Revenue exhibits extreme volatility, with gross margins swinging from -90.8% in 2026Q2 to 199.8% in 2025Q4, driven by lumpy milestone payments that distort profitability metrics.
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 | 237.61M | 234.6M | 91.28M | 17.16M | 10.29M | 63.17M | 75M | 8M | 5M | 10M | 16.68M | 17.57M | 15.84M | 5.48M |
| Revenue Growth % | 92.92% | 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 | -75.36M | 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 | 261.15M | 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 % | 109.91% | 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 | 253.13M | 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 | 68.24M | 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 | 93.53M | 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 | 520K | -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 | 81.12M | 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 % | 34.14% | 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 | 82.33M | 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 % | 34.65% | 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 % | 198.33% | 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) | 1.22M | 2.42M | 2.4M | 652K | 2.33M | 2.09M | 559K | 514K | 315K | 183K | 233K | 274K | 308K | 580K |
| EBIT | 142.01M | 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 | -74.73M | -66.39M | -30.29M | 790K | -13.56M | -1.02M | 3.96M | 9.94M | 5.03M | -152K | -331K | -442K | -1.28M | -886K |
| Interest Income | 8.68M | 13.5M | 19.79M | 18.87M | 7.55M | 431K | 3.96M | 10.98M | 6.68M | 1.62M | 0 | 0 | 2K | 1K |
| Interest Expense | 83.42M | 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 | -55M | -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 | 59.72M | -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 % | 25.13% | -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 | -181.37M | 164K | 3K | -4K | 24K | 0 | 0 | -152K | -192K | 0 | 0 | 139K | 0 | 0 |
| Effective Tax Rate % | -303.73% | -1.25% | -0% | 0% | -0.02% | 0% | 0% | 0.16% | 0.31% | 0% | 0% | -2.64% | 0% | 0% |
| Net Income | 195.72M | -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 % | 82.37% | -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 % | 247.61% | 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) | 241.09M | -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) | 5.44 | -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 % | 218.54% | 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 | 35.98M | 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 | 29.26M | 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 Volatility
Metrics are mathematically derived from official filings.
Revenue Swings Driven by Non-Recurring Milestones
AnaptysBio's revenue growth is erratic, surging 151.1% in 2025Q4 to $108.2M before dropping 8.0% in 2026Q1, indicating a non-recurring model heavily influenced by the timing of GSK milestones according to quarterly filings.
The trajectory shows no clear organic growth trend, as spikes and drops correspond to large, one-time payments rather than consistent sales volume. This implies that forecasting sustainable revenue is challenging, and investors should focus on underlying royalty streams from partners like GSK.
Gross Margin Distortion and Structural Operating Costs
The 98.97% gross margin in Q3 2025 is an artifact of licensing revenue with minimal COGS, while the operating margin of 20.42% in the same period masks a high R&D burn rate per reported figures.
Gross margins near 100% are typical for biotech licensing models and do not reflect operational efficiency. The more telling operating margin swings from negative to positive based on milestone timing, suggesting that profitability is not driven by cost control but by irregular cash inflows.
Minimal Operating Leverage Amid Fixed R&D Burden
With R&D expenses consistently above $30M quarterly, the company exhibits limited operating leverage, as evidenced by the 23.5% revenue increase in 2026Q2 yielding only a $14.1M operating income, based on financial data.
The cost structure is dominated by fixed R&D costs, which do not scale down with revenue declines, leading to deep losses in low-revenue quarters. This indicates a high break-even point and poor operational scalability.
Earnings Volatility and Stock-Based Compensation Drag
Stock-based compensation averaged $9.2M per quarter, significantly diluting EPS, while net income is driven by volatile milestones, as exemplified in 2025Q3 where $15.1M net income followed a 154% revenue surge according to reported figures.
Reported net income is of low quality because it relies on non-recurring events rather than core operations. The persistent stock-based compensation erodes shareholder value, and the erratic EPS swings make per-share earnings unreliable for valuation.
2025Q3 Milestone Inflection Shifts Profitability
In 2025Q3, a 154.3% revenue surge to $76.3M led to a $34.7M operating income, the first positive in years, indicating a financial inflection point from GSK milestone payments according to financial statements.
This period represented a significant shift from chronic losses to profitability, but it was driven by a one-time payment rather than improved operational performance. The lasting impact is a stronger cash position, though sustainability is questionable without further milestones or product success.
Sustainability of Profitability Undermined by Revenue Model
The strongest analytical challenge is that positive net income in recent quarters, such as the $49.6M in 2025Q4 from $108.2M revenue, depends on lumpy milestones and is not indicative of sustainable recurring earnings.
Short-sellers would focus on the lack of organic revenue growth and the high fixed-cost structure that ensures losses in quarters without large payments. Margin compression risks exist if milestone inflows slow, and the company's valuation may be overstated if the market misprices the non-recurring nature of earnings.