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Apellis Pharmaceuticals, Inc.（APLS）与IONIS PHARMACEUTICALS INC（IONS）财务数据对比。点击上方公司名可切换其他公司
IONIS PHARMACEUTICALS INC的季度营收约是Apellis Pharmaceuticals, Inc.的1.0倍（$203.3M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -112.8%，领先83.3%），Apellis Pharmaceuticals, Inc.同比增速更快（-5.9% vs -10.3%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-159.0M），过去两年IONIS PHARMACEUTICALS INC的营收复合增速更高（30.4% 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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
APLS vs IONS — 直观对比
营收规模更大
IONS
是对方的1.0倍
$199.9M
营收增速更快
APLS
高出4.3%
-10.3%
净利率更高
APLS
高出83.3%
-112.8%
自由现金流更多
APLS
多$144.7M
$-159.0M
两年增速更快
IONS
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $203.3M |
| 净利润 | $-59.0M | $-229.4M |
| 毛利率 | — | 96.1% |
| 营业利润率 | -25.6% | -105.5% |
| 净利率 | -29.5% | -112.8% |
| 营收同比 | -5.9% | -10.3% |
| 净利润同比 | -62.2% | -119.8% |
| 每股收益（稀释后） | $-0.40 | $-1.35 |
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APLSIONS
| Q4 25 | $199.9M | $203.3M | ||
| Q3 25 | $458.6M | $156.7M | ||
| Q2 25 | $178.5M | $452.0M | ||
| Q1 25 | $166.8M | $131.6M | ||
| Q4 24 | $212.5M | $226.6M | ||
| Q3 24 | $196.8M | $133.8M | ||
| Q2 24 | $199.7M | $225.3M | ||
| Q1 24 | $172.3M | $119.5M |
净利润APLSIONS
| Q4 25 | $-59.0M | $-229.4M | ||
| Q3 25 | $215.7M | $-128.6M | ||
| Q2 25 | $-42.2M | $123.6M | ||
| Q1 25 | $-92.2M | $-146.9M | ||
| Q4 24 | $-36.4M | $-104.3M | ||
| Q3 24 | $-57.4M | $-140.5M | ||
| Q2 24 | $-37.7M | $-66.3M | ||
| Q1 24 | $-66.4M | $-142.8M |
毛利率APLSIONS
| Q4 25 | — | 96.1% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.9% | ||
| Q4 24 | — | 98.3% | ||
| Q3 24 | — | 99.2% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.2% |
营业利润率APLSIONS
| Q4 25 | -25.6% | -105.5% | ||
| Q3 25 | 48.7% | -102.2% | ||
| Q2 25 | -18.6% | 30.9% | ||
| Q1 25 | -50.0% | -111.6% | ||
| Q4 24 | -12.3% | -48.9% | ||
| Q3 24 | -24.0% | -111.1% | ||
| Q2 24 | -14.7% | -29.3% | ||
| Q1 24 | -36.0% | -125.1% |
净利率APLSIONS
| Q4 25 | -29.5% | -112.8% | ||
| Q3 25 | 47.0% | -82.1% | ||
| Q2 25 | -23.6% | 27.3% | ||
| Q1 25 | -55.3% | -111.6% | ||
| Q4 24 | -17.1% | -46.1% | ||
| Q3 24 | -29.2% | -105.0% | ||
| Q2 24 | -18.9% | -29.4% | ||
| Q1 24 | -38.5% | -119.5% |
每股收益（稀释后）APLSIONS
| Q4 25 | $-0.40 | $-1.35 | ||
| Q3 25 | $1.67 | $-0.80 | ||
| Q2 25 | $-0.33 | $0.70 | ||
| Q1 25 | $-0.74 | $-0.93 | ||
| Q4 24 | $-0.30 | $-0.66 | ||
| Q3 24 | $-0.46 | $-0.95 | ||
| Q2 24 | $-0.30 | $-0.45 | ||
| Q1 24 | $-0.54 | $-0.98 |
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 | $2.7B |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | $370.1M | $489.1M |
| 总资产 | $1.1B | $3.5B |
| 负债/权益比越低杠杆越低 | — | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资APLSIONS
| Q4 25 | $466.2M | $2.7B | ||
| Q3 25 | $479.2M | $2.2B | ||
| Q2 25 | $370.0M | $2.3B | ||
| Q1 25 | $358.4M | $2.1B | ||
| Q4 24 | $411.3M | $2.3B | ||
| Q3 24 | $396.9M | $2.5B | ||
| Q2 24 | $360.1M | $2.1B | ||
| Q1 24 | $325.9M | $2.2B |
总债务APLSIONS
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSIONS
| Q4 25 | $370.1M | $489.1M | ||
| Q3 25 | $401.2M | $618.0M | ||
| Q2 25 | $156.3M | $631.7M | ||
| Q1 25 | $164.2M | $475.7M | ||
| Q4 24 | $228.5M | $588.4M | ||
| Q3 24 | $237.1M | $662.5M | ||
| Q2 24 | $264.3M | $263.7M | ||
| Q1 24 | $266.7M | $296.5M |
总资产APLSIONS
| Q4 25 | $1.1B | $3.5B | ||
| Q3 25 | $1.1B | $3.0B | ||
| Q2 25 | $821.4M | $3.0B | ||
| Q1 25 | $807.3M | $2.8B | ||
| Q4 24 | $885.1M | $3.0B | ||
| Q3 24 | $901.9M | $3.1B | ||
| Q2 24 | $904.5M | $2.7B | ||
| Q1 24 | $831.9M | $2.8B |
负债/权益比APLSIONS
| Q4 25 | — | 3.71× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-159.0M |
| 自由现金流率自由现金流/营收 | -7.1% | -78.2% |
| 资本支出强度资本支出/营收 | 0.1% | 10.5% |
| 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 | $-320.0M |
8季度趋势，按日历期对齐
经营现金流APLSIONS
| Q4 25 | $-14.2M | $-137.7M | ||
| Q3 25 | $108.5M | $-131.4M | ||
| Q2 25 | $4.4M | $151.3M | ||
| Q1 25 | $-53.4M | $-150.8M | ||
| Q4 24 | $19.4M | $-116.1M | ||
| Q3 24 | $34.1M | $-115.0M | ||
| Q2 24 | $-8.3M | $-119.9M | ||
| Q1 24 | $-133.0M | $-149.9M |
自由现金流APLSIONS
| Q4 25 | $-14.3M | $-159.0M | ||
| Q3 25 | $108.3M | $-136.7M | ||
| Q2 25 | $4.4M | $139.0M | ||
| Q1 25 | $-53.4M | $-163.4M | ||
| Q4 24 | $19.3M | $-141.6M | ||
| Q3 24 | — | $-124.0M | ||
| Q2 24 | $-8.4M | $-126.1M | ||
| Q1 24 | $-133.3M | $-154.4M |
自由现金流率APLSIONS
| Q4 25 | -7.1% | -78.2% | ||
| Q3 25 | 23.6% | -87.2% | ||
| Q2 25 | 2.5% | 30.8% | ||
| Q1 25 | -32.0% | -124.1% | ||
| Q4 24 | 9.1% | -62.5% | ||
| Q3 24 | — | -92.7% | ||
| Q2 24 | -4.2% | -56.0% | ||
| Q1 24 | -77.3% | -129.2% |
资本支出强度APLSIONS
| Q4 25 | 0.1% | 10.5% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 2.7% | ||
| Q1 25 | 0.0% | 9.6% | ||
| Q4 24 | 0.0% | 11.3% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.0% | 2.8% | ||
| Q1 24 | 0.2% | 3.8% |
现金转化率APLSIONS
| Q4 25 | — | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | — | 1.22× | ||
| 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% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
