Arrowhead Pharmaceuticals (ARWR) Q4 2025 earnings summary

Executive summary

• Achieved first FDA approval for Redemplo, a siRNA therapy for familial chylomicronemia syndrome (FCS), marking transition to commercial stage.

• Launched Redemplo with a unified $60,000 annual price and a comprehensive patient support program.

• Secured major licensing deals with Novartis and Sarepta, resulting in significant upfront and milestone payments, including $200M upfront from Novartis and $300M in milestones from Sarepta.

• Signed asset purchase agreement with Sanofi for Visirna Therapeutics, securing $130M upfront and up to $265M in milestones.

• Advanced late-stage and early-stage pipeline programs in cardiometabolic, CNS, and obesity indications.

Financial highlights

• Fiscal 2025 net loss was $1.6 million ($0.01 per share), a sharp improvement from a $599 million loss in 2024.

• Revenue reached $829.4 million, driven by licensing and collaboration agreements, notably $697 million from Sarepta.

• Operating expenses rose to $731 million, mainly due to increased R&D and SG&A costs for late-stage trials and commercialization.

• Cash and investments totaled $919.4 million as of September 30, 2025, up from $681 million a year prior.

• Total assets increased to $1.39 billion from $1.14 billion year-over-year.

Outlook and guidance

• Redemplo launch expected to be transformational, but commercial sales not anticipated to materially impact FY2026 financials.

• Cash runway projected to extend into fiscal 2028, even without new deals.

• Multiple late-stage studies (Shasta III/IV/V, MUIR III) to report data in 2026, with potential regulatory submissions by year-end.

• Early data from obesity and dimer programs expected in early and mid-2026.

• Ongoing focus on discovery, clinical development, and business development to drive future growth.