ARVN ARVINAS, INC.
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Executive Summary
Arvinas reported Q1 2026 revenue of $15.6M, a 91.7% decline from $188.8M in Q1 2025, driven by the completion of large milestone payments from Pfizer. The company posted a GAAP net loss of -$0.90 per share, a sharp reversal from EPS of $1.14 in the prior year. The FDA approval of VEPPANU (vepdegestrant) is a landmark event, but the out-licensing to Rigel Pharmaceuticals and the collapse in reported revenue create a mixed picture for near-term valuation.
Actionable Insight
The VEPPANU approval is a transformative catalyst, but the revenue cliff and out-licensing to Rigel create uncertainty about the near-term profit trajectory. Watch for HSR clearance on the Rigel deal and initial ARV-806 clinical data in 2026, which could provide the next major pipeline catalyst. The cash runway into 2H 2028 provides a long development horizon.
Key Facts
- Q1 2026 revenue fell 91.7% YoY to $15.6M from $188.8M, driven by the absence of large Pfizer collaboration milestone payments recognized in Q1 2025.
- GAAP net loss per share was -$0.90, compared to +$1.14 in Q1 2025.
- FDA approved VEPPANU (vepdegestrant) on June 5, 2026 — the first-ever PROTAC drug approval.
- Arvinas entered into a license agreement with Rigel Pharmaceuticals for exclusive global rights to VEPPANU; closing subject to HSR clearance.
- Cash, cash equivalents, and marketable securities totaled $614.9M as of March 31, 2026, sufficient to fund operations into 2H 2028.
- ARV-102 Phase 1 data showed >50% LRRK2 degradation in CSF and reduction of key biomarkers in Parkinson's disease patients.
- ARV-806 completed dose escalation enrollment in Phase 1 for KRAS G12D solid tumors.
- ARV-393 initiated a Phase 1 combination trial with glofitamab in DLBCL.
- ARV-027 initiated first-in-human Phase 1 trial in healthy volunteers.
- ARV-6723 preclinical data presented at AACR; Phase 1 initiation expected mid-2026.
Financial Impact
Revenue collapsed from $188.8M to $15.6M YoY due to the completion of large Pfizer milestone payments. Net loss widened to -$57.6M from net income of $82.9M. Cash burn of $70.5M in the quarter.
Risk Factors
- Revenue is highly dependent on collaboration milestones; the Q1 2026 decline shows the volatility of this model.
- VEPPANU out-licensing to Rigel reduces Arvinas's direct commercial upside and creates execution risk.
- All pipeline candidates remain in early-stage (Phase 1) clinical trials with no guarantee of success.
- The stock has a poor historical track record with prior bullish calls underperforming by -11.78% on average at T+20.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033875 |
| Document: arvn-20260512.htm | 0001628280-26-033875 |
| Document: 0001628280-26-033875-index-headers.html | 0001628280-26-033875 |
| Document: 0001628280-26-033875-index.html | 0001628280-26-033875 |
| Document: 0001628280-26-033875.txt | 0001628280-26-033875 |
| 8-K Data (Synthetic) | 0001628280-26-033875 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 2, 2026
7d ago
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8-K
| $7.70 $7.74 | ▼ −0.52% | ▼ −0.12% | $7.15 (+7.14%) |
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May 12, 2026
28d ago
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8-K
| $9.57 $9.87 | ▲ +3.13% | ▲ +2.56% | $7.15 (−25.29%) |
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May 12, 2026
28d ago
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8-K
| $9.57 $9.87 | ▲ +3.13% | ▲ +2.56% | $7.15 (−25.29%) |
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May 12, 2026
28d ago
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Press Release
| $9.57 $9.87 | ▼ −3.13% | ▼ −2.56% | $7.15 (+25.29%) |
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May 8, 2026
4w ago
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144
| $9.66 $9.57 | ▼ −0.93% | ▼ −0.80% | $7.15 (−25.98%) |
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May 8, 2026
4w ago
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144
| $9.66 $9.57 | ▼ −0.93% | ▼ −0.80% | $7.15 (−25.98%) |
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May 5, 2026
5w ago
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Press Release
| $10.61 $10.26 | ▲ +3.30% | ▲ +4.68% | $7.15 (+32.61%) |
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May 1, 2026
5w ago
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8-K
| $10.51 $10.78 | ▲ +2.57% | ▲ +2.91% | $7.15 (−31.97%) |
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May 1, 2026
5w ago
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Press Release
| $10.51 $10.78 | ▲ +2.57% | ▲ +2.91% | $7.15 (−31.97%) |
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Apr 29, 2026
5w ago
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DEFA14A
| $9.82 $9.90 | ▲ +0.81% | ▼ −0.21% | $7.15 (−27.19%) |
US Market Status
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