Arvinas, Inc. reported a net loss of $1.10 per share for the fourth quarter of 2025, a miss of $0.50 per share against a consensus estimate of $-0.60. The loss widened from the $-0.48 per share reported in the third quarter and from the $-0.63 per share loss in the fourth quarter of 2024, underscoring a steep decline in earnings momentum.
Revenue for the quarter dropped 84% to $9.5 million, far below the consensus estimate of $35.6 million. The sharp decline was driven by a $40.3 million reduction in revenue from the Novartis license transfer and a $7.4 million decrease from the Vepdegestrant collaboration with Pfizer. The quarter’s revenue also fell from $41.90 million in Q3 2025 and from $59.2 million in Q4 2024.
Full‑year 2025 revenue was $262.6 million, a decline of $0.8 million from $263.4 million in 2024. The company’s full‑year loss per share was $1.10, missing the consensus estimate of $-0.78. The loss reflects the cumulative impact of the revenue shortfall and ongoing research and development expenses.
Management reiterated its strategy of a capital‑light partnering model and emphasized progress in its PROTAC platform. The company highlighted the acceptance of Phase 1 data for ARV‑102 in Parkinson’s disease at the AP/PD Conference in March 2026 and the continuation of Phase 1 trials for ARV‑806, ARV‑393, ARV‑027, and ARV‑6723. The company also noted that its cash position of $685.4 million provides a runway into the second half of 2028, giving it time to pursue additional partnerships and regulatory milestones.
Key catalysts for the coming year include the FDA PDUFA action date for vepdegestrant on June 5 2026 and the expected data readouts from the company’s oncology and neurology pipelines. While the earnings miss signals short‑term financial pressure, the extended cash runway and pipeline progress suggest that the company remains positioned to pursue long‑term growth opportunities.
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