AnaptysBio Records $177 Million Tax-Driven Profit
Jemperli global net sales reached $331 million in the three months ended June 30, 2026, as AZUR-1 data moved the FDA clock to February 2027.
AnaptysBio, Inc. (ANAB), a company focused on managing the financial collaborations for Jemperli with Tesaro, a GSK company, and Quimilza with Vanda, reported net income from continuing operations of $177.3 million, or $6.06 a share basic, for the three months ended June 30, 2026, versus $5.7 million, or $0.20 a share, a year earlier.
The profit was driven by an $181.5 million income-tax benefit from releasing a deferred-tax valuation allowance after the First Tracks Biotherapeutics separation. Income before taxes was a $4.2 million loss.
Jemperli global net sales were $331 million (£248 million) for the three months ended June 30, 2026, up 26% year-over-year, after $313 million (£232 million) in the prior quarter with more than 40% year-over-year growth. For the six months ended June 30, 2026, global net sales were $644 million (£480 million), up 34% year-over-year.
Collaboration revenue was $27.5 million for the three months ended June 30, 2026, compared with $22.3 million a year earlier. The increase was primarily due to Jemperli royalties, which were up 25% for the quarter, offset by $9.7 million of Vanda license-agreement revenue recognized in the year-ago quarter. For the six months ended June 30, 2026, collaboration revenue was $53.0 million, with Jemperli royalties up 34%.
General and administrative expenses were $16.0 million for the three months ended June 30, 2026, versus $4.0 million a year earlier, due primarily to legal costs for the separation and the GSK/Tesaro lawsuit and non-cash stock compensation. Research and development expenses from continuing operations were a negative $2.7 million for the six months ended June 30, 2026, compared with a negative $1.7 million a year earlier; the negative balance was primarily due to adjustments related to the closeout of clinical contracts, reducing expenses incurred prior to the separation.
The separation of AnaptysBio and First Tracks Biotherapeutics was completed on April 20, 2026. Beginning in the second quarter of 2026, AnaptysBio reclassified historical First Tracks assets, liabilities and expenses as discontinued operations. On May 18, 2026, the company changed its fiscal year-end from December 31 to June 30.
In July 2026, GSK announced positive interim results from the pivotal AZUR-1 trial of Jemperli in untreated stage II/III dMMR/MSI-H locally advanced rectal cancer, meeting its primary objective of a sustained 12-month clinical complete response rate with no detectable cancer for at least one year. The FDA assigned a PDUFA action date of February 2027. Anaptys received an FDA Commissioner’s National Priority Voucher in November 2025, which could result in an earlier FDA decision. GSK is to present the first AZUR-1 results as a late-breaking abstract at ESMO Congress 2026 on October 25, 2026.
The GSK/Tesaro trial was held before the Delaware Chancery Court from July 14-17, 2026. A post-trial hearing is scheduled for October 20, 2026. Anaptys is seeking reversion of Jemperli rights as a remedy and anticipates a judgment in Q4 2026 or Q1 2027.
Anaptys continues to expect to achieve more than $390 million in annualized Jemperli royalties payable to Anaptys as early as 2029 at GSK’s peak monotherapy sales guidance of more than $2.7 billion. Sagard was estimated to have accrued about $301 million in royalties and sales milestones through Q2 2026, with about $299 million of non-recourse debt monetization remaining, expected to be paid down in the second half of 2027.
For Quimilza, the FDA target action date remains December 12, 2026, for generalized pustular psoriasis. In August 2026, Vanda announced that it received Orphan Designation from the European Commission for imsidolimab for GPP.
Cash, cash equivalents and investments totaled $164.1 million as of June 30, 2026, down $47.5 million from $211.6 million at December 31, 2025, due primarily to $72.9 million used in operating activities, offset by $25.4 million from stock-option exercises. As of June 30, 2026, Anaptys had not repurchased any shares under its $100 million Stock Repurchase Plan, which expires December 31, 2026.