AnaptysBio: 1Q26 Wrap-Up: Jemperli Royalty Updates Highlight Valuation Upside; PT to $75

Research evidence excerpt

AnaptysBio: 1Q26 Wrap-Up: Jemperli Royalty Updates Highlight Valuation Upside; PT to $75

Barclays | AnaptysBio

Trial to adjudicate Anaptys’ contract claims July 14-17 is likely next non-earnings

update; outcome could lead to Jemperli upside if positive for ANAB

A trial to adjudicate ANAB's contract claims and rights to seek reversion of Jemperli against GSK

is scheduled for July 14-17. We previously commented on the anticipatory breach ruling in

ANAB's favor. If the court rules in favor of ANAB in the July trial, Anaptys could be entitled to

reversion of Jemperli rights to ANAB. We reiterate OW on ANAB. Anaptys’ complaint centers on

claims that Tesaro has breached multiple provisions in the collaboration agreement initially

signed in 2014. If Tesaro is found to be in breach of even one of these provisions, Anaptys is

entitled to Jemperli’s reversion to Anaptys.

Cash position

ANAB ended the quarter with $287M in cash, cash equivalents and investments.

Model changes

We adjust our Jemperli royalty calculation over the course of a calendar year to reflect

cumulative sales for royalty tier determination based on prior quarters. ANAB books revenues

from Jemperli royalties, when then get paid to Sagard and we use the delta of royalty payments

versus royalties to determine our NPV for royalties, rather than total royalties received.

Together, the adjustments increase our per-share NPV for Milestone and Royalties to $65 (from

$58), supporting our new SOTP DCF based price target of $75 (from $63). ANAB's forward cash

position NPV is now $9 (from $5). WACC assumption is unchanged at 8.25%.

ANAB: Quarterly and Annual EPS (USD)

2025 2026 2027 Change y/y

FY Dec Actual Old New Cons Old New Cons 2026 2027

Q1 -1.28A -0.68E -1.84A -1.06E 1.84E 1.11E 0.05E -44% 160%