Arvinas Third-Quarter Revenue Falls To $0.5 Million From $41.9 Million As Pfizer Income Ends
The biotech's loss widened to $53.9 million, but it says cash of $558.9 million funds operations into the second half of 2028.
Arvinas, a clinical-stage biotech that develops protein-degrading drugs, said Tuesday that third-quarter revenue fell to $0.5 million from $41.9 million a year earlier, and its net loss widened to $53.9 million, or $0.82 per share. The year-earlier loss was $35.1 million, or $0.48 per share.
Where the revenue went
The latest quarter's revenue consisted only of sales-based royalties under the Rigel license agreement. The year-earlier quarter primarily reflected $20.6 million under the original vepdegestrant collaboration with Pfizer and a $20.0 million development milestone tied to the Novartis license.
The Pfizer collaboration revenue did not recur because Arvinas recognized all its remaining deferred revenue in the second quarter of 2026, when it entered the Rigel license agreement.
The nine-month picture is far better. Revenue was $265.8 million against $253.1 million a year earlier, and net income was $57.9 million against a $13.4 million loss.
Lower spending, shrinking cash
Research and development spending fell to $46.9 million from $64.7 million. General and administrative costs fell to $12.6 million from $21.0 million.
Cash, cash equivalents, restricted cash and marketable securities stood at $558.9 million on September 30, down from $685.4 million at the end of 2025. Over the nine months, operations used $123.0 million, net of $35.0 million received under the Rigel agreement. Arvinas said that cash is enough to fund planned operating expenses and capital spending into the second half of 2028.
A pipeline that now carries the story
Vepdegestrant, which Arvinas developed with Pfizer, was approved by the FDA and is now commercialized by Rigel, according to the company. Arvinas's own work is in early-stage degraders, including ARV-393 for non-Hodgkin lymphoma, ARV-6723 for solid tumors, ARV-027 for a rare muscle disease and ARV-102 for Parkinson's disease.
CEO Randy Teel said the company is "entering an important period of clinical milestones." It has submitted initial ARV-393 data for the American Society of Hematology meeting, Dec. 12-15, and plans to present early monotherapy data in the fourth quarter.
Next up is the ARV-393 lymphoma data, with the company also planning more data in mid-2027.
Sources
- 8-K Filing — ARVINAS, INC. (ARVN) — SEC EDGAR
- Exhibit q32026earningsrelease.htm — ARVINAS, INC. 8-K exhibit — SEC EDGAR
- Exhibit exhibit992-arvinascorpor.htm — ARVINAS, INC. 8-K exhibit — SEC EDGAR
- Arvinas Reports Third Quarter 2026 Financial Results and Provides Corporate Update — Yahoo Finance
- Arvinas Reports Third Quarter 2026 Financial Results and — globenewswire.com
