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Apellis Pharmaceuticals, Inc.（APLS）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
Ultragenyx Pharmaceutical Inc.的季度营收约是Apellis Pharmaceuticals, Inc.的1.0倍（$207.3M vs $199.9M），Apellis Pharmaceuticals, Inc.净利率更高（-29.5% vs -62.0%，领先32.5%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs -5.9%），Apellis Pharmaceuticals, Inc.自由现金流更多（$-14.3M vs $-100.8M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
APLS vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $207.3M |
| 净利润 | $-59.0M | $-128.6M |
| 毛利率 | — | — |
| 营业利润率 | -25.6% | -54.7% |
| 净利率 | -29.5% | -62.0% |
| 营收同比 | -5.9% | 25.9% |
| 净利润同比 | -62.2% | 3.5% |
| 每股收益（稀释后） | $-0.40 | $-1.28 |
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
| Q4 25 | $199.9M | $207.3M | ||
| Q3 25 | $458.6M | $159.9M | ||
| Q2 25 | $178.5M | $166.5M | ||
| Q1 25 | $166.8M | $139.3M | ||
| Q4 24 | $212.5M | $164.6M | ||
| Q3 24 | $196.8M | $139.5M | ||
| Q2 24 | $199.7M | $147.0M | ||
| Q1 24 | $172.3M | $108.8M |
| Q4 25 | $-59.0M | $-128.6M | ||
| Q3 25 | $215.7M | $-180.4M | ||
| Q2 25 | $-42.2M | $-115.0M | ||
| Q1 25 | $-92.2M | $-151.1M | ||
| Q4 24 | $-36.4M | $-133.2M | ||
| Q3 24 | $-57.4M | $-133.5M | ||
| Q2 24 | $-37.7M | $-131.6M | ||
| Q1 24 | $-66.4M | $-170.7M |
| Q4 25 | -25.6% | -54.7% | ||
| Q3 25 | 48.7% | -106.9% | ||
| Q2 25 | -18.6% | -64.8% | ||
| Q1 25 | -50.0% | -102.6% | ||
| Q4 24 | -12.3% | -74.3% | ||
| Q3 24 | -24.0% | -94.6% | ||
| Q2 24 | -14.7% | -79.1% | ||
| Q1 24 | -36.0% | -151.9% |
| Q4 25 | -29.5% | -62.0% | ||
| Q3 25 | 47.0% | -112.8% | ||
| Q2 25 | -23.6% | -69.0% | ||
| Q1 25 | -55.3% | -108.5% | ||
| Q4 24 | -17.1% | -80.9% | ||
| Q3 24 | -29.2% | -95.7% | ||
| Q2 24 | -18.9% | -89.5% | ||
| Q1 24 | -38.5% | -156.8% |
| Q4 25 | $-0.40 | $-1.28 | ||
| Q3 25 | $1.67 | $-1.81 | ||
| Q2 25 | $-0.33 | $-1.17 | ||
| Q1 25 | $-0.74 | $-1.57 | ||
| Q4 24 | $-0.30 | $-1.34 | ||
| Q3 24 | $-0.46 | $-1.40 | ||
| Q2 24 | $-0.30 | $-1.52 | ||
| Q1 24 | $-0.54 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $-80.0M |
| 总资产 | $1.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $466.2M | $421.0M | ||
| Q3 25 | $479.2M | $202.5M | ||
| Q2 25 | $370.0M | $176.3M | ||
| Q1 25 | $358.4M | $127.1M | ||
| Q4 24 | $411.3M | $174.0M | ||
| Q3 24 | $396.9M | $150.6M | ||
| Q2 24 | $360.1M | $480.7M | ||
| Q1 24 | $325.9M | $112.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
| Q4 25 | $370.1M | $-80.0M | ||
| Q3 25 | $401.2M | $9.2M | ||
| Q2 25 | $156.3M | $151.3M | ||
| Q1 25 | $164.2M | $144.2M | ||
| Q4 24 | $228.5M | $255.0M | ||
| Q3 24 | $237.1M | $346.8M | ||
| Q2 24 | $264.3M | $432.4M | ||
| Q1 24 | $266.7M | $140.3M |
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $821.4M | $1.3B | ||
| Q1 25 | $807.3M | $1.3B | ||
| Q4 24 | $885.1M | $1.5B | ||
| Q3 24 | $901.9M | $1.5B | ||
| Q2 24 | $904.5M | $1.6B | ||
| Q1 24 | $831.9M | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $-100.8M |
| 自由现金流率自由现金流/营收 | -7.1% | -48.6% |
| 资本支出强度资本支出/营收 | 0.1% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-14.2M | $-99.8M | ||
| Q3 25 | $108.5M | $-91.4M | ||
| Q2 25 | $4.4M | $-108.3M | ||
| Q1 25 | $-53.4M | $-166.5M | ||
| Q4 24 | $19.4M | $-79.3M | ||
| Q3 24 | $34.1M | $-67.0M | ||
| Q2 24 | $-8.3M | $-77.0M | ||
| Q1 24 | $-133.0M | $-190.7M |
| Q4 25 | $-14.3M | $-100.8M | ||
| Q3 25 | $108.3M | $-92.7M | ||
| Q2 25 | $4.4M | $-110.7M | ||
| Q1 25 | $-53.4M | $-167.8M | ||
| Q4 24 | $19.3M | $-79.5M | ||
| Q3 24 | — | $-68.6M | ||
| Q2 24 | $-8.4M | $-79.0M | ||
| Q1 24 | $-133.3M | $-193.9M |
| Q4 25 | -7.1% | -48.6% | ||
| Q3 25 | 23.6% | -58.0% | ||
| Q2 25 | 2.5% | -66.5% | ||
| Q1 25 | -32.0% | -120.5% | ||
| Q4 24 | 9.1% | -48.3% | ||
| Q3 24 | — | -49.2% | ||
| Q2 24 | -4.2% | -53.7% | ||
| Q1 24 | -77.3% | -178.2% |
| Q4 25 | 0.1% | 0.5% | ||
| Q3 25 | 0.0% | 0.8% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.0% | 1.4% | ||
| Q1 24 | 0.2% | 3.0% |
| 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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
