Arvinas (ARVN) investor relations material

Executive summary

• Achieved first FDA approval for VEPPANU (vepdegestrant), the first heterobifunctional PROTAC degrader, for ER+/HER2-, ESR1-mutated advanced breast cancer after endocrine therapy failure, ahead of the PDUFA date.

• Entered a global licensing agreement for VEPPANU with Rigel Pharmaceuticals, with commercialization, development, and manufacturing pending regulatory consents; all pricing and access decisions will be determined by the partner.

• Multiple clinical and preclinical programs advancing, including ARV-102 (neurodegenerative diseases), ARV-806 (KRAS G12D cancers), ARV-393 (lymphoma), ARV-027 (SBMA), and ARV-6723 (immuno-oncology).

• Leadership transition: Randy Teel appointed President & CEO, succeeding John Houston.

• Workforce reductions and cost optimization measures implemented to align with strategic priorities.

Financial highlights

• Q1 2026 revenue was $15.6M, down from $188.8M in Q1 2025, mainly due to reduced revenue from the Pfizer vepdegestrant collaboration and removal of two Phase 3 trials.

• Net loss for Q1 2026 was $57.6M, compared to net income of $82.9M in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $614.9M as of March 31, 2026, down from $685.4M at year-end 2025.

• Research and development expenses decreased to $60.3M from $90.8M year-over-year; general and administrative expenses fell to $19.1M from $26.6M.

• Non-GAAP total expenses were $67.3M, down $35.1M year-over-year, reflecting a new cost structure.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures into the second half of 2028, supporting key data milestones.

• Anticipates milestone payments from VEPPANU approval and Rigel out-licensing agreement.

• Multiple clinical data readouts and trial initiations planned for 2026, including ARV-102, ARV-806, ARV-393, ARV-027, and ARV-6723.

• Plans to initiate phase I-B trial for ARV-102 in PSP in the U.S. by end of 2026, pending FDA requirements; ex-U.S. trials unaffected.

• Closing of VEPPANU licensing transaction with Rigel expected, subject to regulatory approvals.