AnaptysBio's FY 2025 Headline Numbers

AnaptysBio (ANAB) has put up a sharp swing in its latest quarter, with Q4 FY 2025 revenue at US$108.2 million and basic EPS of US$1.79, compared with a loss in the same quarter a year earlier and a trailing twelve month basic EPS of US$0.46 loss on revenue of US$234.6 million. Over recent periods, the company has seen quarterly revenue move from US$43.1 million in Q4 2024 to US$22.3 million in Q2 2025 and US$76.3 million in Q3 2025 before reaching US$108.2 million in Q4 2025. Basic EPS has ranged from a loss of US$1.34 in Q2 2025 to a profit of US$1.79 in Q4 2025. For investors, the latest numbers put the spotlight firmly on how sustainable these margins are after a year where the trailing figures still point to an overall loss.

See our full analysis for AnaptysBio.

With the figures on the table, the next step is to see how this earnings profile lines up with the most widely followed stories about AnaptysBio and where those narratives might need updating.

TTM loss of US$13.2 million despite strong Q4

• Over the last twelve months, AnaptysBio booked US$234.6 million in revenue and a net loss of US$13.2 million, even though Q4 on its own showed US$49.6 million of net income.
• Bears focus on the history of losses growing about 19.2% per year over five years and expectations for continued unprofitability, and that view lines up with the trailing figures, as the profitable Q4 is not yet enough to offset earlier quarterly losses of US$39.3 million and US$38.6 million in Q1 and Q2 2025.
• Critics highlight that trailing twelve month basic EPS is a loss of US$0.46, which contrasts with the Q4 basic EPS of US$1.79 and suggests the positive print is still the exception in the recent record.
• The same bearish angle points to earlier quarterly net losses of more than US$20 million in several periods, reinforcing the idea that the business has been spending more than it brings in over most of the lookback window.

Revenue swings from US$22.3 million to US$108.2 million

• Within FY 2025, revenue moved from US$22.3 million in Q2 to US$76.3 million in Q3 and then US$108.2 million in Q4, compared with US$43.1 million in Q4 2024.
• A more bullish take argues that a company with this sort of top line ramp, and revenue forecast to grow around 20.3% a year, has meaningful commercial potential. However, the quarterly pattern also shows just how dependent the story is on a small number of revenue events when one quarter can differ from another by more than US$80 million.
• Supporters point to trailing twelve month revenue of US$234.6 million versus US$91.3 million a year earlier on the same basis, which shows a much bigger revenue base than in prior periods.
• At the same time, the fact that revenue was only US$22.3 million in Q2 2025 underlines the bearish concern that the revenue line is uneven and may not yet reflect a stable, recurring pattern.

P/S of 7.4x and DCF fair value at US$378.18

• AnaptysBio trades on a P/S of 7.4x, compared with 6.5x for peers and 12.5x for the wider US biotech group, while a DCF fair value of US$378.18 sits well above the current share price of US$60.55.
• What stands out to investors is the tension between a cautious view that flags ongoing losses and recent insider selling, and a more optimistic reading of valuation that sees the stock priced below the supplied DCF fair value, even though the higher P/S than peers suggests the market already recognises some of that growth potential.
• On the cautious side, the company is still unprofitable over the trailing twelve months, which is the kind of backdrop where some investors treat any premium to peers, such as a 7.4x P/S versus 6.5x, with care.
• On the more optimistic side, the gap between US$60.55 and the DCF fair value figure of US$378.18 is very large, which will appeal to readers who are comfortable with a growth profile where revenue is forecast to rise around 20.3% a year despite near term losses.

Bearing all of this in mind, if you want to see how other investors are weighing these trade offs around growth, losses, and valuation, you can check out what the broader community is saying about AnaptysBio in more detail here: 📊 Read the what the Community is saying about AnaptysBio.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on AnaptysBio's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If this mix of risks and potential rewards has you on the fence, review the data yourself and act promptly to form your own view, starting with 2 key rewards and 2 important warning signs.

See What Else Is Out There

AnaptysBio still carries a trailing twelve month loss of US$13.2 million and uneven revenue, which makes its recent profitable quarter look more like an outlier than a pattern.

If that mix of patchy earnings and ongoing losses feels uncomfortable, shift your focus to 74 resilient stocks with low risk scores, so you can weigh steadier options against this kind of volatility right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.