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Arrowhead Pharmaceuticals (ARWR) FY2025 results: revenue $829 million, up 23258.2% on the year

Arrowhead Pharmaceuticals, Inc. (ARWR) reported revenue of $829 million for fiscal 2025, the year ended 30 September 2025, up 23258.2% on the year before. Net income was -$2 million, and diluted earnings per share $-0.01. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2025.

Revenue
$829 million
+23,258.2% on the year
FY2018FY2025
Operating margin
11.9%
-16927.1% a year earlier
FY2018FY2025
Net income
-$2 million
FY2018FY2025
Diluted EPS
-$0.01
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Revenue rose to $829,448 thousand: Revenue was $829,448 thousand for fiscal 2025, compared with $3,551 thousand for fiscal 2024.
  • Operating income against prior loss: Operating income was $98,346 thousand, against an operating loss of $(601,080) thousand in fiscal 2024.
  • Net loss attributable to Arrowhead: The company reported a net loss attributable to Arrowhead of $(1,631) thousand, or $(0.01) diluted EPS, against $(599,493) thousand, or $(5.00), a year earlier.
  • FDA approved REDEMPLO for FCS: The company describes REDEMPLO as its first FDA-approved medicine and the first and only FDA-approved siRNA medicine for people living with FCS.
  • Sarepta milestones reached $300 million: The company earned $300 million in milestone payments from Sarepta Therapeutics, including $100 million on the first enrollment target and $200 million on the second.
Read the Q4 FY2025 earnings call summary

From this 10-K

Arrowhead Pharmaceuticals develops medicines that work by silencing the genes that cause a disease, using a mechanism in living cells called RNA interference. Its first product, REDEMPLO (plozasiran), was approved by the U.S. Food and Drug Administration in 2025. The filing counts 18 Arrowhead discovered drug candidates in clinical trials, from Phase 1 to Phase 3.

Arrowhead Pharmaceuticals, Inc., the 10-K for 2025

Arrowhead Pharmaceuticals develops medicines that work by silencing the genes that cause a disease, using a mechanism in living cells called RNA interference. Its first product, REDEMPLO (plozasiran), was approved by the U.S. Food and Drug Administration in 2025. The filing counts 18 Arrowhead discovered drug candidates in clinical trials, from Phase 1 to Phase 3.

How the medicines work

RNA interference is a natural process that stops a cell from making a particular protein. Arrowhead's drugs are small interfering RNAs, double stranded RNA triggers that are loaded into a complex inside the cell, which then finds and breaks down the messenger RNA carrying the instructions for the target protein. Because the process is catalytic, each trigger can break down messenger RNA hundreds of times, which the company states gives a relatively long duration of effect. Its TRiM platform attaches a targeting ligand and other chemistry to each trigger to carry it to a specific tissue, and the filing states that the platform currently enables delivery to seven cell types.

REDEMPLO and the triglyceride programme

REDEMPLO is approved as an adjunct to diet to reduce triglycerides in adults with Familial Chylomicronemia Syndrome, a rare genetic disorder. It suppresses production of apolipoprotein C-III, a protein made in the liver that raises triglyceride levels. The company has built a commercial organization for this launch. Phase 3 studies of plozasiran in severe hypertriglyceridemia, a more common condition, are fully enrolled, and the company states that it plans to file a supplemental application for that use in 2026 if the studies succeed. Another candidate, zodasiran, is in a Phase 3 trial called YOSEMITE in homozygous familial hypercholesterolemia.

Partners

Programs the company does not intend to commercialize itself are licensed to larger companies. Amgen is running a Phase 3 study, OCEAN, of olpasiran, which targets lipoprotein(a), in cardiovascular disease. Takeda is developing fazirsiran for alpha-1 antitrypsin deficiency, a genetic disorder affecting the liver and lungs. GSK holds licenses for programs in chronic hepatitis B and in liver disease. On November 25, 2024 Arrowhead signed a global licensing and collaboration agreement with Sarepta covering programs in rare genetic diseases of muscle, the central nervous system and the lungs. On August 29, 2025 it signed one with Novartis covering ARO-SNCA, a preclinical therapy for synucleinopathies such as Parkinson's Disease, which closed in October 2025.

Patents

The company controls approximately 643 issued patents, including 404 directed to RNAi trigger molecules and 159 directed to targeting groups or compounds. In 2015 it acquired the RNAi assets of Novartis, which included rights under a license from Alnylam Pharmaceuticals.

Labs, plant and people

The principal executive offices are in Pasadena, California. Research laboratories in San Diego, California and Madison, Wisconsin cover more than 251,000 total square feet. During fiscal 2025 the company moved into a new manufacturing facility in Verona, Wisconsin of approximately 300,000 total square feet, built to make oligonucleotide drug substance under current Good Manufacturing Practices, with maximum capacity to manufacture hundreds of kilograms of it a year. At September 30, 2025 the company employed 711 full-time employees across those four sites. The fiscal year ends on September 30.

From Arrowhead Pharmaceuticals' annual report on Form 10-K for the year ended 30 September 2025. The filing

Written from the 10-K filed 25 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8293.6241+23,258.2%
Research and development607506353+20.0%
Selling, general and administrative12498.8n/a+25.5%
Operating income98.3-601-205
Operating margin11.9%-16927.1%-85.2%
Interest expense89.432.418.3+176.2%
Pre-tax income51.5-612-206
Income tax21.4-2.82.8
Effective tax rate41.6%n/an/a
Net income-1.6-599-205
Net margin-0.2%-16882.4%-85.3%
Diluted EPS-$0.01-$5.00-$1.92
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow180-463-154
Capital expenditure22.7141177-84.0%
Free cash flow157-604-331
Free cash flow margin18.9%-17018.3%-137.3%
Cash from investing-129-420-96.2
Cash from financing74.0871253-91.5%
Depreciation and amortisation22.216.910.7+31.4%
Share-based compensation63.474.078.1-14.3%
Diluted shares, weighted134m120m107m+11.7%
Shares outstanding at period end136m124m107m+9.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity466185271+151.3%
Non-controlling interest37.45.615.8+565.0%
Debt2553930.0-35.2%
Operating lease liabilities104111105-6.2%
Other liabilities523445374+17.6%
Total liabilities and equity1,3851,140766+21.5%
Fixed assets383386290-0.9%
Intangible assets6.98.610.3-19.9%
Investments693578293+19.8%
Cash and equivalents227103111+120.6%
Receivables6.80.00.0
Inventory0.0n/an/a
Other assets69.764.261.4+8.5%
Total assets1,3851,140766+21.5%

10-K for the year ended 30 September 2025, filed 25 November 2025: the filing.