Arvinas (ARVN) Q4 2025 earnings summary

Executive summary

• Achieved significant pipeline progress in 2025, including submission of first New Drug Application and strategic refocus on four core phase I clinical programs.

• Multiple value-driving milestones expected in 2026, with pivotal data readouts and clinical advancements anticipated across oncology and neurology assets.

• Four ongoing clinical trials across oncology and neurology portfolios, with new trials initiated and planned for 2026.

• Leadership transition: Randy Teel, Ph.D., appointed President, CEO, and Director; John Houston, Ph.D., retired as CEO but remains on the Board.

• Strong balance sheet supports continued investment in differentiated therapies and execution of strategic priorities.

Financial highlights

• Ended Q4 2025 with $685.4M in cash equivalents and marketable securities, down from $1,039.4M at end of 2024, mainly due to $261M in operational cash use and $91.9M in share repurchases.

• Q4 2025 revenue was $9.5M, down from $59.2M in Q4 2024, mainly due to lower Novartis license revenue.

• Full-year 2025 revenue was $262.6M, nearly flat year-over-year.

• Q4 2025 SG&A expenses were $23M, down from $34.1M in Q4 2024; full-year SG&A was $95.9M, down from $165.4M.

• Net loss for 2025 was $80.8M, a significant improvement from $198.9M in 2024.

Outlook and guidance

• Cash runway expected to extend into the second half of 2028, supporting advancement to key data readouts.

• Anticipates multiple clinical data disclosures in 2026 for ARV-102, ARV-806, ARV-393, and ARV-027.

• Vepdegestrant NDA under FDA review with PDUFA date set for June 5, 2026.

• Plans to initiate Phase 1B trial in PSP for ARV-102 in H1 2026, with potential for registrational trial by year-end.

• First-in-human studies for ARV-6723 (HPK1 degrader) and pan-KRAS degrader planned for later in 2026.