First Tracks Biotherapeutics

AnaptysBio reported fourth-quarter and six-month 2026 net income of US$183.88 million and US$131 million respectively, with basic earnings per share from continuing operations of US$6.06 for the quarter and US$6.09 for the six months. The bulk of that quarterly profit came from a US$181.5 million income-tax benefit tied to the release of a deferred-tax valuation allowance following the separation of First Tracks Biotherapeutics, an accounting change that lifts reported earnings without delivering equivalent cash. The company's investment case now rests on its royalty-focused model around Jemperli and imsidolimab, with near-term catalysts seen in royalty performance, litigation outcomes with GSK and management's use of a US$100 million buyback rather than the tax boost itself. Three Simply Wall St community valuations for AnaptysBio range from about US$88.50 to US$1,276.20 per share, underscoring how widely individual views on the stock diverge.

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