Revenue volatility remains high, with gross margins swinging from a peak of 199.8% in 2025Q4 to 97.6% in 2026Q1 due to the unpredictable nature of milestone-driven accounting.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 232.39M | 234.6M | 91.28M | 17.16M | 10.29M | 63.17M | 75M | 8M | 5M | 10M | 16.68M | 17.57M | 15.84M | 5.48M |
| Revenue Growth % | 107.73% | 157.01% | 432.03% | 66.78% | -83.72% | -15.77% | 837.5% | 60% | -50% | -40.06% | -5.05% | 10.94% | 188.86% | - |
| Cost of Goods Sold | -38.15M | 2.42M | 163.84M | 132.28M | 88.8M | 98.5M | 80.03M | 99.34M | 56.2M | 29.44M | 15.42M | 17.3M | 8.61M | 8.82M |
| COGS % of Revenue | - | 1.03% | 179.49% | 771.01% | 863.21% | 155.91% | 106.7% | 1241.72% | 1123.92% | 294.43% | 92.42% | 98.48% | 54.39% | 160.86% |
| Gross Profit | 270.54M | 232.18M | -72.56M | -115.13M | -78.51M | -35.32M | -5.03M | -91.34M | -51.2M | -19.44M | 1.26M | 267K | 7.22M | -3.34M |
| Gross Margin % | 116.42% | 98.97% | -79.49% | -671.01% | -763.21% | -55.91% | -6.7% | -1141.72% | -1023.92% | -194.43% | 7.58% | 1.52% | 45.61% | -60.86% |
| Gross Profit Growth % | - | 419.98% | 36.97% | -46.64% | -122.28% | -602.91% | 94.5% | -78.41% | -163.31% | -1637% | 373.78% | -96.3% | 316.48% | - |
| Operating Expenses | 229.74M | 184.28M | 42.39M | 49.28M | 36.64M | 21.49M | 18.85M | 16.09M | 15.53M | 9.34M | 4.29M | 3.59M | 2.35M | 1.32M |
| OpEx % of Revenue | - | 78.55% | 46.44% | 287.26% | 356.21% | 34.02% | 25.14% | 201.18% | 310.52% | 93.38% | 25.71% | 20.43% | 14.86% | 24.13% |
| Selling, General & Admin | 62.81M | 50.74M | 42.39M | 41.95M | 36.64M | 21.49M | 18.85M | 16.09M | 15.53M | 9.34M | 4.29M | 3.59M | 2.35M | 1.95M |
| SG&A % of Revenue | - | 21.63% | 46.44% | 244.48% | 356.21% | 34.02% | 25.14% | 201.18% | 310.52% | 93.38% | 25.71% | 20.43% | 14.86% | 35.56% |
| Research & Development | 128.65M | 135.97M | 163.84M | 139.62M | 88.8M | 98.5M | 80.03M | 99.34M | 56.3M | 30.94M | 22.62M | 17.3M | 8.61M | 8.82M |
| R&D % of Revenue | - | 57.96% | 179.49% | 813.79% | 863.21% | 155.91% | 106.7% | 1241.72% | 1125.92% | 309.43% | 135.57% | 98.48% | 54.39% | 160.86% |
| Other Operating Expenses | -1.48M | -2.42M | -163.84M | -132.28M | -88.8M | -98.5M | -80.03M | -99.34M | -56.3M | -30.94M | -22.62M | -17.3M | -8.61M | 0 |
| Operating Income | 40.8M | 47.9M | -114.95M | -164.41M | -115.15M | -56.81M | -23.88M | -107.43M | -66.72M | -28.78M | -3.02M | -3.32M | 4.87M | -5.29M |
| Operating Margin % | 17.56% | 20.42% | -125.93% | -958.27% | -1119.41% | -89.93% | -31.84% | -1342.9% | -1334.44% | -287.81% | -18.13% | -18.91% | 30.75% | -96.43% |
| Operating Income Growth % | - | 141.67% | 30.08% | -42.77% | -102.69% | -137.92% | 77.77% | -61.01% | -131.83% | -851.44% | 8.94% | -168.21% | 192.11% | - |
| EBITDA | 43.23M | 50.32M | -112.55M | -163.76M | -112.82M | -54.72M | -23.32M | -106.92M | -66.41M | -28.6M | -2.79M | -3.05M | 5.18M | -4.71M |
| EBITDA Margin % | 18.6% | 21.45% | -123.3% | -954.47% | -1096.71% | -86.62% | -31.09% | -1336.48% | -1328.14% | -285.98% | -16.73% | -17.35% | 32.69% | -85.85% |
| EBITDA Growth % | 144.16% | 144.71% | 31.27% | -45.15% | -106.16% | -134.67% | 78.19% | -61% | -132.21% | -924.28% | 8.4% | -158.86% | 210.01% | - |
| D&A (Non-Cash Add-back) | 2.43M | 2.42M | 2.4M | 652K | 2.33M | 2.09M | 559K | 514K | 315K | 183K | 233K | 274K | 308K | 580K |
| EBIT | 50.91M | 47.9M | -95.14M | -157.07M | -107.59M | -57.8M | -19.93M | -96.45M | -60.2M | -28.3M | -3.8M | -4.81M | 4.81M | -4.66M |
| Net Interest Income | -70.95M | -66.39M | -30.29M | 790K | -13.56M | -1.02M | 3.96M | 9.94M | 5.03M | -152K | -331K | -442K | -1.28M | -886K |
| Interest Income | 11.74M | 13.5M | 19.79M | 18.87M | 7.55M | 431K | 3.96M | 10.98M | 6.68M | 1.62M | 0 | 0 | 2K | 1K |
| Interest Expense | 82.69M | 79.89M | 50.09M | 18.08M | 21.11M | 1.45M | 0 | 1.04M | 1.65M | 1.77M | 458K | 460K | 1.28M | 886K |
| Other Income/Expense | -67.42M | -60.96M | -30.28M | 788K | -13.55M | -982K | 3.95M | 9.94M | 4.87M | -1.29M | -1.23M | -1.94M | -1.34M | -258K |
| Pretax Income | -26.63M | -13.07M | -145.23M | -163.62M | -128.7M | -57.8M | -19.93M | -97.49M | -61.85M | -30.07M | -4.26M | -5.27M | 3.53M | -5.54M |
| Pretax Margin % | -11.46% | -5.57% | -159.1% | -953.68% | -1251.09% | -91.49% | -26.57% | -1218.6% | -1236.96% | -300.7% | -25.53% | -29.97% | 22.3% | -101.13% |
| Income Tax | 160K | 164K | 3K | -4K | 24K | 0 | 0 | -152K | -192K | 0 | 0 | 139K | 0 | 0 |
| Effective Tax Rate % | -0.6% | -1.25% | -0% | 0% | -0.02% | 0% | 0% | 0.16% | 0.31% | 0% | 0% | -2.64% | 0% | 0% |
| Net Income | -26.79M | -13.23M | -145.23M | -163.62M | -128.72M | -57.8M | -19.93M | -97.34M | -61.66M | -30.07M | -4.26M | -5.41M | 232K | -5.54M |
| Net Margin % | -11.53% | -5.64% | -159.11% | -953.66% | -1251.33% | -91.49% | -26.57% | -1216.7% | -1233.12% | -300.7% | -25.53% | -30.76% | 1.46% | -101.13% |
| Net Income Growth % | 80.95% | 90.89% | 11.24% | -27.11% | -122.72% | -189.98% | 79.52% | -57.87% | -105.04% | -606.03% | 21.2% | -2429.74% | 104.18% | - |
| Net Income (Continuing) | -26.79M | -13.23M | -145.23M | -163.62M | -128.72M | -57.8M | -19.93M | -97.34M | -61.66M | -30.07M | -4.26M | -5.41M | 3.53M | -5.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.93 | -0.46 | -5.12 | -6.08 | -4.57 | -2.11 | -0.73 | -3.60 | -2.50 | -1.52 | -0.23 | -0.36 | 0.24 | -2.23 |
| EPS Growth % | 77.96% | 91.02% | 15.79% | -33.04% | -116.59% | -189.04% | 79.72% | -44% | -64.47% | -560.87% | 36.11% | -250% | 110.76% | - |
| EPS (Basic) | - | -0.46 | -5.12 | -6.08 | -4.57 | -2.11 | -0.73 | -3.60 | -2.50 | -1.52 | -0.23 | -0.38 | 0.25 | -2.28 |
| Diluted Shares Outstanding | 28.69M | 31.34M | 28.38M | 26.92M | 28.16M | 27.43M | 27.3M | 27.06M | 24.67M | 19.78M | 2.64M | 2.55M | 2.48M | 1.11M |
| Basic Shares Outstanding | 28.69M | 27.79M | 28.38M | 26.92M | 28.16M | 27.43M | 27.3M | 27.06M | 24.67M | 19.78M | 2.64M | 2.55M | 37.77M | 1.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Pipeline Execution Risk
As reported in financial statements, AnaptysBio experienced a significant revenue surge in late 2025, yet the 8% decline in 2026Q1 revenue highlights the inherent instability of a business model heavily reliant on milestone payments rather than consistent, recurring commercial product sales or predictable royalty streams.
The revenue profile remains highly sensitive to the timing of collaboration milestones, which creates artificial spikes that do not reflect sustainable operational growth. Investors should monitor the transition from milestone-dependent income to recurring royalty revenue from partnered assets to determine if the company can achieve a stable top-line trajectory.
Based on reported figures, the company's gross margin fluctuated wildly from a peak of 199.8% in 2025Q4 to negative territory in previous periods, illustrating that these metrics are accounting artifacts of licensing revenue recognition rather than indicators of true manufacturing efficiency or underlying product pricing power.
The extreme volatility in gross margins suggests that the company's income statement is currently dominated by non-recurring accounting events rather than operational performance. Analysts should look past these headline figures to evaluate the underlying cost of clinical development, which remains the primary driver of the company's financial health.
According to recent SEC filings, AnaptysBio's operating income remains deeply negative in most quarters, with the exception of late 2025, indicating that the company has yet to achieve the necessary scale to offset its substantial R&D and SG&A expenses through its current licensing-based revenue model.
The high fixed-cost base associated with clinical trial infrastructure continues to outpace revenue inflows, suggesting that operating leverage is not yet present. Future profitability appears contingent on the successful commercialization of partnered assets, which would shift the burden of clinical costs away from the company's own income statement.
As indicated by the income statement data, R&D expenditures consistently represent the largest component of the company's cost structure, often exceeding $30 million per quarter, which underscores the high-risk nature of the internal pipeline and the ongoing necessity for non-dilutive capital to sustain operations.
Management's expense discipline is currently tested by the need to advance programs like rosnilimab while simultaneously managing cash runway. The persistent R&D burn rate warrants further investigation into whether the company can maintain its current clinical momentum without resorting to dilutive financing in the near term.
While the GSK partnership provides a vital cash floor, the reliance on a single royalty stream from Jemperli creates a significant concentration risk, as any commercial underperformance of that asset could rapidly erode the company's ability to fund its internal pipeline and maintain its current cash position.
Short-term investors may focus on the potential for margin compression if milestone payments dry up and the company is forced to rely solely on lower-margin royalty streams. The market's valuation of the internal pipeline appears to be a speculative bet that may not be supported by the current, highly volatile income statement.
Quick answers to the most common questions about buying ANAB stock.
For fiscal year 2025, AnaptysBio, Inc. (ANAB) reported total revenue of $234.6M. This represents a 4178.7% increase compared to $5.5M in 2013.
AnaptysBio, Inc. (ANAB) reported a net loss of $13.2M for the fiscal year ending 2025.
AnaptysBio, Inc. (ANAB) reported an operating income of $47.9M, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
AnaptysBio, Inc. (ANAB) generated $232.2M in gross profit for the year, representing a gross profit margin of 99.0%. This demonstrates the company's core pricing power and production efficiency.