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.
Price Chart
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.
Key Financial Metrics
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
Investment Themes
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 | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | 144 | $9.08 $8.26 | ▼ −9.03% | ▼ −7.91% | $7.41 (−18.39%) |
Jun 22, 2026 14w ago | 8-K | $8.14 $8.29 | ▲ +1.84% | ▲ +0.83% | $7.41 (−8.97%) |
Jun 2, 2026 17w ago | 8-K | $7.70 $6.98 | ▲ +9.35% | ▲ +5.53% | $7.41 (+3.77%) |
May 12, 2026 20w ago | 8-K | $9.57 $8.78 | ▼ −8.26% | ▼ −8.33% | $7.41 (−22.57%) |
May 12, 2026 20w ago | 8-K | $9.57 $8.78 | ▼ −8.26% | ▼ −8.33% | $7.41 (−22.57%) |
May 12, 2026 20w ago | Press Release | $9.57 $8.78 | ▲ +8.26% | ▲ +8.33% | $7.41 (+22.57%) |
May 8, 2026 20w ago | 144 | $9.66 $8.78 | ▼ −9.11% | ▼ −9.02% | $7.41 (−23.29%) |
May 8, 2026 20w ago | 144 | $9.66 $8.78 | ▼ −9.11% | ▼ −9.02% | $7.41 (−23.29%) |
May 5, 2026 21w ago | Press Release | $10.61 $9.57 | ▲ +9.80% | ▲ +11.79% | $7.41 (+30.16%) |
May 1, 2026 22w ago | 8-K | $10.51 $10.19 | ▼ −3.04% | ▼ −5.39% | $7.41 (−29.50%) |
US Market Status
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