Arvinas (ARVN) Q2 2026 earnings summary

Executive summary

• Achieved first-ever FDA approval of a PROTAC degrader, VEPPANU, for ER+/HER2- advanced or metastatic breast cancer after endocrine therapy failure, and out-licensed global rights to Rigel Pharmaceuticals, with Rigel preparing for commercial launch and significant upfront and milestone payments secured.

• Advanced clinical pipeline with multiple Phase 1 programs in oncology and neurology, including ARV-393, ARV-102, ARV-027, and ARV-806, with several trials ongoing or completed enrollment and key data readouts expected in the next 12 months.

• Completed major organizational restructuring, including workforce reductions and leadership transitions, to optimize cost structure and focus on core programs.

• Strategic decision to partner out the KRAS G12D program (ARV-806) to align with capital allocation priorities.

Financial highlights

• Q2 2026 revenue was $249.7 million, up from $22.4 million in Q2 2025, driven by VEPPANU-related agreements, milestone payments, and recognition of deferred revenue.

• Net income for Q2 2026 was $169.4 million, compared to a net loss of $61.2 million in Q2 2025.

• Ended Q2 2026 with $567.9 million in cash, equivalents, and marketable securities, down from $685.4 million at year-end 2025.

• R&D expenses decreased to $52.6 million in Q2 2026 from $68.6 million in Q2 2025, reflecting cost optimization and program prioritization.

• General and administrative expenses were $24 million, down from $25.3 million year-over-year.

Outlook and guidance

• Cash position expected to fund operations and capital expenditures into the second half of 2028, supporting multiple clinical data readouts.

• Initial phase I data for ARV-393 expected by year-end 2026, with more mature data in 2027.

• ARV-027 multiple dose phase I data and initial safety results anticipated in the first half of 2027, with potential for rapid progression to registrational studies.

• ARV-102 phase I-B and registrational trials in PSP expected to begin in 2027, pending regulatory feedback.

• Plans to initiate Phase 1 trial for ARV-6723 in advanced solid tumors in Q3 2026 and seek out-licensing for ARV-806.