Arvinas, Inc.

What they do

Arvinas discovers and develops targeted protein degraders using its PROTAC Discovery Engine, which harnesses the body's protein disposal system to degrade disease-causing proteins. Seven programs from the platform have reached clinical trials in oncology and neurology over the past five years. Its clinical pipeline includes ARV-102 (LRRK2), ARV-806 (KRAS-G12D), ARV-393 (BCL6), ARV-027 (polyQ-AR) and vepdegestrant (ER), with preclinical candidates ARV-6723 (HPK1) and a pan-KRAS degrader.

Revenue drivers

• VEPPANU (vepdegestrant) license to Rigel Pharmaceuticals — Rigel paid a $70.0M aggregate upfront payment to Arvinas and Pfizer, with an additional $15.0M upfront upon completion of select development and manufacturing transition activities, up to $320.0M in contingent development, regulatory and commercial milestones, and tiered royalties in the mid-teens to mid-20s on worldwide net sales; all payments are shared equally with Pfizer.
• Pfizer and Genentech collaborations — Arvinas conducts early-stage collaborations including with Pfizer, Inc. and Genentech, Inc. and F. Hoffman-La Roche Ltd.; the 10-K cites potential milestone payments and royalties under these arrangements, including the July 2021 Pfizer collaboration.
• Novartis license agreement for luxdegalutamide (ARV-766) — The 10-K cites potential receipt of payments based on milestones related to luxdegalutamide (ARV-766) and future royalties under the license agreement with Novartis Pharma AG.
• Clinical-stage pipeline programs — ARV-102, ARV-806, ARV-393 and ARV-027 remain in clinical development and are not approved products; the company is described as clinical-stage and these programs do not yet generate product revenue.

Recent performance

In the second quarter of 2026 Arvinas reported revenue of $249.7M (quarter ended 2026-06-30), following $15.6M in Q1 2026 and $9.5M in Q4 2025, reflecting the Rigel upfront payment. The FDA approved VEPPANU (vepdegestrant) in the second quarter of 2026 for ER+/HER2-, ESR1-mutated advanced or metastatic breast cancer after at least one line of endocrine-based therapy. Full-year 2025 revenue was $262.6M with a net loss of $81.0M and diluted EPS of $-1.14, versus 2024 revenue of $263.4M and a net loss of $199.0M. Operating cash flow was $-273.8M in 2025, and the balance sheet at 2026-06-30 showed $94.3M of cash and equivalents, $675.1M of total assets and $112.9M of total liabilities.

Strategy

Arvinas' stated strategy is to advance its oncology and neurology pipeline through data milestones, use PROTAC degraders to address historically undruggable targets, and selectively collaborate. It out-licensed VEPPANU to Rigel for global development, manufacturing and commercialization, with Rigel responsible for the U.S. launch and holding global rights and sublicensing ability outside the U.S. Management said enrollment in ongoing Phase 1 trials is strong and anticipates clinical data from three Phase 1 programs — ARV-393, ARV-102 and ARV-027 — over the next 12 months. The company is initiating its first immuno-oncology Phase 1 trial with ARV-6723, an HPK1 degrader. Preclinical data were presented for ARV-6723 at AACR and for a pan-KRAS degrader at the AACR Special Conference on RAS Oncogenesis and Therapeutics.

Risks

• Dependence on collaboration and license payments — Revenue is driven by milestone and upfront payments from partners such as Rigel, Pfizer, Genentech and Novartis, and the 10-K cites reliance on achieving milestones and receiving payments under these collaborations.
• Clinical and regulatory uncertainty for pipeline candidates — ARV-102, ARV-806, ARV-393, ARV-027, ARV-6723 and the pan-KRAS degrader remain in preclinical or Phase 1 development, with timing of trial initiation, progress and results identified as a risk in the 10-K.
• No approved product revenue retained by Arvinas — VEPPANU, the only approved product, has been out-licensed to Rigel, and Arvinas and Pfizer share all Rigel payments equally, so Arvinas does not directly commercialize the product.
• Cash consumption and financing needs — Operating cash flow was negative in each year from 2022 through 2025, including $-273.8M in 2025, and cash and equivalents were $94.3M at 2026-06-30 against ongoing clinical spending.

Outlook

Management expects to share clinical data from three Phase 1 programs — ARV-393, ARV-102 and ARV-027 — over the next 12 months. It is initiating the first immuno-oncology Phase 1 trial with ARV-6723 and reports strong enrollment in ongoing Phase 1 trials. Arvinas and Pfizer are eligible for an additional $15.0M upfront from Rigel upon completion of select development and manufacturing transition activities, up to $320.0M in contingent milestone payments, and tiered royalties on worldwide VEPPANU net sales.