Overview

• U.S. biotech firm's Q1 revenue dropped sharply and missed analyst expectations

• Q1 net loss and operating loss both narrowed, beating analyst estimates

• Company highlighted FDA approval of VEPPANU, the first approved PROTAC therapy

Outlook

• Company expects cash position to fund operations into the second half of 2028

Result Drivers

• REVENUE DECLINE - Q1 revenue fell mainly due to lower collaboration revenue from Pfizer after changes to the VEPPANU development plan in 2025

• LOWER OPERATING EXPENSES - Operating expenses decreased, mainly due to lower R&D and G&A costs, including reduced compensation and external expenses, especially in the vepdegestrant program

Company press release: ID:nGNX20KnJd

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$15.60 mln	$18.10 mln (12 Analysts)
Q1 Net Income	Beat	-$57.60 mln	-$61.55 mln (12 Analysts)
Q1 Operating income	Beat	-$63.80 mln	-$68.41 mln (13 Analysts)
Q1 Operating Expenses		$79.40 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Arvinas Inc is $16.00, about 65.6% above its May 11 closing price of $9.66

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