported financial information is regularly reviewed by CODM to analyze financial performance, make decisions, and allocate resources. The Company’s CODM reviews consolidated or purposes of assessing performance, making operating decisions, strategically allocating future resources, and planning and forecasting for future periods.
The following table presents information about revenue, segment loss, and significant segment expenses as provided to the CODM with respect to the Company’s single operating segment for the years ended December 31, 2025, 2024 and 2023:
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue |
$ |
1,003,782 |
|
|
$ |
781,367 |
|
|
$ |
396,591 |
|
Less: |
|
|
|
|
|
|
|
|
|||
Internal research and development costs |
|
88,182 |
|
|
|
91,881 |
|
|
|
121,931 |
|
Internal selling, general and administrative costs |
|
180,833 |
|
|
|
162,874 |
|
|
|
176,778 |
|
External commercial costs |
|
228,986 |
|
|
|
229,991 |
|
|
|
230,166 |
|
External research and development costs |
|
167,567 |
|
|
|
194,422 |
|
|
|
186,812 |
|
External general and administrative costs |
|
76,548 |
|
|
|
35,327 |
|
|
|
33,570 |
|
Other segment items (1) |
|
102,369 |
|
|
|
121,842 |
|
|
|
59,237 |
|
Share-based compensation expense |
|
104,003 |
|
|
|
114,128 |
|
|
|
105,945 |
|
Interest income |
|
(13,143 |
) |
|
|
(12,773 |
) |
|
|
(20,933 |
) |
Interest expense |
|
44,327 |
|
|
|
40,391 |
|
|
|
29,581 |
|
Income tax expense |
|
1,722 |
|
|
|
1,162 |
|
|
|
2,132 |
|
Net income/(loss) |
$ |
22,388 |
|
|
$ |
(197,878 |
) |
|
$ |
(528,628 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.