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Apellis Pharmaceuticals, Inc.（APLS）与BRANDYWINE REALTY TRUST（BDN）财务数据对比。点击上方公司名可切换其他公司
Apellis Pharmaceuticals, Inc.的季度营收约是BRANDYWINE REALTY TRUST的1.6倍（$199.9M vs $127.0M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -38.4%，领先8.9%），BRANDYWINE REALTY TRUST同比增速更快（4.5% vs -5.9%），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 0.7%）
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
白兰地房地产信托是一家总部位于费城的房地产投资信托基金（REIT），核心投资方向为费城、华盛顿特区以及德克萨斯州奥斯汀的写字楼物业，是美国聚焦核心都市商务地产的专业REIT运营商。
APLS vs BDN — 直观对比
营收规模更大
APLS
是对方的1.6倍
$127.0M
营收增速更快
BDN
高出10.5%
-5.9%
净利率更高
APLS
高出8.9%
-38.4%
两年增速更快
APLS
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $127.0M |
| 净利润 | $-59.0M | $-48.8M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | 1.2% |
| 净利率 | -29.5% | -38.4% |
| 营收同比 | -5.9% | 4.5% |
| 净利润同比 | -62.2% | -80.4% |
| 每股收益（稀释后） | $-0.40 | $-0.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APLSBDN
| Q1 26 | — | $127.0M | ||
| Q4 25 | $199.9M | $121.0M | ||
| Q3 25 | $458.6M | $121.4M | ||
| Q2 25 | $178.5M | $120.6M | ||
| Q1 25 | $166.8M | $121.5M | ||
| Q4 24 | $212.5M | $121.9M | ||
| Q3 24 | $196.8M | $131.8M | ||
| Q2 24 | $199.7M | $125.3M |
净利润APLSBDN
| Q1 26 | — | $-48.8M | ||
| Q4 25 | $-59.0M | $-36.7M | ||
| Q3 25 | $215.7M | $-25.9M | ||
| Q2 25 | $-42.2M | $-88.7M | ||
| Q1 25 | $-92.2M | $-27.0M | ||
| Q4 24 | $-36.4M | $-44.5M | ||
| Q3 24 | $-57.4M | $-165.2M | ||
| Q2 24 | $-37.7M | $30.2M |
毛利率APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | — | 61.3% | ||
| Q3 25 | — | 62.6% | ||
| Q2 25 | — | 62.4% | ||
| Q1 25 | — | 60.8% | ||
| Q4 24 | — | 61.2% | ||
| Q3 24 | — | 64.9% | ||
| Q2 24 | — | 63.1% |
营业利润率APLSBDN
| Q1 26 | — | 1.2% | ||
| Q4 25 | -25.6% | 22.8% | ||
| Q3 25 | 48.7% | 20.8% | ||
| Q2 25 | -18.6% | -34.3% | ||
| Q1 25 | -50.0% | 12.5% | ||
| Q4 24 | -12.3% | 18.0% | ||
| Q3 24 | -24.0% | -7.2% | ||
| Q2 24 | -14.7% | 15.5% |
净利率APLSBDN
| Q1 26 | — | -38.4% | ||
| Q4 25 | -29.5% | -30.3% | ||
| Q3 25 | 47.0% | -21.3% | ||
| Q2 25 | -23.6% | -73.5% | ||
| Q1 25 | -55.3% | -22.2% | ||
| Q4 24 | -17.1% | -36.5% | ||
| Q3 24 | -29.2% | -125.4% | ||
| Q2 24 | -18.9% | 24.1% |
每股收益（稀释后）APLSBDN
| Q1 26 | — | $-0.28 | ||
| Q4 25 | $-0.40 | $-0.21 | ||
| Q3 25 | $1.67 | $-0.15 | ||
| Q2 25 | $-0.33 | $-0.51 | ||
| Q1 25 | $-0.74 | $-0.16 | ||
| Q4 24 | $-0.30 | $-0.25 | ||
| Q3 24 | $-0.46 | $-0.96 | ||
| Q2 24 | $-0.30 | $0.17 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $466.2M | $36.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | — |
| 总资产 | $1.1B | $3.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APLSBDN
| Q1 26 | — | $36.2M | ||
| Q4 25 | $466.2M | $32.3M | ||
| Q3 25 | $479.2M | $75.5M | ||
| Q2 25 | $370.0M | $122.6M | ||
| Q1 25 | $358.4M | $29.4M | ||
| Q4 24 | $411.3M | $90.2M | ||
| Q3 24 | $396.9M | $36.5M | ||
| Q2 24 | $360.1M | $30.4M |
总债务APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.2B |
股东权益APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | $370.1M | $792.7M | ||
| Q3 25 | $401.2M | $841.5M | ||
| Q2 25 | $156.3M | $879.8M | ||
| Q1 25 | $164.2M | $993.6M | ||
| Q4 24 | $228.5M | $1.0B | ||
| Q3 24 | $237.1M | $1.1B | ||
| Q2 24 | $264.3M | $1.3B |
总资产APLSBDN
| Q1 26 | — | $3.6B | ||
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.1B | $3.3B | ||
| Q2 25 | $821.4M | $3.4B | ||
| Q1 25 | $807.3M | $3.4B | ||
| Q4 24 | $885.1M | $3.5B | ||
| Q3 24 | $901.9M | $3.6B | ||
| Q2 24 | $904.5M | $3.8B |
负债/权益比APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | — | 3.23× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | — | 2.63× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | — | 2.13× | ||
| Q3 24 | — | 2.06× | ||
| Q2 24 | — | 1.73× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-14.2M | — |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $45.0M | — |
8季度趋势，按日历期对齐
经营现金流APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | $-14.2M | $116.7M | ||
| Q3 25 | $108.5M | $47.5M | ||
| Q2 25 | $4.4M | $34.4M | ||
| Q1 25 | $-53.4M | $6.3M | ||
| Q4 24 | $19.4M | $181.1M | ||
| Q3 24 | $34.1M | $52.2M | ||
| Q2 24 | $-8.3M | $48.2M |
自由现金流APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | $-14.3M | — | ||
| Q3 25 | $108.3M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $-53.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-8.4M | — |
自由现金流率APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | -7.1% | — | ||
| Q3 25 | 23.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -32.0% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.2% | — |
资本支出强度APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — |
现金转化率APLSBDN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.60× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
