Arvinas, Inc.

arvinas.com

What Do They Do?

Develops protein-degrading medicines for patients with cancers and neurological diseases.

How Do They Make Money?

Arvinas primarily earns money from pharmaceutical partners for licenses and research work, with upfront fees and additional payments tied to development milestones. Collaboration income is earned over the agreement period; royalties depend on partners' product sales.

FY2025 revenue

Who Are Their Customers?

Pharmaceutical partners, including Pfizer and Genentech, work with Arvinas through research and licensing agreements.

Do Revenues Turn Into Profits?

No. It lost $80.8M in FY2025.

Operating income, FY2025

−45% of revenue

▼ −53% (Loss) vs FY2024 (−$250.2M, −95%)

Net income, FY2025

−31% of revenue

▼ −59% (Loss) vs FY2024 (−$198.9M, −76%)

Free cash flow, FY2025

−105% of revenue

▲ +6% (Loss) vs FY2024 (−$261.1M, −99%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1015%; vs $22.4M in Q2 FY2025
Net income: ▲ Now profitable; vs −$61.2M in Q2 FY2025

Aug 4, 2026 VEPPANU was approved and licensed to Rigel Rigel received exclusive global development, manufacturing and commercialization rights.
Jun 16, 2026 Rigel's VEPPANU license took effect Rigel paid an upfront amount to Arvinas and Pfizer, who share license payments equally.

Growing. Revenue grew 4.9x in 4 years, from $53.6M in FY2021 to $262.6M in FY2025, about 49% a year.

Clinical pipeline focus Earlier clinical-stage programs targeted estrogen receptors in breast cancer and androgen receptors in prostate cancer; the latest report also describes programs for neurological diseases and other cancers.

Who Do They Compete With?

Competes with Accutar Biotechnology, C4 Therapeutics, Cullgen, Foghorn Therapeutics, Kymera Therapeutics, Nurix Therapeutics, Proteovant Therapeutics, AbbVie, Amgen, Astellas Pharma, AstraZeneca, BeOne Medicines, Boehringer Ingelheim, Bristol Myers Squibb, GlaxoSmithKline, Genentech, Novartis, Pfizer, Sanofi, and IONIS Pharmaceuticals

Comments