The EPS miss is largely non-operational due to the First Tracks separation and one-time tax benefit; focus on Jemperli royalty growth trajectory (26% YoY) and upcoming binary catalysts: FDA decisions on Jemperli (Feb 2027) and Quimilza (Dec 2026), plus the GSK litigation judgment (Q4 2026/Q1 2027) which could return Jemperli rights to Anaptys. Monitor the Oct 20 post-trial hearing for litigation signals.
Price Chart
Executive Summary
AnaptysBio reported Q2 2026 EPS of $0.07, a 50.5% miss vs consensus of $0.14, though collaboration revenue of $27.5M beat the $20.1M estimate. The company highlighted strong Jemperli royalty growth (26% YoY) and upcoming catalysts: FDA PDUFA for Jemperli in rectal cancer (Feb 2027) and Quimilza in GPP (Dec 2026), plus a pending litigation judgment against GSK/Tesaro expected in Q4 2026/Q1 2027. The EPS miss is largely mechanical due to the separation of First Tracks Biotherapeutics and a one-time $181.5M tax benefit that inflated GAAP net income, making the headline EPS unreliable for operational assessment.
Key Financial Metrics
Key Facts
- Q2 2026 EPS $0.07 vs consensus $0.14 (50.5% miss)
- Q2 2026 collaboration revenue $27.5M vs consensus $20.1M (36.8% beat)
- Jemperli global net sales $331M for Q2 2026, 26% YoY growth
- Cash, equivalents and investments $164.1M as of June 30, 2026, down from $211.6M at Dec 31, 2025
- Separation of First Tracks Biotherapeutics completed April 20, 2026; fiscal year changed to June 30
- FDA PDUFA action date Feb 2027 for Jemperli in untreated dMMR/MSI-H rectal cancer; eligible for expedited review
- FDA PDUFA action date Dec 12, 2026 for Quimilza in generalized pustular psoriasis
- Litigation with GSK/Tesaro trial held July 2026; post-trial hearing Oct 20, 2026; judgment expected Q4 2026 or Q1 2027
- Net income from continuing operations $177.3M for Q2 2026, including $181.5M tax benefit from valuation allowance release
- $100M stock repurchase plan authorized; no shares repurchased as of June 30, 2026
Financial Impact
EPS miss of $0.07 vs $0.14 consensus (-50.5%) but revenue beat of $27.5M vs $20.1M (+36.8%); GAAP net income inflated by $181.5M non-cash tax benefit
Risk Factors
- GSK/Tesaro litigation outcome uncertain; loss could impair Jemperli royalty stream
- Cash burn continues ($47.5M decrease in H1 2026) with no repurchases under $100M buyback plan
- FDA decisions on Jemperli and Quimilza are binary and subject to delay or rejection
- EPS volatility from discontinued operations and one-time tax items obscures underlying performance
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3365866 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 21, 2026 4w ago | Press Release | $53.92 $50.77 | ▼ −5.84% | ▼ −5.12% | $49.07 (−8.99%) |
Aug 12, 2026 10w ago | Institutional Cluster | $56.02 $58.47 | ▲ +4.37% | ▲ +4.57% | $49.07 (−12.41%) |
Jun 29, 2026 16w ago | 144 | $67.50 $65.43 | ▲ +3.07% | ▲ +2.93% | $49.07 (+27.30%) |
Jun 29, 2026 16w ago | DEFA14A | $67.50 $65.43 | ▼ −3.07% | ▼ −2.93% | $49.07 (−27.30%) |
Jun 26, 2026 17w ago | 144 | $65.97 $67.50 | ▼ −2.32% | ▼ −1.54% | $49.07 (+25.62%) |
Jun 22, 2026 17w ago | 8-K | $59.43 $58.48 | ▼ −1.60% | ▼ −1.55% | $49.07 (−17.43%) |
Jun 17, 2026 18w ago | 144 | $57.51 $59.99 | ▼ −4.31% | ▼ −4.63% | $49.07 (+14.68%) |
Jun 15, 2026 18w ago | 144 | $57.61 $56.77 | ▲ +1.46% | ▲ +0.21% | $49.07 (+14.82%) |
Jun 11, 2026 19w ago | 144 | $56.07 $59.51 | ▼ −6.14% | ▼ −4.37% | $49.07 (+12.48%) |
Jun 10, 2026 19w ago | 144 | $54.24 $56.07 | ▼ −3.37% | ▼ −2.83% | $49.07 (+9.53%) |
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