Royalty Expectations Reiterated; July GSK Adjudication Trial On The Horizon

Research evidence excerpt

Royalty Expectations Reiterated; July GSK Adjudication Trial On The Horizon

TD Cowen AnaptysBio

Global Research May 12, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

AnaptysBio is a royalty management company covering the financial arrangements of Jemperli ■ Trial date to adjudicate Jemperli contract

with GSK/Tesaro and imsidolimab with Vanda. Jemperli has seen impressive growth due to claims (July 14-17)

label and geographical expansion, and we estimate >$3B in peak sales leading to >$500MM ■ Jemperli AZUR-1 data readout (H2:26)

in annual royalties to ANAB (following paydown of the Sagard agreement), which includes ■ Imsidolimab PDUFA in GPP (December 12)

contribution from a rectal cancer label expansion given the CNPV. Our modeled royalty streams

lead to $75/share on an NPV basis with upside possible pending favorable trial results in an

ongoing dispute with GSK/Tesaro and potential further label expansion opportunities.

Base Case Assumptions Upside Scenario Downside Scenario

■ Jemperli is approved for the locally- ■ The July trial proceedings result in ■ Rosnilimab is not developed for colorectal

advanced rectal cancer indication reversion of Jemperli back to ANAB or cancer or falls below our modeled

■ Imsidolimab is approved increased royalties estimates

■ Current royalty arrangements remain in ■ Jemperli is approved for HNSCC and/or ■ GSK/Tesaro does not effectively market

place colon cancer Jemperli, or current royalty arrangement

■ Jemperli and/or imsidolimab revenues is modified down

ramp faster than our modeled predictions ■ Imsidolimab is not approved for GPP

Price Performance Company Description

AnaptysBio is a royalty management company covering the financial arrangements of Jemperli

$80

with GSK/Tesaro and imsidolimab with Vanda.