Arvinas (ARVN) investor relations material

Executive summary

• Submitted NDA for vepdegestrant, the first PROTAC degrader to reach this milestone, following positive Phase 3 results and in collaboration with Pfizer.

• Advanced pipeline with clinical and preclinical progress for ARV-102, ARV-393, and ARV-806, including new trial initiations and promising early data.

• Completed a company-wide restructuring, reducing workforce by 33% to save $80M annually and extend cash runway into 2028.

• CEO transition process initiated, with John Houston retiring and a search for a successor underway; he will remain as board chair.

• Out-licensed luxdegalutamide to Novartis, with two Phase II trials initiated in prostate cancer.

Financial highlights

• Ended Q2 2025 with $861.2M in cash, cash equivalents, and marketable securities, down from $1.04B at year-end 2024.

• Q2 2025 revenue was $22.4M, down from $76.5M in Q2 2024, mainly due to lower Novartis and Pfizer collaboration revenue.

• General and administrative expenses decreased to $25.3M from $31.3M year-over-year; R&D expenses fell to $68.6M from $93.7M.

• Net income for the first half of 2025 was $21.7M, reversing a net loss of $104.6M in the prior year, driven by a $150.2M revenue increase from collaboration accounting changes.

• Restructuring costs were $7.4M in cash, offset by $6.4M reversal of non-cash compensation; full cost reduction benefits expected in Q3.

Outlook and guidance

• Cash and marketable securities expected to fund operations into the second half of 2028.

• Multiple near-term catalysts expected, including clinical data from ARV-102, ARV-393, ARV-806, and potential first PROTAC approval.

• Minimal costs anticipated for vepdegestrant market preparation pending partnership outcome.

• Cost savings from restructuring expected to support efficient portfolio progression and long-term objectives.

• Plans to revise the vepdegestrant collaboration with Pfizer to maximize value and continue market preparations ahead of the PDUFA date.