Earnings release
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Apellis Pharmaceuticals Reports Third Quarter 2025 Financial Results Generated $459 million in 3Q 2025 revenues, including $178 million in U.S. net product salesReceived 152 new patient start forms for EMPAVELI (pegcetacoplan) in the first two months since launch in C3G andprimary IC-MPGNReported EMPAVELI U.S. net product revenue of $27 million, reflecting strong early launch in C3G and primary IC-MPGNand continued high patient compliance in PNHSYFOVRE (pegcetacoplan injection) total injection demand grew 4% quarter-over-quarter, with U.S. net productrevenue of $151 millionCash and cash equivalents of $479 million as of September 30, 2025; existing cash expected to be sufficient to fundbusiness to sustainable profitabilityManagement to host conference call today at 8:30 a.m. ET WALTHAM, Mass., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), today announcedits third quarter 2025 financial results and business highlights. “The third quarter was marked by strong execution and meaningful progress across our commercial and developmentportfolio. We were thrilled to receive our third regulatory approval in just four years, introducing a first-in-class C3 therapy forpatients with C3G and primary IC-MPGN, many of whom previously had no available treatment options. The positivereception from the nephrology community reflects recognition of EMPAVELI’s compelling efficacy and safety profile, andstrengthens our confidence in its potential to become the treatment of choice for patients,” said Cedric Francois, M.D., Ph.D.,chief executive officer at Apellis. “At the same time, SYFOVRE continues to lead the geographic atrophy market and deliver asteady, durable revenue stream that supports our long-term growth ambitions. Combined with our strong financial position,these achievements enable us to enter the fourth quarter and 2026 with a solid foundation and clear momentum forcontinued growth.” Third Quarter 2025 Business Highlights and Upcoming Milestones Maximizing EMPAVELI’s impact in rare diseases Recorded $26.8 million in EMPAVELI U.S. net product revenue for the third quarter 2025.C3 glomerulopathy (C3G) and primary immune complex glomerulonephritis (IC-MPGN):On July 28, 2025, EMPAVELI was approved by the U.S. Food and Drug Administration (FDA) as the first treatment forC3G and primary IC-MPGN for patients 12 and older. Approval was based on the trifecta of positive outcomes in thePhase 3 VALIANT study including a 68% reduction in proteinuria, stabilization of kidney function, and substantialclearance of C3 deposits as measured by C3 staining, compared to placebo.Launch is underway with 152 patient start forms received as of September 30, 2025. This number includesapproximately 50 patients from the Company’s early access program who are in the process of transitioning tocommercial product.Sobi, the Company’s ex-U.S. commercialization partner, expects an opinion from the European Medicines Agency’s(EMA) Committee for Medicinal Products for Human Use (CHMP) for its indication extension application for Aspaveli(the brand name for EMPAVELI outside the U.S.) in C3G and primary IC-MPGN before year-end 2025.Seven abstracts were accepted for presentation at the upcoming American Society of Nephrology (ASN) KidneyWeek, including new 52-week data from the Phase 3 VALIANT study that reinforce the robust and sustained efficacyprofile of EMPAVELI in C3G and primary IC-MPGN.Paroxysmal nocturnal hemoglobinuria (PNH):The Company continues to see high patient compliance rates of 97%.Focal segmental glomerulosclerosis (FSGS) and delayed graft function (DGF):The Company expects to initiate two pivotal studies by year-end 2025, one in FSGS and one in DGF, two rare kidneydiseases with significant complement pathway involvement and no approved therapies. Transforming the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD) SYFOVRE:Generated $150.9 million in SYFOVRE U.S. net product revenue in the third quarter of 2025Total injections grew 4% quarter-over-quarter.SYFOVRE remains the market leader in GA with total market share exceeding an estimated 60% and 52% of newpatient starts during the quarter.Utilization of SYFOVRE free goods remained elevated during the quarter and impacted revenue by approximately$15 million.Delivered approximately 101K SYFOVRE doses to physician offices, including ~86K commercial doses and ~15Kfree goods doses.The Phase 2 study of SYFOVRE + APL-3007, a potential next generation treatment aimed at comprehensivelyblocking complement activity in the retina and choroid, is ongoing. Business Update October 30, 2025 ® ®
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Apellis and Sobi announced a capped royalty purchase agreement in July in which Apellis will receive up to $300 millionin exchange for 90% of Apellis’ future ex-U.S. royalties for Aspaveli.Per the companies’ 2020 collaboration agreement, Apellis is eligible for tiered royalties on ex-U.S. sales of Aspaveliranging from high teens to high twenties.Under the terms of the royalty purchase agreement, Sobi acquired 90% of Apellis’ ex-U.S. royalties for Aspaveli for$275 million in cash. Apellis is also eligible for up to $25 million in milestone payments upon EMA approval of Aspavelifor C3G and IC-MPGN.The agreement is subject to defined caps tied to Aspaveli’s performance. Sobi retains 90% of ex-U.S. royalties untilthese caps are achieved, after which 100% of all ex-U.S. royalties revert to Apellis. Third Quarter 2025 Financial Results Total Revenue Total revenue was $458.6 million for the third quarter of 2025, which consisted of $150.9 million of SYFOVRE U.S. netproduct revenue, $26.8 million of EMPAVELI U.S. net product revenue, the $275.0 million upfront payment from Sobi inconnection with the Aspaveli royalty purchase agreement, and $5.8 million in licensing and other revenue associated with theSobi collaboration. Total revenue was $196.8 million for the third quarter of 2024, which consisted of $152.0 million ofSYFOVRE U.S. net product revenue, $24.6 million in EMPAVELI U.S. net product revenue, and $20.3 million in licensing andother revenue associated with the Sobi collaboration. Cost of Sales Cost of sales was $24.5 million for the third quarter 2025, compared to $33.6 million for the same period in 2024. Thedecrease in cost of sales was primarily driven by lower volumes of product supplied to Sobi, a decrease in expenses incurredrelated to excess, obsolete or scrapped inventory and a decrease due to costs incurred in connection with cancellablepurchase commitments. The decreases were partially offset by a higher volume from commercial sales and product providedunder our patient assistance programs. R&D Expenses R&D expenses were $68.2 million for the third quarter of 2025, compared to $88.6 million for the same period in 2024. Thedecrease in R&D expenses was primarily driven by lower program-specific and non-program-specific external costs, andlower compensation and related personnel costs. Selling, General and Administrative (SG&A) Expenses SG&A expenses were $142.7 million for the third quarter of 2025, compared to $122.0 million for the same period in 2024.The increase in SG&A was primarily driven by higher general commercial activities, personnel costs and general andadministrative expenses, including office expenses, travel expenses, insurance expenses, professional and consulting fees,and other expenses, partially offset by lower personnel costs and lower factoring fees. Net Income Apellis reported a net income of $215.7 million for the third quarter 2025, driven by the one-time $275.0 million upfrontpayment from Sobi in connection with the Aspaveli royalty purchase agreement. This compared to a net loss of $57.4 millionfor the same period in 2024. Cash As of September 30, 2025, Apellis had $479.2 million in cash and cash equivalents, compared to $411.3 million in cash andcash equivalents as of December 31, 2024. Based on its strong cash position, the Company elected to discontinue factoringits receivables during the quarter. Apellis now carries the incremental $80.6 million in receivables from the first three quartersof the year on its balance sheet and expects to realize cost savings of approximately $4.8 million on a go-forward annualbasis. The Company continues to expect that its cash, combined with expected product revenues, will fund the business toprofitability. Conference Call and Webcast Apellis will host a conference call and webcast to discuss its third quarter 2025 financial results and business highlightstoday, October 30, 2025, at 8:30 a.m. ET. To access the live call by phone, please pre-register for the call here. A live audiowebcast of the event and accompanying slides may also be accessed through the “Events and Presentations” page of the“Investors and Media” section of the Company’s website. A replay of the webcast will be available for 90 days following theevent.
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About SYFOVRE (pegcetacoplan injection) SYFOVRE (pegcetacoplan injection) is the first-ever approved therapy for geographic atrophy secondary to age-relatedmacular degeneration. By targeting C3, SYFOVRE is designed to provide comprehensive control of the complementcascade, part of the body’s immune system. SYFOVRE is approved in the United States and Australia. About EMPAVELI/Aspaveli (pegcetacoplan) EMPAVELI/Aspaveli (pegcetacoplan) is a targeted C3 therapy designed to regulate excessive activation of thecomplement cascade, part of the body’s immune system, which can lead to the onset and progression of many seriousdiseases. It is the first treatment approved in the United States for C3 glomerulopathy (C3G) or primary immune complexmembranoproliferative glomerulonephritis (IC-MPGN) in patients 12 years of age and older, to reduce proteinuria. EMPAVELIis also approved for the treatment of adults with paroxysmal nocturnal hemoglobinuria (PNH) in the United States, EuropeanUnion, and other countries globally, and is under investigation for other rare diseases. About the Apellis and Sobi Collaboration Apellis and Sobi have global co-development rights for systemic pegcetacoplan. Sobi has exclusive ex-U.S.commercialization rights for systemic pegcetacoplan, and its opt-in rights for future development programs are unchanged,exercisable at any time prior to commercialization. Apellis has exclusive U.S. commercialization rights for systemicpegcetacoplan and worldwide commercial rights for ophthalmological pegcetacoplan, including for geographic atrophy. U.S. Important Safety Information for SYFOVRE (pegcetacoplan injection) CONTRAINDICATIONS SYFOVRE is contraindicated in patients with ocular or periocular infections, in patients with active intraocularinflammation, and in patients with hypersensitivity to pegcetacoplan or any of the excipients in SYFOVRE. Systemichypersensitivity reactions (e.g., anaphylaxis, rash, urticaria) have occurred. WARNINGS AND PRECAUTIONS Endophthalmitis and Retinal DetachmentsIntravitreal injections, including those with SYFOVRE, may be associated with endophthalmitis and retinaldetachments. Proper aseptic injection technique must always be used when administering SYFOVRE to minimize therisk of endophthalmitis. Patients should be instructed to report any symptoms suggestive of endophthalmitis or retinaldetachment without delay and should be managed appropriately.Retinal Vasculitis and/or Retinal Vascular OcclusionRetinal vasculitis and/or retinal vascular occlusion, typically in the presence of intraocular inflammation, have beenreported with the use of SYFOVRE. Cases may occur with the first dose of SYFOVRE and may result in severe visionloss. Discontinue treatment with SYFOVRE in patients who develop these events. Patients should be instructed toreport any change in vision without delay.Neovascular AMDIn clinical trials, use of SYFOVRE was associated with increased rates of neovascular (wet) AMD or choroidalneovascularization (12% when administered monthly, 7% when administered every other month and 3% in the controlgroup) by Month 24. Patients receiving SYFOVRE should be monitored for signs of neovascular AMD. In case anti-Vascular Endothelial Growth Factor (anti-VEGF) is required, it should be given separately from SYFOVREadministration.Intraocular InflammationIn clinical trials, use of SYFOVRE was associated with episodes of intraocular inflammation including: vitritis, vitrealcells, iridocyclitis, uveitis, anterior chamber cells, iritis, and anterior chamber flare. After inflammation resolves,patients may resume treatment with SYFOVRE.Increased Intraocular PressureAcute increase in IOP may occur within minutes of any intravitreal injection, including with SYFOVRE. Perfusion of theoptic nerve head should be monitored following the injection and managed as needed. ADVERSE REACTIONS Most common adverse reactions (incidence ≥5%) are ocular discomfort, neovascular age-related macular degeneration,vitreous floaters, conjunctival hemorrhage. Please see full Prescribing Information for more information. U.S. Important Safety Information for EMPAVELI (pegcetacoplan) BOXED WARNING: SERIOUS INFECTIONS CAUSED BY ENCAPSULATED BACTERIAEMPAVELI, a complement inhibitor, increases the risk of serious infections, especially those caused byencapsulated bacteria, such as Streptococcus pneumoniae, Neisseria meningitidis, and Haemophilus ® ® ® ® ® ® ® ®
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influenzae type B. Life-threatening and fatal infections with encapsulated bacteria have occurred in patients treatedwith complement inhibitors. These infections may become rapidly life-threatening or fatal if not recognized andtreated early. Complete or update vaccination for encapsulated bacteria at least 2 weeks prior to the first dose of EMPAVELI,unless the risks of delaying therapy with EMPAVELI outweigh the risks of developing a serious infection. Complywith the most current Advisory Committee on Immunization Practices (ACIP) recommendations for vaccinationsagainst encapsulated bacteria in patients receiving a complement inhibitor.Patients receiving EMPAVELI are at increased risk for invasive disease caused by encapsulated bacteria, even ifthey develop antibodies following vaccination. Monitor patients for early signs and symptoms of seriousinfections and evaluate immediately if infection is suspected. Because of the risk of serious infections caused by encapsulated bacteria, EMPAVELI is available only through arestricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the EMPAVELI REMS. CONTRAINDICATIONS Hypersensitivity to pegcetacoplan or to any of the excipientsFor initiation in patients with unresolved serious infection caused by encapsulated bacteria including Streptococcuspneumoniae, Neisseria meningitidis, and Haemophilus influenzae type B WARNINGS AND PRECAUTIONS Serious Infections Caused by Encapsulated Bacteria EMPAVELI, a complement inhibitor, increases a patient’s susceptibility to serious, life-threatening, or fatal infections causedby encapsulated bacteria including Streptococcus pneumoniae, Neisseria meningitidis (caused by any serogroup, includingnon-groupable strains), and Haemophilus influenzae type B. Life-threatening and fatal infections with encapsulated bacteriahave occurred in both vaccinated and unvaccinated patients treated with complement inhibitors. The initiation of EMPAVELItreatment is contraindicated in patients with unresolved serious infection caused by encapsulated bacteria. Complete or update vaccination against encapsulated bacteria at least 2 weeks prior to administration of the first dose ofEMPAVELI, according to the most current ACIP recommendations for patients receiving a complement inhibitor. Revaccinatepatients in accordance with ACIP recommendations considering the duration of therapy with EMPAVELI. Note that ACIPrecommends an administration schedule in patients receiving complement inhibitors that differs from the administrationschedule in the vaccine prescribing information. If urgent EMPAVELI therapy is indicated in a patient who is not up to datewith vaccines against encapsulated bacteria according to ACIP recommendations, provide the patient with antibacterial drugprophylaxis and administer these vaccines as soon as possible. The benefits and risks of treatment with EMPAVELI, as wellas the benefits and risks of antibacterial drug prophylaxis in unvaccinated or vaccinated patients, must be considered againstthe known risks for serious infections caused by encapsulated bacteria. Vaccination does not eliminate the risk of serious encapsulated bacterial infections, despite development of antibodiesfollowing vaccination. Closely monitor patients for early signs and symptoms of serious infection and evaluate patientsimmediately if an infection is suspected. Inform patients of these signs and symptoms and instruct patients to seekimmediate medical care if these signs and symptoms occur. Promptly treat known infections. Serious infection may becomerapidly life-threatening or fatal if not recognized and treated early. Consider interruption of EMPAVELI in patients who areundergoing treatment for serious infections. EMPAVELI is available only through a restricted program under a REMS. EMPAVELI REMS EMPAVELI is available only through a restricted program under a REMS called EMPAVELI REMS, because of the risk ofserious infections caused by encapsulated bacteria. Notable requirements of the EMPAVELI REMS include the following: Under the EMPAVELI REMS, prescribers must enroll in the program. Prescribers must counsel patients about the risks,signs, and symptoms of serious infections caused by encapsulated bacteria, provide patients with the REMS educationalmaterials, ensure patients are vaccinated against encapsulated bacteria at least 2 weeks prior to the first dose of EMPAVELI,prescribe antibacterial drug prophylaxis if patients’ vaccine status is not up to date and treatment must be started urgently,and provide instructions to always carry the Patient Safety Card both during treatment, as well as for 2 months following lastdose of EMPAVELI. Pharmacies that dispense EMPAVELI must be certified in the EMPAVELI REMS and must verifyprescribers are certified. Further information is available at www.empavelirems.com or 1-888-343-7073. Infusion-Related Reactions
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Systemic hypersensitivity reactions (eg, facial swelling, rash, urticaria, pyrexia) have occurred in patients treated withEMPAVELI, which may resolve after treatment with antihistamines. Cases of anaphylaxis leading to treatment discontinuationhave been reported. If a severe hypersensitivity reaction (including anaphylaxis) occurs, discontinue EMPAVELI infusionimmediately, institute appropriate treatment, per standard of care, and monitor until signs and symptoms are resolved. Monitoring Paroxysmal Nocturnal Hemoglobinuria (PNH) Manifestations after Discontinuation of EMPAVELI After discontinuing treatment with EMPAVELI, closely monitor for signs and symptoms of hemolysis, identified by elevatedLDH levels along with sudden decrease in PNH clone size or hemoglobin, or reappearance of symptoms such as fatigue,hemoglobinuria, abdominal pain, dyspnea, major adverse vascular events (including thrombosis), dysphagia, or erectiledysfunction. Monitor any patient who discontinues EMPAVELI for at least 8 weeks to detect hemolysis and other reactions. Ifhemolysis, including elevated LDH, occurs after discontinuation of EMPAVELI, consider restarting treatment with EMPAVELI. Interference with Laboratory Tests There may be interference between silica reagents in coagulation panels and EMPAVELI that results in artificially prolongedactivated partial thromboplastin time (aPTT); therefore, avoid the use of silica reagents in coagulation panels. ADVERSE REACTIONS Most common adverse reactions in adult patients with PNH (incidence ≥10%) were injection site reactions, infections,diarrhea, abdominal pain, respiratory tract infection, pain in extremity, hypokalemia, fatigue, viral infection, cough, arthralgia,dizziness, headache, and rash. Most common adverse reactions in adult and pediatric patients 12 years of age and older with C3 glomerulopathy (C3G) orprimary immune-complex membranoproliferative glomerulonephritis (IC-MPGN) (incidence ≥10%) were injection-sitereactions, pyrexia, nasopharyngitis, influenza, cough, and nausea. USE IN SPECIFIC POPULATIONS Females of Reproductive Potential EMPAVELI may cause embryo-fetal harm when administered to pregnant women. Pregnancy testing is recommended forfemales of reproductive potential prior to treatment with EMPAVELI. Advise female patients of reproductive potential to useeffective contraception during treatment with EMPAVELI and for 40 days after the last dose. Please see full Prescribing Information, including Boxed WARNING regarding serious infections caused byencapsulated bacteria, and Medication Guide. About ApellisApellis Pharmaceuticals, Inc. is a global biopharmaceutical company leading the way in complement science to develop life-changing therapies for some of the most challenging diseases patients face. We ushered in the first new class ofcomplement medicine in 15 years and now have two C3-targeting medicines approved to treat four serious diseases.Breakthroughs for patients include the first-ever therapy for geographic atrophy, a leading cause of blindness, and the firsttreatment for patients 12 and older with C3G or primary IC-MPGN, two severe, rare kidney diseases. We believe we haveonly begun to unlock the potential of targeting C3 across many serious diseases. For more information, pleasevisit http://apellis.com or follow us on LinkedIn and X. Apellis Forward-Looking StatementStatements in this press release about future expectations, plans and prospects, as well as any other statements regardingmatters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private SecuritiesLitigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,”“plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identifyforward-looking statements, although not all forward-looking statements contain these identifying words. Actual results maydiffer materially from those indicated by such forward-looking statements as a result of various important factors, includingwhether the results of the Company’s clinical trials for EMPAVELI, SYFOVRE, or any of its future products will warrantregulatory submissions to the FDA or equivalent foreign regulatory agencies; whether systemic pegcetacoplan will receiveapproval from foreign regulatory agencies for C3G and primary IC-MPGN; rate and degree of market acceptance and clinicalutility of EMPAVELI, SYFOVRE and any future products for which we receive marketing approval will impact ourcommercialization efforts; whether the Company’s clinical trials will be completed when anticipated; whether results obtainedin clinical trials will be indicative of results that will be generated in future clinical trials or in the real world setting; whether theperiod for which the Company believes that its cash resources will be sufficient to fund its operations; and other factorsdiscussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K with the Securities and ExchangeCommission on February 28, 2025 and the risks described in other filings that Apellis may make with the Securities andExchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, andApellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information,future events or otherwise.
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Media Contact:Tracy Vineismedia@apellis.com617.420.4839 Investor Contact:Eva Stroynowskiir@apellis.com617.938.6229 APELLIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except per share amounts) September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 479,171 $ 411,290 Accounts receivable, net 345,538 264,926 Inventory 122,819 81,404 Prepaid assets 31,560 18,368 Restricted cash 1,430 1,322 Other current assets 10,158 11,644 Total current assets 990,676 788,954 Non-current assets: Right-of-use assets 19,720 16,083 Property and equipment, net 1,927 2,952 Long-term inventory 40,909 75,713 Other assets 5,491 1,349 Total assets $ 1,058,723 $ 885,051 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 38,602 $ 38,572 Accrued expenses 140,322 140,184 Convertible senior notes 93,581 — Current portion of lease liabilities 7,022 6,753 Total current liabilities 279,527 185,509 Long-term liabilities: Long-term credit facility 361,091 359,489 Convertible senior notes — 93,341 Lease liabilities 13,680 10,201 Other liabilities 3,257 7,972 Total liabilities 657,555 656,512 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $0.0001 par value; 10,000 shares authorized, and no shares issued andoutstanding at September 30, 2025 and December 31, 2024 — — Common stock, $0.0001 par value; 200,000 shares authorized at September 30, 2025 andDecember 31, 2024; 126,500 shares issued and outstanding at September 30, 2025, and124,495 shares issued and outstanding at December 31, 2024 12 12 Additional paid-in capital 3,357,583 3,267,201 Accumulated other comprehensive loss (2,400) (3,308) Accumulated deficit (2,954,027) (3,035,366) Total stockholders' equity 401,168 228,539 Total liabilities and stockholders' equity $ 1,058,723 $ 885,051 APELLIS PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Unaudited)
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(Amounts in thousands, except per share amounts) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenue: Product revenue, net $ 177,755 $ 176,571 $ 499,042 $ 518,782 Licensing and other revenue 280,823 20,259 304,827 50,057 Total revenue: 458,578 196,830 803,869 568,839 Operating expenses: Cost of sales 24,531 33,557 72,517 76,867 Research and development 68,186 88,569 221,621 251,216 Selling, general and administrative 142,678 121,984 403,162 379,571 Operating expenses: 235,395 244,110 697,300 707,654 Net operating income/(loss) 223,183 (47,280) 106,569 (138,815) Loss on extinguishment of development liability — — — (1,949) Interest income 4,376 2,889 9,641 9,377 Interest expense (11,279) (12,532) (33,480) (28,857) Other income/(expense), net 37 70 18 (405) Net income/(loss) before taxes 216,317 (56,853) 82,748 (160,649) Income tax expense 602 592 1,409 876 Net income/(loss) $ 215,715 $ (57,445) $ 81,339 $ (161,525) Other comprehensive income/(loss): Unrealized gain on pension benefits 137 — 137 — Foreign currency translation 32 222 771 402 Total other comprehensive income 169 222 908 402 Comprehensive income/(loss), net of tax $ 215,884 $ (57,223) $ 82,247 $ (161,123) Net income/(loss) per share Basic earnings per share $ 1.71 $ (0.46) $ 0.65 $ (1.31) Diluted earnings per share $ 1.67 $ (0.46) $ 0.65 $ (1.31) Weighted-average shares used in calculating: Basic earnings per share 126,424 124,234 125,971 123,698 Diluted earnings per share 130,067 124,234 129,653 123,698