Arvinas (ARVN) opened Q1 2026 with revenue of US$15.6 million and a basic EPS loss of US$0.90, alongside trailing twelve month revenue of US$89.4 million and a net loss of US$221.3 million. Over recent quarters the company has seen quarterly revenue move from US$188.8 million in Q1 2025 to US$15.6 million in Q1 2026, while basic EPS has shifted from a profit of US$1.14 per share in Q1 2025 to a loss of US$0.90. This sets up a results season in which investors may focus on how margins evolve from current loss levels.

See our full analysis for Arvinas.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the most common narratives around Arvinas and where those stories might need updating.

Premium 7.1x P/S Multiple With Falling Trailing Revenue

• Arvinas is trading on a P/S of 7.1x while trailing twelve month revenue has moved from US$426.9 million in Q1 2025 to US$89.4 million in Q1 2026.
• Bears highlight that paying a premium multiple looks demanding when trailing revenue has stepped down:
  • Revenue on a trailing basis has been reported at US$426.9 million in Q1 2025, then US$372.8 million, US$312.3 million and US$262.6 million before reaching US$89.4 million in Q1 2026.
  • With the stock at US$9.87 and analysts using a consensus target of US$15.44, critics point out that the current 7.1x P/S already bakes in a lot of future delivery while forecasts still show the company remaining unprofitable over the next three years.

On these numbers, skeptics argue the premium valuation only looks comfortable if you think the longer term story still holds together despite near term revenue pressure and ongoing losses. This is exactly the type of tension the more cautious view focuses on 🐻 Arvinas Bear Case.

Losses Of US$221.3 Million Against Bullish Margin Hopes

• Over the last twelve months Arvinas reported a net loss of US$221.3 million and trailing EPS of US$3.22 in losses, compared with a single quarterly profit of US$82.9 million and EPS of US$1.14 back in Q1 2025.
• Bullish investors point to margin expansion in their narrative, and the recent numbers give them mixed evidence to work with:
  • On a quarterly view, net income excluding extra items moved from a profit of US$82.9 million in Q1 2025 to losses of US$61.2 million, US$35.1 million, US$67.4 million and US$57.6 million across the next four quarters, so the business is currently operating with negative margins even as bulls talk about future margin gains.
  • At the same time, bulls emphasise that Arvinas is still at the clinical stage and argue that the long term earnings story rests on pipeline assets rather than recent loss levels, which are reflected in the trailing twelve month loss of US$221.3 million that the market can see today.

If you want to see how supporters reconcile these current losses with their optimistic forecasts for future earnings power and valuation, it is worth reading their full case in 🐂 Arvinas Bull Case.

Pipeline Mix Shifts While Forecasts Still See Ongoing Losses

• Across the last five reported quarters, reported products in Phase I moved between 5 and 3 and now sit at 4 in Q1 2026, while products in Phase II moved from 4 to 1 to 2 and products in Phase III were reported at 1 through most of 2025 before disappearing from the Q1 2026 snapshot.
• The consensus narrative sees both opportunity and risk in that pipeline pattern:
  • On one hand, new clinical stage assets such as ARV 102, ARV 393 and ARV 806 in the consensus storyline illustrate why some investors still look to future high margin product launches even though the company is reporting a trailing loss of US$221.3 million today.
  • On the other hand, analysts also highlight that forecasts still show Arvinas remaining unprofitable for at least the next three years, so the current mix of early and mid stage programs means recent pipeline shifts have not yet translated into improved reported earnings or revenue momentum.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Arvinas on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mix of premium valuation, losses and pipeline shifts feels uncertain, treat it as a prompt to review the numbers yourself, weigh the trade offs quickly, and see the 2 important warning signs.

See What Else Is Out There

Arvinas is operating with sharply lower trailing revenue, ongoing losses of US$221.3 million and a relatively high 7.1x P/S multiple that relies heavily on future execution.

If you want ideas that appear less dependent on turnarounds and unproven earnings power, check out 69 resilient stocks with low risk scores to quickly compare stocks with more resilient profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.