2022 Q1 Form 10-Q Financial Statement

#000165575922000016 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $24.20M $26.33M $5.500M
YoY Change 340.0% 1086.1% -11.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.20M $18.86M $12.32M
YoY Change 63.96% 54.19% 55.36%
% of Gross Profit
Research & Development $64.00M $61.92M $34.90M
YoY Change 83.38% 86.5% 60.63%
% of Gross Profit
Depreciation & Amortization $1.500M $1.288M $1.150M
YoY Change 30.43% 21.51% 85.48%
% of Gross Profit
Operating Expenses $84.20M $80.78M $47.20M
YoY Change 78.39% 77.8% 59.18%
Operating Profit -$60.00M -$41.70M
YoY Change 43.88% 78.11%
Interest Expense $1.200M $653.4K $430.0K
YoY Change 179.07% 30.68% 2546.15%
% of Operating Profit
Other Income/Expense, Net $1.100M $796.5K $700.0K
YoY Change 57.14% -31.34% -58.16%
Pretax Income -$58.90M -$53.00M -$40.96M
YoY Change 43.8% 27.55% 88.41%
Income Tax $4.500M $0.00
% Of Pretax Income
Net Earnings -$63.40M -$53.00M -$41.00M
YoY Change 54.63% 27.55% 88.6%
Net Earnings / Revenue -261.98% -201.27% -745.45%
Basic Earnings Per Share -$1.20 -$0.84
Diluted Earnings Per Share -$1.20 -$1.006M -$0.84
COMMON SHARES
Basic Shares Outstanding 53.00M shares 48.60M shares
Diluted Shares Outstanding 53.00M shares 48.60M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.428B $1.503B $651.3M
YoY Change 119.32% 118.24% 147.83%
Cash & Equivalents $62.30M $108.3M $346.1M
Short-Term Investments $1.366B $1.394B $305.2M
Other Short-Term Assets $21.90M $24.20M $8.200M
YoY Change 167.07% 296.72% 134.29%
Inventory
Prepaid Expenses
Receivables $0.00 $15.00M $0.00
Other Receivables $6.700M $10.70M $5.200M
Total Short-Term Assets $1.457B $1.553B $664.7M
YoY Change 119.2% 120.81% 146.01%
LONG-TERM ASSETS
Property, Plant & Equipment $13.40M $12.70M $12.21M
YoY Change 9.74% 3.25% 27.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $12.10M $12.50M $0.00
YoY Change -100.0%
Total Long-Term Assets $31.30M $29.10M $17.10M
YoY Change 83.04% 103.5% 39.54%
TOTAL ASSETS
Total Short-Term Assets $1.457B $1.553B $664.7M
Total Long-Term Assets $31.30M $29.10M $17.10M
Total Assets $1.488B $1.582B $681.8M
YoY Change 118.29% 120.46% 141.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.600M $31.30M $9.000M
YoY Change -4.44% 340.85% 197.93%
Accrued Expenses $30.20M $23.10M $8.001M
YoY Change 277.44% 22.22% 17.95%
Deferred Revenue $197.5M $206.2M
YoY Change 828.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $238.0M $261.7M $40.40M
YoY Change 489.11% 431.91% 21.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M $2.000M
YoY Change -50.0% -50.0% 0.0%
Other Long-Term Liabilities $526.0M $537.2M $24.10M
YoY Change 2082.57% 2138.33% -32.3%
Total Long-Term Liabilities $1.000M $1.000M $26.10M
YoY Change -96.17% -50.0% 1205.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $238.0M $261.7M $40.40M
Total Long-Term Liabilities $1.000M $1.000M $26.10M
Total Liabilities $765.0M $799.9M $66.50M
YoY Change 1050.38% 963.7% -6.0%
SHAREHOLDERS EQUITY
Retained Earnings -$746.3M -$682.9M
YoY Change 38.83%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $723.3M $781.7M $615.2M
YoY Change
Total Liabilities & Shareholders Equity $1.488B $1.582B $681.8M
YoY Change 118.29% 120.46% 141.39%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$63.40M -$53.00M -$41.00M
YoY Change 54.63% 27.55% 88.6%
Depreciation, Depletion And Amortization $1.500M $1.288M $1.150M
YoY Change 30.43% 21.51% 85.48%
Cash From Operating Activities -$57.10M -$35.75M -$39.00M
YoY Change 46.41% 23.21% 130.09%
INVESTING ACTIVITIES
Capital Expenditures $2.100M -$1.895M $1.000M
YoY Change 110.0% 1.88% -26.59%
Acquisitions
YoY Change
Other Investing Activities $10.70M -$113.7M -$206.8M
YoY Change -105.17% -293.7% -571.57%
Cash From Investing Activities $8.600M -$115.6M -$207.8M
YoY Change -104.14% -303.37% -589.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.500M 3.999M $4.500M
YoY Change -44.44% -99.15% 233.21%
NET CHANGE
Cash From Operating Activities -$57.10M -35.75M -$39.00M
Cash From Investing Activities $8.600M -115.6M -$207.8M
Cash From Financing Activities $2.500M 3.999M $4.500M
Net Change In Cash -$46.00M -147.4M -$242.3M
YoY Change -81.02% -129.51% -1000.9%
FREE CASH FLOW
Cash From Operating Activities -$57.10M -$35.75M -$39.00M
Capital Expenditures $2.100M -$1.895M $1.000M
Free Cash Flow -$59.20M -$33.86M -$40.00M
YoY Change 48.0% 24.67% 118.43%

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PaymentsToAcquirePropertyPlantAndEquipment
2100000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000000.0 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
8600000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-207800000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2500000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4500000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2500000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4500000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-46000000.0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-242300000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112800000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
588400000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66800000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
346100000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000 USD
CY2022Q1 arvn Cash Cash Equivalents Restricted Cash And Marketable Securities
CashCashEquivalentsRestrictedCashAndMarketableSecurities
1400000000 USD
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
15000000.0 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0 USD
CY2022Q1 arvn Accounts Receivable After Allowance For Credit Loss Current Period Increase Decrease
AccountsReceivableAfterAllowanceForCreditLossCurrentPeriodIncreaseDecrease
-15000000.0 USD
CY2021Q1 arvn Accounts Receivable After Allowance For Credit Loss Current Period Increase Decrease
AccountsReceivableAfterAllowanceForCreditLossCurrentPeriodIncreaseDecrease
0 USD
CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0 USD
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0 USD
CY2021Q4 arvn Collaboration Contract Asset And Other Assets
CollaborationContractAssetAndOtherAssets
12500000 USD
CY2020Q4 arvn Collaboration Contract Asset And Other Assets
CollaborationContractAssetAndOtherAssets
0 USD
CY2022Q1 arvn Collaboration Contract Asset And Other Assets Period Increase Decrease
CollaborationContractAssetAndOtherAssetsPeriodIncreaseDecrease
-400000 USD
CY2021Q1 arvn Collaboration Contract Asset And Other Assets Period Increase Decrease
CollaborationContractAssetAndOtherAssetsPeriodIncreaseDecrease
0 USD
CY2022Q1 arvn Collaboration Contract Asset And Other Assets
CollaborationContractAssetAndOtherAssets
12100000 USD
CY2021Q1 arvn Collaboration Contract Asset And Other Assets
CollaborationContractAssetAndOtherAssets
0 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
740600000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
45100000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-24200000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-5500000 USD
CY2022Q1 arvn Contract With Customer Liability Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerLiabilityIncreaseDecreaseForAdditionsToCollaborationAgreements
3000000.0 USD
CY2021Q1 arvn Contract With Customer Liability Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerLiabilityIncreaseDecreaseForAdditionsToCollaborationAgreements
3000000.0 USD
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
719400000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
42600000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
719400000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
150100000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
190000000.0 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
136500000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100400000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
63400000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
34100000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
44900000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
719400000 USD
CY2021Q2 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Letter Of Credit Facilities
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForLetterOfCreditFacilities
4500000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25600000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23400000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12200000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1100000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10700000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13400000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12700000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1500000 USD
CY2021Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
160000 sqft
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
4500000 USD
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
0 USD
CY2021Q2 arvn Base Lease Rent Period
BaseLeaseRentPeriod
P10Y
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
600000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2400000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3200000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1300000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2100000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2100000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
600000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6100000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
300000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5800000 USD
CY2022Q1 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
18400000 USD
CY2021Q4 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
9500000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5100000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12400000 USD
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2200000 USD
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1200000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30200000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23100000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
200000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
200000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
200000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
200000 USD
CY2022Q1 arvn Long Term Debt Maturity Year Six
LongTermDebtMaturityYearSix
200000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
1000000.0 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
43.02
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5900000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.076
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.076
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-63400000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-41000000.0 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53000000.0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53000000.0 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48600000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48600000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.20
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.20
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.84
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6600000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5700000 shares

Files In Submission

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0001655759-22-000016-index-headers.html Edgar Link pending
0001655759-22-000016-index.html Edgar Link pending
0001655759-22-000016.txt Edgar Link pending
0001655759-22-000016-xbrl.zip Edgar Link pending
arvinas-formofrsuagreement.htm Edgar Link pending
arvn-20220331.htm Edgar Link pending
arvn-20220331.xsd Edgar Link pending
arvn-20220331x10qex311.htm Edgar Link pending
arvn-20220331x10qex312.htm Edgar Link pending
arvn-20220331x10qex321.htm Edgar Link pending
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arvn-20220331_cal.xml Edgar Link unprocessable
arvn-20220331_def.xml Edgar Link unprocessable
arvn-20220331_htm.xml Edgar Link completed
arvn-20220331_lab.xml Edgar Link unprocessable
arvn-20220331_pre.xml Edgar Link unprocessable
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Financial_Report.xlsx Edgar Link pending
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pfizerarvinasamendmentno2r.htm Edgar Link pending
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