Annexon, Inc. (ANNX)

Neutral

Insufficient data to determine institutional momentum.

Data as of Q3 2026

FY2025 basis· unprofitable_growth

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Financials

$4.05▲ 1.00%

EOD close · as of 2026-10-30

Market Cap

$767.8M

Enterprise Value

$605.7M

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Not enough income-statement detail for a flow diagram.

No data reported for this breakdown.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Research & Development	$184.7M	$119.4M	$113.8M	$112.5M	$100.1M	$49.3M	$24.5M
Selling, General & Admin	$31.7M	$34.6M	$30.0M	$33.1M	$30.6M	$14.2M	$8.0M
Total Operating Expenses	$216.4M	$154.1M	$143.7M	$145.6M	$130.7M	$63.5M	$32.5M
Operating Income	-$216.4M	-$154.1M	-$143.7M	-$145.6M	-$130.7M	-$63.5M	-$32.5M
Other Income (Expense), net	—	—	—	—	—	$57K	$1.0M
Pretax Income	-$206.7M	-$138.2M	$134.2M	$141.9M	$130.3M	-$63.4M	-$37.2M
Income Tax Expense	$0	$0	$0	$0	—	—	$4K
Net Income	-$206.7M	-$138.2M	-$134.2M	-$141.9M	-$130.3M	-$63.4M	-$37.2M
Per Share
EPS (Basic)	-$1.34	-$1.01	-$1.77	-$2.60	-$3.40	—	—
EPS (Diluted)	-$1.34	-$1.01	-$1.77	-$2.60	-$3.40	—	—
Weighted Avg Shares (Basic)	155.1M	137.4M	75.7M	54.7M	38.3M	—	—
Weighted Avg Shares (Diluted)	155.1M	137.4M	75.7M	54.7M	38.3M	—	—

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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ANNX vs. Pharmaceutical Preparations peers

Ranked against 24 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

ANNX — · med 12.3× · p25–p75 5.5×–20.2×

not enough peer data

—

P / S

ANNX — · med 3.2× · p25–p75 1.7×–6.0×

not enough peer data

—

EV / EBITDA

ANNX — · med 8.5× · p25–p75 3.6×–17.7×

not enough peer data

—

P / B

ANNX 2.9× · med 3.9× · p25–p75 1.7×–7.2×

61st pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

ANNX — · med 12.4% · p25–p75 -14.9%–64.1%

not enough peer data

—

ProfitabilityMargins vs the sector

Gross margin

ANNX — · med 73.3% · p25–p75 49.5%–92.3%

not enough peer data

—

Operating margin

ANNX — · med 4.7% · p25–p75 -50.2%–22.1%

not enough peer data

—

Net margin

ANNX — · med 1.7% · p25–p75 -37.2%–13.6%

not enough peer data

—

FCF margin

ANNX — · med -0.2% · p25–p75 -38.1%–18.3%

not enough peer data

—

Returns on capitalHow hard the capital works

Return on equity

ANNX -97.7% · med -6.5% · p25–p75 -32.2%–23.1%

4th pct

Return on invested capital

ANNX -97.7% · med 0.1% · p25–p75 -20.8%–20.1%

4th pct

LeverageLess debt scores higher

Net debt / EBITDA

ANNX — · med -0.8× · p25–p75 -2.6×–1.5×

not enough peer data

—

13F convictionInstitutional breadth & ownership

13F holders

ANNX 23 · med 27 · p25–p75 18–32

42nd pct

Institutional ownership

ANNX 1.3% · med 1.0% · p25–p75 0.2%–1.6%

75th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
ANABANAPTYSBIO, INC	$1.4B	—	5.8×	6.2×	157%	—	-5.6%	-35.6%	-35.6%	-0.6×	28
NKTRNEKTAR THERAPEUTICS	$1.3B	—	—	24.0×	-43.9%	100%	-297%	-183%	-183%	—	23
OPKOPKO HEALTH, INC.	$1.2B	—	—	2.0×	-14.9%	33.9%	-37.2%	-17.8%	-14.0%	—	32
AMPHAmphastar Pharmaceutic…	$1.2B	13.7×	9.5×	1.6×	-1.7%	49.5%	13.6%	12.4%	7.0%	2.6×	44
MRVIMARAVAI LIFESCIENCES H…	$1.2B	—	—	6.3×	-28.3%	18.3%	-70.4%	-61.6%	-25.9%	—	20
MNKDMANNKIND CORP	$1.1B	175.0×	30.0×	3.2×	22.2%	92.3%	1.7%	-11.5%	1.9%	6.0×	48
HROWHARROW, INC.	$1.1B	—	—	3.9×	36.4%	75.1%	-1.9%	-9.8%	-1.7%	—	36
RIGLRIGEL PHARMACEUTICALS …	$958M	2.6×	7.6×	3.3×	64.1%	93.3%	—	93.8%	82.7%	0.1×	29
TBPHTheravance Biopharma, …	$884M	8.3×	—	8.2×	66.9%	—	98.5%	35.7%	35.7%	—	1
CYRXCryoport, Inc.	$876M	12.3×	—	5.0×	12.4%	47.1%	44.4%	15.6%	15.6%	—	26
ARDXARDELYX, INC.	$782M	—	—	1.9×	22.1%	90.3%	-15.1%	-36.9%	-16.7%	—	30
COLLCOLLEGIUM PHARMACEUTIC…	$775M	13.8×	3.0×	1.0×	23.6%	59.3%	8.1%	20.8%	20.8%	-1.3×	40
ANNXAnnexon, Inc.	$768M	—	—	—	—	—	—	-97.7%	-97.7%	—	23
LXRXLEXICON PHARMACEUTICAL…	$632M	—	—	12.7×	60.2%	99.4%	-101%	-46.8%	-31.2%	—	18
ACRSAclaris Therapeutics, …	$615M	—	—	78.6×	-58.2%	73.3%	-830%	-63.0%	-63.0%	—	20
ZVRAZEVRA THERAPEUTICS, IN…	$610M	7.6×	—	5.7×	351%	—	78.2%	53.8%	38.4%	—	27
IRWDIRONWOOD PHARMACEUTICA…	$578M	23.3×	3.6×	1.9×	-15.7%	—	8.1%	-9.2%	-9.2%	-2.2×	36
PBYIPUMA BIOTECHNOLOGY, IN…	$539M	17.1×	14.7×	2.4×	-0.9%	74.5%	13.6%	23.9%	17.7%	0.4×	31
AMRNAMARIN CORP PLC\UK	$509M	—	—	2.4×	-6.5%	56.6%	-18.2%	-8.4%	-8.4%	—	9
GYREGYRE THERAPEUTICS, INC…	$484M	228.0×	31.1×	4.2×	10.2%	95.4%	8.5%	15.8%	15.8%	-3.5×	7
SVASINOVAC BIOTECH LTD	$465M	—	—	1.2×	6.8%	67.9%	-51.5%	-4.5%	-4.0%	—	2
CRMDCorMedix Inc.	$447M	2.8×	2.0×	1.4×	617%	88.5%	52.3%	40.2%	40.2%	-1.0×	24
VREOFVireo Growth Inc.	$385M	—	18.8×	1.4×	170%	47.3%	-25.3%	-22.2%	-22.2%	-6.8×	—
EBSEmergent BioSolutions …	$349M	7.3×	3.6×	0.5×	-28.8%	56.1%	7.1%	10.1%	4.8%	1.9×	29
QTTBQ32 Bio Inc.	$265M	3.7×	12.6×	4.9×	—	—	55.5%	71.0%	71.0%	-2.8×	3

Peers = companies sharing ANNX's sector (Pharmaceutical Preparations) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

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Annexon, Inc. (ANNX)

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

ANNX vs. Pharmaceutical Preparations peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Buy / Sell Volume by Quarter

ANNX vs. Pharmaceutical Preparations peers

Where it ranks

Peer table

Reverse DCF — what growth does the price assume?

Financials

Revenue → Profit Flow

Ownership Map

Institutional Trends (8 Quarters)