Arrowhead Pharmaceuticals (ARWR) FY2023 results: revenue $241 million, down 1.0% on the year

Arrowhead Pharmaceuticals, Inc. (ARWR) reported revenue of $241 million for fiscal 2023, the year ended 30 September 2023, down 1.0% on the year before. Net income was -$205 million, and diluted earnings per share $-1.92. The figures are the company's own, from the 10-K it filed with the SEC on 29 November 2023.

Revenue

$241 million

-1.0% on the year

FY2016FY2023

Operating margin

-85.2%

-73.4% a year earlier

FY2016FY2023

Net income

-$205 million

FY2016FY2023

Diluted EPS

-$1.92

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	241	243	138	-1.0%
Research and development	353	297	206	+18.8%
Operating income	-205	-179	-149
Operating margin	-85.2%	-73.4%	-107.8%
Interest expense	18.3	0.0	0.0
Pre-tax income	-206	-173	-141
Income tax	2.8	3.8	0.0	-26.4%
Net income	-205	-176	-141
Net margin	-85.3%	-72.4%	-101.9%
Diluted EPS	-$1.92	-$1.67	-$1.36

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-154	-136	171
Capital expenditure	177	52.8	23.6	+234.9%
Free cash flow	-331	-189	148
Free cash flow margin	-137.3%	-77.7%	106.8%
Cash from investing	-96.2	-5.4	-142
Cash from financing	253	65.2	11.3	+288.2%
Depreciation and amortisation	10.7	8.7	6.6	+23.0%
Share-based compensation	78.1	121	76.7	-35.4%
Diluted shares, weighted	107m	105m	104m	+1.3%
Shares outstanding at period end	107m	106m	104m	+1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	271	399	409	-31.9%
Non-controlling interest	15.8	19.8	0.0	-20.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	105	78.8	23.3	+32.8%
Other liabilities	374	195	278	+91.9%
Total liabilities and equity	766	692	710	+10.6%
Fixed assets	290	110	48.7	+163.2%
Intangible assets	10.3	12.0	13.7	-14.2%
Investments	293	0.0	127
Cash and equivalents	111	108	184	+2.7%
Receivables	0.0	1.4	10.3
Other assets	61.4	460	326	-86.7%
Total assets	766	692	710	+10.6%

10-K for the year ended 30 September 2023, filed 29 November 2023: the filing.