Anaptys Collaboration Revenue Falls After 2025 Milestone

The Tip Desk · November 12, 2026 · 3 min read

Jemperli crossed $1.0 billion in nine-month global net sales as Anaptys posted $30.3 million of collaboration revenue and $0.13 a share from continuing operations.

AnaptysBio, Inc. (ANAB), a company focused on managing the financial collaborations for Jemperli with Tesaro, a GSK company, and Quimilza with Vanda, reported collaboration revenue of $30.3 million for the three months ended September 30, 2026, compared with $76.3 million a year earlier. The company said the decrease was primarily due to $50 million in milestone revenue recognized in the third quarter of 2025, offset by Jemperli royalties increasing 11% quarter over quarter.

Net income from continuing operations was $3.9 million, or $0.13 a share, versus $56.3 million, or $2.02 a share, a year earlier.

GSK announced $365 million (£273 million) in global net sales of Jemperli for the three months ended September 30, 2026, representing 20% year-over-year growth. For the nine months ended September 30, 2026, Jemperli global net sales reached $1.0 billion (£753 million), representing 29% year-over-year growth. Anaptys receives royalties equal to 12% of net sales between $1.0 billion and $1.5 billion in a given calendar year.

President and chief executive officer Daniel Faga said Jemperli’s continued commercial growth in endometrial cancer and its recent U.S. approval in adults with stage II and III MSI-H/dMMR locally advanced rectal cancer reinforce the company’s confidence in its long-term potential in monotherapy indications.

In October 2026, GSK received U.S. Food and Drug Administration approval of Jemperli as the first and only immunotherapy for that rectal-cancer population, after positive interim AZUR-1 results and a February 2027 PDUFA date had been disclosed. GSK presented first AZUR-1 results as a late-breaking abstract at ESMO Congress 2026 on October 25, 2026. Regulatory submission is expected in Japan in calendar H1 2027 and in Europe and China in calendar H2 2027, with a European regulatory decision expected in calendar H2 2027. AZUR-2 and JADE data are expected in 2028; AZUR-4 primary completion is expected in Q4 2026.

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. The company estimates Sagard will have accrued about $330 million in royalties and sales milestones through September 30, 2026, and anticipates paydown of the remaining about $270 million non-recourse debt monetization in calendar H2 2027.

General and administrative expenses from continuing operations were $11.6 million for the three months ended September 30, 2026, compared with $1.1 million a year earlier. The company said the increase was due primarily to legal costs for the GSK and Tesaro lawsuit, audit and tax costs to support the June 30, 2026 transition-year financials, and the allocation of G&A costs between AnaptysBio and First Tracks Biotherapeutics, Inc. for the year-ago three months. Expenses included $4.8 million in legal costs for the GSK and Tesaro litigation and $2.2 million in recurring expenses. Stock-based compensation in G&A was $3.2 million. Research and development expenses from continuing operations were a negative $1.3 million.

The post-trial hearing in the GSK and Tesaro litigation was held before the Delaware Chancery Court on October 20, 2026. Anaptys is seeking reversion of Jemperli rights as a remedy and anticipates a judgment in calendar Q4 2026 or Q1 2027. The FDA target action date for Quimilza in generalized pustular psoriasis is December 12, 2026.

Cash, cash equivalents and investments totaled $153.0 million as of September 30, 2026, compared with $164.1 million as of June 30, 2026, a decrease of $11.1 million due primarily to $15.5 million used for operating activities offset by $4.4 million received from stock option exercises. The separation of AnaptysBio and First Tracks Biotherapeutics was completed on April 20, 2026; beginning in the second quarter of 2026, the company reclassified historical First Tracks assets, liabilities and expenses as discontinued operations.