vs
Apellis Pharmaceuticals, Inc.（APLS）与INSMED Inc（INSM）财务数据对比。点击上方公司名可切换其他公司
INSMED Inc的季度营收约是Apellis Pharmaceuticals, Inc.的1.3倍（$263.8M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -124.5%，领先95.0%），INSMED Inc同比增速更快（152.6% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-264.2M），过去两年INSMED Inc的营收复合增速更高（86.9% vs 7.7%）
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。
Insmed Inc.是一家全球性生物制药公司，专注于为存在高度未满足医疗需求的严重罕见病患者开发、商业化创新疗法，核心布局肺部、内分泌类罕见病治疗赛道，服务覆盖北美、欧洲及亚太地区的患者群体。
APLS vs INSM — 直观对比
营收规模更大
INSM
是对方的1.3倍
$199.9M
营收增速更快
INSM
高出158.6%
-5.9%
净利率更高
APLS
高出95.0%
-124.5%
自由现金流更多
APLS
多$249.9M
$-264.2M
两年增速更快
INSM
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $263.8M |
| 净利润 | $-59.0M | $-328.5M |
| 毛利率 | — | 83.2% |
| 营业利润率 | -25.6% | -121.2% |
| 净利率 | -29.5% | -124.5% |
| 营收同比 | -5.9% | 152.6% |
| 净利润同比 | -62.2% | -39.5% |
| 每股收益（稀释后） | $-0.40 | $-1.55 |
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APLSINSM
| Q4 25 | $199.9M | $263.8M | ||
| Q3 25 | $458.6M | $142.3M | ||
| Q2 25 | $178.5M | $107.4M | ||
| Q1 25 | $166.8M | $92.8M | ||
| Q4 24 | $212.5M | $104.4M | ||
| Q3 24 | $196.8M | $93.4M | ||
| Q2 24 | $199.7M | $90.3M | ||
| Q1 24 | $172.3M | $75.5M |
净利润APLSINSM
| Q4 25 | $-59.0M | $-328.5M | ||
| Q3 25 | $215.7M | $-370.0M | ||
| Q2 25 | $-42.2M | $-321.7M | ||
| Q1 25 | $-92.2M | $-256.6M | ||
| Q4 24 | $-36.4M | $-235.5M | ||
| Q3 24 | $-57.4M | $-220.5M | ||
| Q2 24 | $-37.7M | $-300.6M | ||
| Q1 24 | $-66.4M | $-157.1M |
毛利率APLSINSM
| Q4 25 | — | 83.2% | ||
| Q3 25 | — | 79.4% | ||
| Q2 25 | — | 73.9% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 75.0% | ||
| Q3 24 | — | 77.3% | ||
| Q2 24 | — | 76.8% | ||
| Q1 24 | — | 76.9% |
营业利润率APLSINSM
| Q4 25 | -25.6% | -121.2% | ||
| Q3 25 | 48.7% | -257.1% | ||
| Q2 25 | -18.6% | -291.3% | ||
| Q1 25 | -50.0% | -267.3% | ||
| Q4 24 | -12.3% | -220.6% | ||
| Q3 24 | -24.0% | -228.4% | ||
| Q2 24 | -14.7% | -319.8% | ||
| Q1 24 | -36.0% | -192.7% |
净利率APLSINSM
| Q4 25 | -29.5% | -124.5% | ||
| Q3 25 | 47.0% | -260.0% | ||
| Q2 25 | -23.6% | -299.5% | ||
| Q1 25 | -55.3% | -276.4% | ||
| Q4 24 | -17.1% | -225.5% | ||
| Q3 24 | -29.2% | -236.0% | ||
| Q2 24 | -18.9% | -332.8% | ||
| Q1 24 | -38.5% | -208.1% |
每股收益（稀释后）APLSINSM
| Q4 25 | $-0.40 | $-1.55 | ||
| Q3 25 | $1.67 | $-1.75 | ||
| Q2 25 | $-0.33 | $-1.70 | ||
| Q1 25 | $-0.74 | $-1.42 | ||
| Q4 24 | $-0.30 | $-1.30 | ||
| Q3 24 | $-0.46 | $-1.27 | ||
| Q2 24 | $-0.30 | $-1.94 | ||
| Q1 24 | $-0.54 | $-1.06 |
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 | $1.4B |
| 总债务越低越好 | — | $546.8M |
| 股东权益账面价值 | $370.1M | $739.0M |
| 总资产 | $1.1B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.74× |
8季度趋势，按日历期对齐
现金及短期投资APLSINSM
| Q4 25 | $466.2M | $1.4B | ||
| Q3 25 | $479.2M | $1.7B | ||
| Q2 25 | $370.0M | $1.9B | ||
| Q1 25 | $358.4M | $1.2B | ||
| Q4 24 | $411.3M | $1.4B | ||
| Q3 24 | $396.9M | $1.5B | ||
| Q2 24 | $360.1M | $1.2B | ||
| Q1 24 | $325.9M | $595.7M |
总债务APLSINSM
| Q4 25 | — | $546.8M | ||
| Q3 25 | — | $546.8M | ||
| Q2 25 | — | $546.8M | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $971.8M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $93.1M | $1.2B |
股东权益APLSINSM
| Q4 25 | $370.1M | $739.0M | ||
| Q3 25 | $401.2M | $945.6M | ||
| Q2 25 | $156.3M | $1.2B | ||
| Q1 25 | $164.2M | $99.2M | ||
| Q4 24 | $228.5M | $285.4M | ||
| Q3 24 | $237.1M | $483.4M | ||
| Q2 24 | $264.3M | $38.8M | ||
| Q1 24 | $266.7M | $-464.8M |
总资产APLSINSM
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $821.4M | $2.5B | ||
| Q1 25 | $807.3M | $1.8B | ||
| Q4 24 | $885.1M | $2.0B | ||
| Q3 24 | $901.9M | $2.1B | ||
| Q2 24 | $904.5M | $1.8B | ||
| Q1 24 | $831.9M | $1.2B |
负债/权益比APLSINSM
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 11.31× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | — | 30.66× | ||
| Q1 24 | 0.35× | — |
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 | $-247.6M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-264.2M |
| 自由现金流率自由现金流/营收 | -7.1% | -100.1% |
| 资本支出强度资本支出/营收 | 0.1% | 6.3% |
| 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 | $-967.6M |
8季度趋势，按日历期对齐
经营现金流APLSINSM
| Q4 25 | $-14.2M | $-247.6M | ||
| Q3 25 | $108.5M | $-219.8M | ||
| Q2 25 | $4.4M | $-205.6M | ||
| Q1 25 | $-53.4M | $-262.1M | ||
| Q4 24 | $19.4M | $-196.0M | ||
| Q3 24 | $34.1M | $-180.9M | ||
| Q2 24 | $-8.3M | $-123.0M | ||
| Q1 24 | $-133.0M | $-184.0M |
自由现金流APLSINSM
| Q4 25 | $-14.3M | $-264.2M | ||
| Q3 25 | $108.3M | $-222.2M | ||
| Q2 25 | $4.4M | $-209.1M | ||
| Q1 25 | $-53.4M | $-272.2M | ||
| Q4 24 | $19.3M | $-202.8M | ||
| Q3 24 | — | $-184.6M | ||
| Q2 24 | $-8.4M | $-129.7M | ||
| Q1 24 | $-133.3M | $-188.7M |
自由现金流率APLSINSM
| Q4 25 | -7.1% | -100.1% | ||
| Q3 25 | 23.6% | -156.1% | ||
| Q2 25 | 2.5% | -194.6% | ||
| Q1 25 | -32.0% | -293.2% | ||
| Q4 24 | 9.1% | -194.1% | ||
| Q3 24 | — | -197.6% | ||
| Q2 24 | -4.2% | -143.6% | ||
| Q1 24 | -77.3% | -250.0% |
资本支出强度APLSINSM
| Q4 25 | 0.1% | 6.3% | ||
| Q3 25 | 0.0% | 1.7% | ||
| Q2 25 | 0.0% | 3.2% | ||
| Q1 25 | 0.0% | 10.8% | ||
| Q4 24 | 0.0% | 6.5% | ||
| Q3 24 | 0.0% | 3.9% | ||
| Q2 24 | 0.0% | 7.5% | ||
| Q1 24 | 0.2% | 6.2% |
现金转化率APLSINSM
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
INSM
暂无分部数据
