Arrowhead Pharmaceuticals (ARWR) investor relations material

Executive summary

• Achieved strong commercial, R&D, and corporate progress, with REDEMPLO launch exceeding expectations and over 400 prescriptions written, rapid physician adoption, and robust pipeline expansion.

• FDA approval of REDEMPLO for FCS in November 2025, with additional approvals in Australia, China, Canada, and a positive EMA opinion for Europe.

• Significant capital raised through convertible notes, equity offerings, and pre-funded warrants, strengthening liquidity to over $1.78 billion in cash and investments.

• Entered global license agreements with Madrigal for ARO-PNPLA3 and Novartis for CNS collaboration, securing upfront and milestone payments.

• Initiated new clinical trials and presented long-term efficacy and safety data for plozasiran, showing significant triglyceride reductions and no acute pancreatitis events.

Financial highlights

• Q2 2026 revenue was $73.7 million, down from $542.7 million in Q2 2025, mainly due to lower Sarepta revenue.

• Net loss for Q2 2026 was $132.7 million, or $0.93 per share, compared to net income of $370.4 million, or $2.75 per share, in Q2 2025.

• Operating expenses increased to $215 million, up $53 million year-over-year, driven by higher R&D and SG&A costs.

• Cash, cash equivalents, and short-term investments totaled $1.78 billion as of March 31, 2026.

• First full quarter of REDEMPLO sales generated approximately $1 million in net sales.

Outlook and guidance

• Anticipates top-line data from SHASTA-3 and SHASTA-4 phase III studies in SHTG in Q3 2026, supporting sNDA submission.

• Expects initial clinical data from ARO-DIMER-PA and ARO-MAPT in Q3/Q4 2026.

• Plans to expand REDEMPLO into SHTG, targeting a much larger patient population, and expects launches in Europe, Canada, and China later in 2026.

• Management expects continued significant investment in R&D and commercialization as the pipeline matures.

• Sufficient liquidity is expected to fund operations for at least the next twelve months.