AnaptysBio Details Q2 Royalty Spin, Jemperli Growth and ANB033 Celiac Data Coming in Q4

Biopharma company outlines plans to separate royalty and clinical-stage businesses, highlights key pipeline updates and upcoming catalysts.

Published on Feb. 12, 2026

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AnaptysBio leadership outlined plans to separate its royalty business from its clinical-stage biopharma operations, while also discussing key revenue drivers tied to GSK's Jemperli, pipeline priorities led by ANB033 in celiac disease and eosinophilic esophagitis (EoE), and upcoming catalysts spanning regulatory, clinical, and legal developments.

Why it matters

The planned separation of AnaptysBio's royalty and biopharma businesses aims to better position each entity to pursue their distinct strategic priorities and capital needs. The company's pipeline, led by the celiac disease and EoE programs, represents significant commercial opportunities, while the Jemperli royalties provide a growing revenue stream. Upcoming data readouts and regulatory milestones could be key catalysts for the company.

The details

Management said its top near-term priority is completing the separation of the royalty company from the biopharma company, targeting Q2 completion. The rationale is that the two businesses are at different stages and have different capital needs, with the royalty business positioned to 'protect and return cash' to shareholders, while the biopharma business consumes cash to advance clinical programs. On Jemperli, the company highlighted substantial royalties and emphasized the growth potential, referencing Q4 sales of $343 million and GSK's $2.7 billion peak sales guidance. Upcoming Jemperli-related catalysts include a dMMR rectal cancer pivotal trial readout and Phase 2 data in MSI-H colon cancer, both expected this year. For the ANB033 celiac disease program, the company outlined plans for a gluten challenge cohort and a damaged villi cohort, with data targeted for Q4 2023. In eosinophilic esophagitis (EoE), the Phase 1b study is expected to begin this quarter, with data not anticipated until 2027.

  • The separation of the royalty and biopharma businesses is targeted for completion in Q2 2026.
  • The dMMR rectal cancer pivotal trial readout for Jemperli is expected this year.
  • The Phase 2 data in MSI-H colon cancer for Jemperli is expected this year.
  • The ANB033 celiac disease data is targeted for Q4 2023.
  • The EoE Phase 1b study is expected to begin this quarter, with data not anticipated until 2027.

The players

AnaptysBio

A clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation.

GSK

A global pharmaceutical company that markets Jemperli, a drug in which AnaptysBio holds royalty interests.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, Grocery employee (Instagram)

The takeaway

The planned separation of AnaptysBio's royalty and biopharma businesses, along with the company's pipeline progress and growing Jemperli royalties, represent significant milestones and opportunities for the company. Upcoming data readouts and regulatory catalysts will be closely watched by investors as the company navigates this transition and seeks to advance its clinical programs.