The severe revenue decline and EPS miss will pressure the stock near-term, but the VEPPANU approval and Rigel out-licensing provide a long-term floor. Watch for HSR clearance on the Rigel deal and upcoming pipeline catalysts (ARV-102 PSP trial initiation, ARV-806 initial data) in 2H 2026. The cash runway into 2H 2028 reduces near-term dilution risk.
Price Chart
Executive Summary
Arvinas reported Q1 2026 revenue of $15.6M (down 91.7% YoY from $188.8M) and a GAAP EPS of -$0.90, significantly missing the consensus estimate of -$0.63. The revenue collapse was driven by the removal of two Phase 3 trials from the Pfizer collaboration plan, which had inflated prior-year revenue. While the FDA approval of VEPPANU (first-ever PROTAC) and its out-licensing to Rigel are transformative milestones, the severe revenue decline and EPS miss dominate the near-term narrative.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $15.6M vs $188.8M YoY, a 91.7% decline due to changes in Pfizer collaboration cost estimates
- GAAP EPS of -$0.90 vs consensus -$0.63, a 42.9% miss
- Cash burn of $67.5M in operations during Q1; cash position $614.9M, sufficient into 2H 2028
- FDA approval of VEPPANU (vepdegestrant) as first-ever PROTAC therapy for ER+/HER2- breast cancer
- Out-licensing of VEPPANU to Rigel Pharmaceuticals for exclusive global rights (closing pending HSR review)
- R&D expenses fell 33.6% YoY to $60.3M, driven by reduced vepdegestrant program costs
- Pipeline progress: ARV-102 Phase 1 biomarker data, ARV-806 dose escalation completed, ARV-393 combo trial initiated
Financial Impact
Revenue collapsed 91.7% YoY to $15.6M; EPS miss of 42.9% vs consensus; operating cash burn of $67.5M in Q1
Risk Factors
- Revenue collapse driven by Pfizer collaboration changes may signal further partnership uncertainty
- VEPPANU commercial success depends on Rigel's execution and market adoption post-approval
- Pipeline setbacks in ARV-102, ARV-806, or ARV-393 could impair valuation given thin revenue base
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292695 |
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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