Arrowhead Pharmaceuticals (ARWR) investor relations material

Commercial transition and market strategy

• Transitioning from R&D to commercial focus while maintaining innovation pace; now addressing seven cell types, five in clinical studies.

• REDEMPLO launched for FCS with over 400 scripts in the first quarter, exceeding expectations; education remains key for both FCS and sHTG markets.

• Market education is crucial as many patients and physicians are unaware of the risks of high triglycerides; parallels drawn to early statin adoption.

• High-risk sHTG population estimated at 750,000 to 1 million in the US; expansion to less severe cases anticipated as data emerges.

• Two-player market with Ionis expected to accelerate growth; pivotal SHASTA-3 and SHASTA-4 data readouts expected in Q3.

Clinical development and differentiation

• Dimer/bispecific platform progressing, with first PCSK9/APOC3 dimer data expected in Q3; aims to address mixed hyperlipidemia in 20 million US patients.

• CNS platform to deliver first data by late Q3/early Q4; MAPT and ALK-7 programs focus on safety and target knockdown.

• REDEMPLO shows consistent triglyceride lowering with no non-responders in FCS phase III; competitor had 20% non-responders.

• Safety profile expected to remain strong; monitoring for liver fat increase as a potential differentiator.

• SHASTA-5 event-driven study ongoing to further validate pancreatitis benefit if not shown in SHASTA-3/4.

Pricing, adoption, and commercial outlook

• REDEMPLO priced at a slight premium to competitor due to quarterly dosing, cleaner safety, and better TG reduction.

• No plans for aggressive discounting; positioned as a premium-priced pancreatitis drug.

• Peak US sales projected at $3–4 billion, with adoption curve expected to be gradual due to education needs.

• Ex-US reimbursement may require pancreatitis benefit on label; US payers less dependent on this endpoint.