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what it is
It develops immune-disease drugs and also owns royalty rights that can throw off cash if partner drugs sell.
how it gets paid
Last year Anaptysbio made $235M in revenue.
why it's growing
Revenue grew 157.0% last year. The key number was 66% revenue growth because it keeps the royalty-and-partnership story alive while earnings stay messy.
what just happened
Latest quarter revenue hit $126M, up 66% vs. prior year, while quarterly EPS came in at -$2.16.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
-$5.12 fy2024 eps est
$2B fy2025 rev est
20.4% operating margin
xvary composite: 37/100 — weak
What they do
It develops immune-disease drugs and also owns royalty rights that can throw off cash if partner drugs sell.
AnaptysBio's edge is leverage. It produced $235 million of trailing revenue with 136 employees, or about $1.7 million per employee based on SEC revenue data and company headcount. Royalties → payments from partners when a drug sells or hits milestones → so you can get cash without building a giant sales force.
How they make money
$235M
annual revenue · their business grew +157.0% last year
total revenue
$235M
+157.0%
The products that matter
royalty revenue anchor
jemperli (dostarlimab)
core asset · July 2026 legal overhang
this is the royalty stream the market is really valuing. if the July 2026 case goes badly, the asset anchoring a $1.86B equity story gets weaker fast.
royalty stream
planned pipeline separation
first tracks biotherapeutics
Q2 2026 · strategic split
management plans to separate the clinical pipeline into a new public company in Q2 2026. for you as a shareholder, that is the clearest catalyst on the board because it changes what business sits inside ANAB.
value split or added complexity
pre-revenue drug development
clinical pipeline
event-driven · not the current revenue base
the pipeline matters because it may leave the company, not because it currently offsets a projected 41% revenue decline next year. that distinction is the whole story.
optionality
Key numbers
$235M
trailing revenue
Revenue → money coming in the door → so what: this business is no longer pre-revenue fantasy land.
157.0%
revenue growth
Growth this fast explains why the stock still gets attention even with ugly earnings.
$344M
long debt
Long-term debt equals 16% of capital, so leverage exists but it is not the whole story.
$100M
buyback plan
Buybacks → company buys its own stock → so what: management is willing to commit cash equal to about 5% of market value.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $344M (16% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ANAB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue hit $126M, up 66% vs. prior year, while quarterly EPS came in at -$2.16.
The quarter showed the same split personality as the whole company: real revenue scale, ugly bottom-line volatility. Annual 2024 EPS improved to -$5.12 from -$6.08 in 2023, but you are still paying for future royalty confidence more than present earnings power.
$126M
revenue
$2.16
eps
42.04%
gross margin
the number that mattered
The key number was 66% revenue growth because it keeps the royalty-and-partnership story alive while earnings stay messy.
source: company earnings report, 2026
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What could go wrong
ANAB's risks are not generic biotech fog. They are concentrated in one royalty asset, one corporate separation, and one calendar year.
med
Jemperli royalty economics get hit in court
The July 2026 reversion-right case directly targets the royalty stream the market cares about most. This is the cleanest path to a broken thesis.
Impact: pressure on the asset supporting a $1.86B equity value while the company already faces a projected 41% revenue decline next year.
med
the pipeline separation creates more complexity than value
A Q2 2026 spin-off can sharpen the story. It can also leave investors with two thinner stories instead of one better one if the market does not reward the split.
Impact: you get structure change without a valuation rerating, which matters a lot when the stock already trades at roughly 8x current revenue.
med
the revenue drop is not a one-year reset
Analysts expect revenue to fall from the current $235M base by 41% next year. If that proves optimistic, the market has to revalue a smaller business with the same event risk.
Impact: the valuation stops looking like optionality and starts looking expensive for a shrinking royalty story.
If the royalty stream holds, you can live with the mess. If it slips, the stock loses its easiest valuation support.
source: institutional data · regulatory filings · risk analysis
Pay attention to
structure
Q2 2026 pipeline separation
the planned separation of the clinical pipeline into a new public company is the core strategic event of the year. it changes what you own, not just how the story is packaged.
legal
July 2026 reversion-right case
the court case could threaten the Jemperli royalty stream. that is the single most important downside catalyst on the page because it targets the asset supporting the valuation.
next update
May 4, 2026 earnings
watch for progress on the spin-off, the shape of royalty revenue, and any shift in cash and debt. this is where the narrative gets checked against numbers.
estimate reset
next-year revenue outlook: -41%
that forecast is the market's reminder that time is not neutral here. if the legal and separation milestones slip, the shrinking revenue base has fewer places to hide.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not have a smooth business to model here. expect surprises because event-driven biotechs do not move in straight lines.
price stability
5 / 100
translation: this stock moves like a clinical-stage biotech, not a bond proxy.
relative safety
5 / 100
the snapshot says safer than only 5% of stocks. that puts ANAB near the risky end of the spectrum.
xvary composite
37 / 100
weak overall. the valuation, legal overhang, and balance-sheet profile do not leave much room for a clean mistake.
source: institutional data
Institutional activity
institutional ownership data for ANAB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$51
current price
n/a
target midpoint · n/a from current
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