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1. Company Snapshot

1.a. Company Description

Arvinas, Inc., a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of therapies to degrade disease-causing proteins.Its lead product candidates include Bavdegalutamide, a proteolysis targeting chimera (PROTAC) protein degrader that is in phase I clinical trial targeting the androgen receptor (AR) protein for the treatment of men with metastatic castration-resistant prostate cancer (mCRPC); ARV-471, a PROTAC protein degrader targeting the estrogen receptor protein for the treatment of patients with metastatic ER positive/HER2 negative breast cancer; and ARV-766 an investigational orally bioavailable PROTAC protein degrader for the treatment of men with mCRPC.The company has collaborations with Pfizer Inc., Genentech, Inc., F.


Hoffman-La Roche Ltd., and Bayer AG.Arvinas, Inc.was founded in 2013 and is based in New Haven, Connecticut.

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1.b. Last Insights on ARVN

Arvinas' recent performance is driven by several positive factors. Analysts' price targets indicate a potential 25.6% upside in the stock, fueled by strong agreement on raising earnings estimates. The company's pipeline progress includes presenting preclinical data for ARV-806, a PROTAC KRAS G12D degrader, at the 2025 AACR-NCI-EORTC International Conference. Additionally, new patient-reported outcomes data from the Phase 3 VERITAC-2 clinical trial evaluating vepdegestrant were presented at the 2025 European Society for Medical Oncology Congress. A $100 million stock repurchase program was also authorized.

1.c. Company Highlights

2. Arvinas' Q4 2025 Earnings: Progress Across Pipeline, Financials in Line

Arvinas reported revenue of $9.5 million for Q4 2025, a significant decline from $59.2 million in the same period in 2024. General and administrative expenses were $23 million, down from $34.1 million, while research and development expenses were $61.1 million, down from $83.3 million. The company's EPS came in at -$1.1, missing estimates of -$0.55. The cash position stood at $85 million at the end of Q4 2025. Analysts estimate revenue growth for next year at -7.4%, indicating a continued decline.

Publication Date: Mar -08

📋 Highlights
  • ARV-102 (LRRK2 degrader) Progress:: Phase 1 trial data accepted for Parkinson's disease presentation in March 2026; potential first disease-modifying treatment for PSP (affecting ~25,000 U.S. patients annually).
  • ARV-806 (KRAS G12D degrader) Efficacy:: Preclinical data shows >25-fold greater potency in reducing cancer cell proliferation compared to clinical-stage KRAS inhibitors, with 2026 data readout ahead of schedule.
  • Financial Position Strengthening:: $85 million in cash, cash equivalents, and marketable securities as of Q4 2025, with R&D expenses down 26% YoY ($61.1M vs. $83.3M) and maintained cash runway guidance into 2028.
  • ARV-393 (BCL6 degrader) Clinical Advances:: Responses observed in B- and T-cell lymphomas; synergy with T-cell engagement noted in preclinical models, with H2 2026 data expected.
  • PSP Trial Milestone:: Phase 1b trial for ARV-102 in PSP to initiate in H1 2026, targeting severe/symptomatic patients (40% of PSP population) with PSP Rating Scale as primary endpoint.

Pipeline Progress

The company made significant progress across its pipeline, with its LRRK2 degrader, ARV-102, being evaluated in a Phase 1 clinical trial in patients with Parkinson's disease. Data was accepted for an oral presentation at the Alzheimer's and Parkinson's Diseases Conference in March. ARV-806, a KRAS G12D PROTAC, is expected to disclose data in 2026, ahead of schedule. ARV-393, a BCL6 degrader, is progressing well in its Phase 1 dose-escalation trial, with responses observed in early cohorts.

Valuation Metrics

Arvinas' current valuation metrics indicate a P/E Ratio of -10.92, P/B Ratio of 2.03, and P/S Ratio of 3.33. The EV/EBITDA ratio stands at -7.59. These metrics suggest that the market is pricing in significant growth expectations, despite the current decline in revenue. The company's ROIC and ROE are negative, at -20.02% and -14.25%, respectively, indicating a need for improvement in profitability.

Future Plans

The company is maintaining its cash runway guidance into 2028 and expects multiple data readouts in 2026. Arvinas is poised for a period of meaningful execution and value creation, with its strong balance sheet and ongoing clinical trials across oncology and neurology. The development plan for ARV-102 involves initiating a Phase 1b trial this year, with potential to start a registrational trial in late 2026.

Partnerships and Commercialization

The company is making progress in selecting a third-party partner for the commercialization and development of vepdegestrant. Arvinas has a history of partnering certain programs, such as vepdegestrant with Pfizer and ARV-766 with Novartis, and will consider partnerships for its programs as they move forward.

3. NewsRoom

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Arvinas to Present Phase 1 Data for ARV-102, a PROTAC LRRK2 Degrader, in Oral Session at the 2026 International Conference on Alzheimer's and Parkinson's Diseases and Related Neurological Disorders

Mar -11

Source: globenewswire.com

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Arvinas Highlights Phase 1 Shift, 2026 Data Catalysts, and Vepdegestrant NDA at Barclays Conference

Mar -11

Source: defenseworld.net

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Arvinas, Inc. (ARVN) Presents at Barclays 28th Annual Global Healthcare Conference Transcript

Mar -10

Source: seekingalpha.com

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Arvinas, Inc. (ARVN) Q4 2025 Earnings Call Transcript

Feb -24

Source: seekingalpha.com

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Arvinas, Inc. (ARVN) Reports Q4 Loss, Misses Revenue Estimates

Feb -24

Source: zacks.com

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Arvinas Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

Feb -24

Source: globenewswire.com

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Arvinas to Participate in Upcoming Investor Conferences

Feb -23

Source: globenewswire.com

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50,000 Shares in Arvinas, Inc. $ARVN Bought by BML Capital Management LLC

Feb -23

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.73%)

6. Segments

Protein Degradation Therapeutics

Expected Growth: 10.73%

Arvinas' Protein Degradation Therapeutics growth is driven by increasing adoption in oncology and neurology, strong pipeline of novel PROTAC degraders, strategic partnerships, and expanding research collaborations. The company's proprietary technology enables targeted protein degradation, addressing unmet medical needs and fueling growth.

7. Detailed Products

PROTAC Targeted Protein Degraders

Arvinas' PROTAC (PROteolysis-Targeting Chimera) technology is a novel approach to targeted protein degradation, allowing for the selective elimination of disease-causing proteins.

Androgen Receptor (AR) Degraders

Arvinas' AR degraders are designed to selectively eliminate the androgen receptor, a key driver of prostate cancer growth and progression.

Estrogen Receptor (ER) Degraders

Arvinas' ER degraders are designed to selectively eliminate the estrogen receptor, a key driver of breast cancer growth and progression.

BRD4 Degraders

Arvinas' BRD4 degraders are designed to selectively eliminate the bromodomain-containing protein 4 (BRD4), a key regulator of gene expression.

8. Arvinas, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Arvinas, Inc. has a moderate threat of substitutes due to the presence of alternative protein degradation technologies, but the company's proprietary PROTAC technology provides a competitive advantage.

Bargaining Power Of Customers

Arvinas, Inc. has a low bargaining power of customers due to its strong relationships with pharmaceutical companies and the lack of alternative suppliers for its PROTAC technology.

Bargaining Power Of Suppliers

Arvinas, Inc. has a moderate bargaining power of suppliers due to its dependence on a few key suppliers for raw materials and equipment, but the company's strong financial position and long-term contracts mitigate this risk.

Threat Of New Entrants

Arvinas, Inc. has a high threat of new entrants due to the growing interest in protein degradation technologies and the potential for new companies to enter the market with competing technologies.

Intensity Of Rivalry

Arvinas, Inc. operates in a moderately competitive market with a few established players, but the company's proprietary technology and strong partnerships provide a competitive advantage.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.44%
Debt Cost 3.95%
Equity Weight 99.56%
Equity Cost 13.71%
WACC 13.66%
Leverage 0.44%

11. Quality Control: Arvinas, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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TRACON Pharmaceuticals

A-Score: 4.9/10

Value: 10.0

Growth: 7.0

Quality: 6.2

Yield: 0.0

Momentum: 6.0

Volatility: 0.0

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Zevra Therapeutics

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Value: 4.6

Growth: 4.0

Quality: 6.0

Yield: 0.0

Momentum: 6.5

Volatility: 2.3

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Cidara Therapeutics

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Value: 6.0

Growth: 3.2

Quality: 4.1

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Arvinas

A-Score: 3.4/10

Value: 7.9

Growth: 4.4

Quality: 4.3

Yield: 0.0

Momentum: 1.5

Volatility: 2.0

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Orgenesis

A-Score: 3.3/10

Value: 6.2

Growth: 4.1

Quality: 5.9

Yield: 0.0

Momentum: 3.5

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C4 Therapeutics

A-Score: 2.9/10

Value: 7.8

Growth: 2.4

Quality: 4.3

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.48$

Current Price

12.48$

Potential

-0.00%

Expected Cash-Flows