AnaptysBio’s $176.4 million first-half profit from continuing operations was driven by a $181.5 million tax benefit that offset a $5.1 million pretax loss; it did not produce equivalent cash. Management expects Sagard paydown in H2 2027, after which Jemperli royalties revert.
The tax benefit was primarily from releasing a deferred-tax valuation allowance, reflecting greater expected use of tax assets following the separation of First Tracks Biotherapeutics. Under its Sagard royalty-monetization arrangement, AnaptysBio received upfront funding in exchange for future receipts. Management estimates about $299 million remains under the deal after accrued royalties and milestones, and expects paydown in the second half of 2027; timing depends on commercial performance and actual payments. Once the contractual threshold is met, subsequent Jemperli royalties and milestones revert to AnaptysBio.
Jemperli royalties grew 25% as global sales rose 26% to $331 million; second-quarter collaboration revenue increased to $27.5 million from $22.3 million. Continuing operations used $1.4 million in operating cash in the first half, versus $11.4 million a year earlier, while $19.7 million of royalty-liability principal was repaid through financing. AnaptysBio is seeking the return of Jemperli rights from Tesaro; a judgment is anticipated in Q4 2026 or Q1 2027, and an adverse outcome could materially affect its contractual rights and financial position. No shares had been repurchased under its $100 million plan by June 30.
