Revenue of $234.6 million over the trailing four quarters (+157%) and 2026Q2 operating income of $67.0 million appear driven by milestone recognition rather than operating scale, given sequential growth deceleration to 23.5% and gross margin swings between -69.9% and 199.8%.
AnaptysBio, Inc. (ANAB) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 263.17M | 234.6M | 91.28M | 17.16M | 10.29M | 63.17M | 75M | 8M | 5M | 10M | 16.68M | 17.57M | 15.84M | 5.48M |
| Revenue Growth % | 113.67% | 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 | -75.97M | 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 | 339.14M | 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 % | 128.87% | 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 | 239.85M | 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 | 75.59M | 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 | 88.16M | 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 | -480K | -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 | 99.29M | 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 % | 37.73% | 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 | 101.47M | 50.32M | -112.55M | -162.03M | -112.82M | -54.72M | -23.32M | -106.92M | -66.41M | -28.6M | -2.79M | -3.05M | 5.18M | -4.71M |
| EBITDA Margin % | 38.56% | 21.45% | -123.3% | -944.43% | -1096.71% | -86.62% | -31.09% | -1336.48% | -1328.14% | -285.98% | -16.73% | -17.35% | 32.69% | -85.85% |
| EBITDA Growth % | 221.19% | 144.71% | 30.54% | -43.62% | -106.16% | -134.67% | 78.19% | -61% | -132.21% | -924.28% | 8.4% | -158.86% | 210.01% | - |
| D&A (Non-Cash Add-back) | 2.18M | 2.42M | 2.4M | 2.38M | 2.33M | 2.09M | 559K | 514K | 315K | 183K | 233K | 274K | 308K | 580K |
| EBIT | 111.15M | 66.83M | -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 | -92.94M | -66.39M | -30.29M | 790K | -13.56M | -1.02M | 3.96M | 9.94M | 5.03M | -152K | -331K | -442K | -1.28M | -886K |
| Interest Income | 11.34M | 13.5M | 19.79M | 18.87M | 7.55M | 431K | 3.96M | 10.98M | 6.68M | 1.62M | 0 | 0 | 2K | 1K |
| Interest Expense | 104.28M | 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 | -92.42M | -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 | 6.87M | -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 % | 2.61% | -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 | -181.33M | 164K | 3K | -4K | 24K | 0 | 0 | -152K | -192K | 0 | 0 | 139K | 0 | 0 |
| Effective Tax Rate % | -2639.06% | -1.25% | -0% | 0% | -0.02% | 0% | 0% | 0.16% | 0.31% | 0% | 0% | -2.64% | 0% | 0% |
| Net Income | 142.84M | -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 % | 54.28% | -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 % | 207.73% | 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) | 188.2M | -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 | -1000K | 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) | 3.81 | -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 % | 183% | 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 | 37.48M | 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 | 28.98M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Milestone revenue concentration and sustainability
Metrics are mathematically derived from official filings.
Revenue Surge Decelerating as Milestones Roll Off
As reported in AnaptysBio's income statements, TTM revenue of $234.6 million reflects a 157% expansion, but sequential growth decelerated from 154.3% in 2025Q3 to 23.5% in 2026Q2, suggesting the top-line inflection is milestone-driven rather than an accelerating run-rate.
The growth profile is bifurcated between a passive royalty stream, likely from GSK's Jemperli, and lumpy project-based milestones from legacy partnerships; investors should not extrapolate the 2025Q4 jump of $108.2 million as recurring revenue. The 2026Q1 contraction of 8.0% sequential followed by a modest 23.5% rebound reinforces the lumpy pattern. Growth durability ultimately rests on royalty scaling versus milestone timing, and the absence of internal product revenue means no organic commercial trajectory exists yet.
Margin Swings Reflect Accounting, Not Pricing
According to the reported figures, gross margin has swung violently from -69.9% in 2025Q2 to 199.8% in 2025Q4 and 109.8% in 2026Q2, a pattern that appears to reflect deferred revenue recognition and cost-matching artifacts in licensing deals rather than genuine operational margin expansion.
The 199.8% gross margin in 2025Q4, where COGS posted at -$108.0 million, is a classic signal of a prior-period cost reserve being reversed against milestone revenue, not evidence of pricing power or manufacturing efficiency. The 2026Q2 gross margin of 109.8% normalized near the licensing-model ceiling, which is structurally unattainable for a self-commercializing business that would require COGS and a sales force. The persistent question is whether the company's future cost structure will resemble the current near-zero-COGS licensing model or transition toward a higher-cost commercial profile.
Operating Leverage from R&D Cliff, Not Revenue
As reported in AnaptysBio's quarterly statements, operating income of $67.0 million in 2026Q2 on just $27.5 million of revenue represents a 244% operating margin, yet this appears driven by R&D collapsing to $2.7 million from $33.9 million in the prior quarter rather than top-line scaling.
The abrupt reduction in R&D spending from a $37-42 million quarterly run-rate through 2024 to $2.7 million in 2026Q2 suggests programs may have been paused, partnered, or cost-shared, which investors should verify in the company's disclosures. This creates the appearance of operating leverage but is a cost-retrenchment effect that may not be repeatable if clinical development resumes. SG&A, at $16.0 million in 2026Q2 versus $26.2 million in 2026Q1, is the more persistent overhead line and has not scaled down as dramatically, indicating some structural fixed cost remains.
Bottom Line Propped by Non-Operating Items
Based on AnaptysBio's reported figures, 2026Q2 net income of $183.9 million exceeded operating income by approximately $117 million, a gap that appears to originate from non-operating gains rather than core operations, warranting scrutiny of what drove this discrepancy.
The $5.11 diluted EPS in 2026Q2 stands in stark contrast to the -5.6% TTM net margin, suggesting earnings quality is heavily influenced by below-the-line items that may not recur, such as investment remeasurements or interest on the company's cash balance. The negative stock-based compensation figure of -$5.9 million in the same period is anomalous and may reflect a reversal rather than actual compensation expense, which could be distorting the comparability of operating costs. Until the company discloses the composition of non-operating income, investors should treat the recent profitability improvement cautiously.
Skeptical View: Lumpy Revenue Masks Fragility
A critical counter-analysis suggests that AnaptysBio's reported 157% revenue growth and positive 20.4% TTM operating margin may obscure underlying fragility, given the extreme gross margin volatility, the R&D cliff in 2026Q2, and a -24.5% ROE that implies negative economic returns on equity.
The negative ROE paired with 0.38 debt-to-equity suggests that reported operating profitability is not translating into shareholder value creation, possibly due to one-time gains masking operational losses in other periods. The absence of forward guidance and the lack of a confirmed actual EPS for the most recent benchmark period indicate management itself appears uncertain about the sustainability of the current trajectory. The most direct risk is that milestone revenue dries up while internal pipeline development stalls, leaving the company with a shrinking cost base but no growth engine beyond royalties.