Arvinas, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 4 August 2026: press release. Guidance figures: 3 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose to $249.7 million: Revenue for the quarter was $249.7 million, against $22.4 million a year earlier. Six-month revenue was $265.3 million, against $211.2 million. Source
• Net income and diluted EPS: Net income for the quarter was $169.4 million. Diluted EPS was $2.58, against a loss of $0.84 per diluted share a year earlier. Source
• First FDA-approved PROTAC: The FDA approved VEPPANU, an oral ER degrader, for ESR1-mutated advanced or metastatic breast cancer after prior endocrine therapy. The company describes it as the first PROTAC the FDA has approved. Source
• ARV-393 early responses observed: ARV-393, an oral BCL6 degrader, continued dose escalation in non-Hodgkin lymphoma. Preliminary clinical activity, including responses in B- and T-cell lymphomas, was seen in early cohorts below the predicted effective exposure. Source
• R&D decline driven by compensation: Lower compensation not allocated by program drove most of the GAAP R&D decline, with external expenses also lower. Source
• Cash and securities fell $117.5 million: Cash, cash equivalents and marketable securities were $567.9 million at June 30, 2026, down $117.5 million over the six months, including $2.0 million of unrealized losses. Source

“The approval of VEPPANU, the first ever for a PROTAC degrader, was a significant achievement for the Company”

Randy Teel, Ph.D., President and Chief Executive Officer at Arvinas

Guidance

What changed from last quarter

• New: The company reported the out-licensing of VEPPANU to Rigel Pharmaceuticals as completed in the quarter. Source
• New: A Pfizer Letter Agreement supplemented and amended the terms of the original vepdegestrant (ARV-471) collaboration agreement. Source
• New: Management said it plans to seek an out-licensing agreement for ARV-806 for any additional trials, including dose expansion or combination trials. Source

Results and revenue drivers

• Revenue rose to $249.7 million: Revenue for the quarter was $249.7 million, against $22.4 million a year earlier. Six-month revenue was $265.3 million, against $211.2 million. Source
• Net income and diluted EPS: Net income for the quarter was $169.4 million. Diluted EPS was $2.58, against a loss of $0.84 per diluted share a year earlier. Source
• Pfizer collaboration revenue recognized: Pfizer collaboration revenue was $112.6 million, mainly from $126.4 million of remaining deferred revenue recognized on entry into the Rigel License Agreement, partly offset by a $13.8 million decrease. Source
• Rigel license and milestone revenue: Revenue also included $62.5 million from the Rigel License Agreement and a $50.0 million development milestone payment tied to the FDA approval of VEPPANU. Source

VEPPANU approval and guidelines

• First FDA-approved PROTAC: The FDA approved VEPPANU, an oral ER degrader, for ESR1-mutated advanced or metastatic breast cancer after prior endocrine therapy. The company describes it as the first PROTAC the FDA has approved. Source
• NCCN added Category 2A option: The NCCN breast cancer guidelines added VEPPANU as a Category 2A treatment option for ESR1-mutated advanced or metastatic breast cancer after endocrine therapy and a CDK4/6 inhibitor. Source
• Cost of license revenue appeared: Cost of license revenue was $9.0 million, against zero a year earlier, from expenses under the Amended Yale License Agreement tied to the VEPPANU approval and the Rigel License Agreement. Source

“we have important data milestones planned over the next 12 months for ARV-393, ARV-102, and ARV-027”

Randy Teel, Ph.D., President and Chief Executive Officer at Arvinas

Pipeline programs

• ARV-393 early responses observed: ARV-393, an oral BCL6 degrader, continued dose escalation in non-Hodgkin lymphoma. Preliminary clinical activity, including responses in B- and T-cell lymphomas, was seen in early cohorts below the predicted effective exposure. Source
• ARV-102 joined LITE and PPMI: ARV-102, an oral LRRK2 degrader, joined the LITE program and the Parkinson's Precision Medicine Initiative, both supported by The Michael J. Fox Foundation. Source
• ARV-027 completed single-dose cohorts: ARV-027, an oral polyQ-AR degrader, completed single-ascending dose cohorts in healthy volunteers and began enrollment in multiple-dose cohorts. Source
• ARV-806 finished dose escalation: ARV-806, a KRAS G12D degrader, finished dose escalation enrollment in its Phase 1 trial in solid tumors. Source
• Pan-KRAS degrader preclinical efficacy: A novel pan-KRAS degrader was presented at the AACR Special Conference with preclinical efficacy in pancreatic, colorectal and lung cancer models, and greater tumor growth inhibition than a pan-RAS inhibitor in a KRAS G13D model. Source

Operating expenses

• R&D decline driven by compensation: Lower compensation not allocated by program drove most of the GAAP R&D decline, with external expenses also lower. Source
• Vepdegestrant program spend fell: External program spend fell mainly on the vepdegestrant (ARV-471) program, while spending rose on ARV-806, ARV-027 and ARV-393. Source
• Non-GAAP R&D fell: Non-GAAP R&D expense was $51.4 million for the quarter, against $59.5 million a year earlier, excluding restructuring and stock-based compensation. Source
• Professional fees rose, G&A lower: GAAP G&A was $24.0 million, down $1.3 million. Personnel and infrastructure costs fell $3.9 million, while professional fees rose $4.2 million, including contract cost amortization and Rigel-related fees. Source
• Non-GAAP G&A near prior year: Non-GAAP G&A was $18.4 million, against $18.1 million a year earlier. Restructuring expense was $1.3 million in G&A and $0.3 million in R&D. Source

“Altogether, our pipeline has the potential to address high unmet medical needs and maximize both clinical impact and long-term shareholder value.”

Randy Teel, Ph.D., President and Chief Executive Officer at Arvinas

Cash and balance sheet

• Cash and securities fell $117.5 million: Cash, cash equivalents and marketable securities were $567.9 million at June 30, 2026, down $117.5 million over the six months, including $2.0 million of unrealized losses. Source
• Operating cash use net of Rigel: Operating cash use for the six months was $114.3 million, net of $35.0 million received under the Rigel License Agreement. Source
• Deferred revenue no longer reported: No deferred revenue was reported at June 30, 2026, against $71.3 million current and $134.3 million noncurrent at December 31, 2025. A $28.4 million current collaboration liability appeared. Source
• Stockholders' equity increased: Total stockholders' equity was $562.2 million at June 30, 2026, against $433.9 million at December 31, 2025. Source

Capital and share count

• Shares outstanding increased: Shares outstanding were 65.3 million at June 30, 2026, against 63.5 million at December 31, 2025, with 75.3 million shares issued. Source
• Diluted share count fell year over year: Diluted weighted average shares were 65.7 million for the quarter, against 73.0 million in the prior-year quarter, which reported a net loss. Source
• Treasury stock unchanged: Treasury stock was $91.9 million at cost, with 10.0 million shares held, unchanged from December 31, 2025. Source

Strategy and platform focus

• Progress positions platform in oncology and neurology: Management said the quarter's progress positions the company to capitalize on its protein degradation platform in oncology and neurology. Source
• ARV-6723 immuno-oncology trial starting: The company is starting its first immuno-oncology Phase 1 trial with ARV-6723, an HPK1 degrader, which preclinical models showed activity where inhibitors and anti-PD1 therapy had not. Source
• Company describes itself as clinical-stage: Arvinas describes itself as a clinical-stage biotechnology company building a new class of drugs based on targeted protein degradation. Source

Coming up, as management said on 4 August 2026

• Clinical data from three programs: Management anticipates sharing clinical data from ARV-393, ARV-102 and ARV-027 over the next 12 months. Source
• ARV-393 monotherapy data at congress: Early monotherapy cohort data from the ARV-393 dose escalation trial in relapsed or refractory NHL are to be shared at a medical congress in 2H 2026. Source
• ARV-102 biomarker data in October: Additional ARV-102 biomarker data from the Parkinson's Phase 1 trial are to be shared at the International Congress on Parkinson's Disease and Movement Disorders in October 2026. Source

Figures management reported

Earlier plans management reported on

• Not stated: Management reiterated its plan to share initial data from the ARV-806 Phase 1 monotherapy dose escalation trial in the second half of 2026. Source

Other quarters

• Q3 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.