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Apellis Pharmaceuticals, Inc.（APLS）与TG THERAPEUTICS, INC.（TGTX）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TG THERAPEUTICS, INC.的1.0倍（$199.9M vs $192.6M），TG THERAPEUTICS, INC.净利率更高（12.0% vs -29.5%，领先41.5%），TG THERAPEUTICS, INC.同比增速更快（78.0% vs -5.9%），TG THERAPEUTICS, INC.自由现金流更多（$19.6M vs $-14.3M），过去两年TG THERAPEUTICS, INC.的营收复合增速更高（74.2% 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。
TG Therapeutics是一家处于商业化阶段的生物制药企业，专注于开发及商业化B细胞恶性肿瘤、自身免疫性疾病与神经退行性疾病的创新疗法，核心产品线覆盖靶向单克隆抗体与口服小分子药物，主要市场为北美和欧洲。
APLS vs TGTX — 直观对比
营收规模更大
APLS
是对方的1.0倍
$192.6M
营收增速更快
TGTX
高出83.9%
-5.9%
净利率更高
TGTX
高出41.5%
-29.5%
自由现金流更多
TGTX
多$33.9M
$-14.3M
两年增速更快
TGTX
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $192.6M |
| 净利润 | $-59.0M | $23.0M |
| 毛利率 | — | 80.2% |
| 营业利润率 | -25.6% | 26.2% |
| 净利率 | -29.5% | 12.0% |
| 营收同比 | -5.9% | 78.0% |
| 净利润同比 | -62.2% | -1.3% |
| 每股收益（稀释后） | $-0.40 | $0.14 |
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APLSTGTX
| Q4 25 | $199.9M | $192.6M | ||
| Q3 25 | $458.6M | $161.7M | ||
| Q2 25 | $178.5M | $141.1M | ||
| Q1 25 | $166.8M | $120.9M | ||
| Q4 24 | $212.5M | $108.2M | ||
| Q3 24 | $196.8M | $83.9M | ||
| Q2 24 | $199.7M | $73.5M | ||
| Q1 24 | $172.3M | $63.5M |
净利润APLSTGTX
| Q4 25 | $-59.0M | $23.0M | ||
| Q3 25 | $215.7M | $390.9M | ||
| Q2 25 | $-42.2M | $28.2M | ||
| Q1 25 | $-92.2M | $5.1M | ||
| Q4 24 | $-36.4M | $23.3M | ||
| Q3 24 | $-57.4M | $3.9M | ||
| Q2 24 | $-37.7M | $6.9M | ||
| Q1 24 | $-66.4M | $-10.7M |
毛利率APLSTGTX
| Q4 25 | — | 80.2% | ||
| Q3 25 | — | 82.6% | ||
| Q2 25 | — | 86.6% | ||
| Q1 25 | — | 87.1% | ||
| Q4 24 | — | 85.8% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 88.7% | ||
| Q1 24 | — | 91.4% |
营业利润率APLSTGTX
| Q4 25 | -25.6% | 26.2% | ||
| Q3 25 | 48.7% | 18.2% | ||
| Q2 25 | -18.6% | 24.7% | ||
| Q1 25 | -50.0% | 7.1% | ||
| Q4 24 | -12.3% | 27.7% | ||
| Q3 24 | -24.0% | 14.8% | ||
| Q2 24 | -14.7% | 12.0% | ||
| Q1 24 | -36.0% | -14.6% |
净利率APLSTGTX
| Q4 25 | -29.5% | 12.0% | ||
| Q3 25 | 47.0% | 241.7% | ||
| Q2 25 | -23.6% | 20.0% | ||
| Q1 25 | -55.3% | 4.2% | ||
| Q4 24 | -17.1% | 21.6% | ||
| Q3 24 | -29.2% | 4.6% | ||
| Q2 24 | -18.9% | 9.4% | ||
| Q1 24 | -38.5% | -16.9% |
每股收益（稀释后）APLSTGTX
| Q4 25 | $-0.40 | $0.14 | ||
| Q3 25 | $1.67 | $2.43 | ||
| Q2 25 | $-0.33 | $0.17 | ||
| Q1 25 | $-0.74 | $0.03 | ||
| Q4 24 | $-0.30 | $0.16 | ||
| Q3 24 | $-0.46 | $0.02 | ||
| Q2 24 | $-0.30 | $0.04 | ||
| Q1 24 | $-0.54 | $-0.07 |
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 | $142.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $370.1M | $648.0M |
| 总资产 | $1.1B | $1.1B |
| 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APLSTGTX
| Q4 25 | $466.2M | $142.0M | ||
| Q3 25 | $479.2M | $131.6M | ||
| Q2 25 | $370.0M | $251.9M | ||
| Q1 25 | $358.4M | $276.2M | ||
| Q4 24 | $411.3M | $311.0M | ||
| Q3 24 | $396.9M | $341.0M | ||
| Q2 24 | $360.1M | $217.3M | ||
| Q1 24 | $325.9M | $209.8M |
总债务APLSTGTX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $93.1M | — |
股东权益APLSTGTX
| Q4 25 | $370.1M | $648.0M | ||
| Q3 25 | $401.2M | $607.2M | ||
| Q2 25 | $156.3M | $276.4M | ||
| Q1 25 | $164.2M | $237.3M | ||
| Q4 24 | $228.5M | $222.4M | ||
| Q3 24 | $237.1M | $192.2M | ||
| Q2 24 | $264.3M | $177.6M | ||
| Q1 24 | $266.7M | $160.1M |
总资产APLSTGTX
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $821.4M | $702.6M | ||
| Q1 25 | $807.3M | $656.7M | ||
| Q4 24 | $885.1M | $577.7M | ||
| Q3 24 | $901.9M | $586.0M | ||
| Q2 24 | $904.5M | $401.2M | ||
| Q1 24 | $831.9M | $373.3M |
负债/权益比APLSTGTX
| 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 | $19.7M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $19.6M |
| 自由现金流率自由现金流/营收 | -7.1% | 10.2% |
| 资本支出强度资本支出/营收 | 0.1% | 0.0% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $-25.0M |
8季度趋势，按日历期对齐
经营现金流APLSTGTX
| Q4 25 | $-14.2M | $19.7M | ||
| Q3 25 | $108.5M | $-23.2M | ||
| Q2 25 | $4.4M | $7.4M | ||
| Q1 25 | $-53.4M | $-28.7M | ||
| Q4 24 | $19.4M | $-25.6M | ||
| Q3 24 | $34.1M | $-12.2M | ||
| Q2 24 | $-8.3M | $5.5M | ||
| Q1 24 | $-133.0M | $-8.2M |
自由现金流APLSTGTX
| Q4 25 | $-14.3M | $19.6M | ||
| Q3 25 | $108.3M | $-23.2M | ||
| Q2 25 | $4.4M | $7.4M | ||
| Q1 25 | $-53.4M | $-28.7M | ||
| Q4 24 | $19.3M | $-25.7M | ||
| Q3 24 | — | $-12.2M | ||
| Q2 24 | $-8.4M | — | ||
| Q1 24 | $-133.3M | — |
自由现金流率APLSTGTX
| Q4 25 | -7.1% | 10.2% | ||
| Q3 25 | 23.6% | -14.4% | ||
| Q2 25 | 2.5% | 5.2% | ||
| Q1 25 | -32.0% | -23.8% | ||
| Q4 24 | 9.1% | -23.7% | ||
| Q3 24 | — | -14.6% | ||
| Q2 24 | -4.2% | — | ||
| Q1 24 | -77.3% | — |
资本支出强度APLSTGTX
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 0.0% | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.0% | 0.0% | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.2% | 0.0% |
现金转化率APLSTGTX
| Q4 25 | — | 0.85× | ||
| Q3 25 | 0.50× | -0.06× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | -5.67× | ||
| Q4 24 | — | -1.10× | ||
| Q3 24 | — | -3.15× | ||
| Q2 24 | — | 0.80× | ||
| 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% |
TGTX
| Products | $189.1M | 98% |
| License | $3.5M | 2% |
