AnaptysBio: The Royalty Waterfall Is About To Reverse
AnaptysBio has repositioned as a focused royalty management company, with its value primarily tied to Jemperli royalties from GSK. The company now operates virtually with a 95% targeted EBIT margin and over $140M net cash, having eliminated its prior R&D burn.
Why it matters — ANAB watchers would care because once the Sagard obligation is paid by mid-2027, the company will retain high-margin, growing royalty streams that escalate with Jemperli sales.