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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' Q3 2025 Earnings: Pipeline Progress and Financial Prudence

Arvinas reported a revenue decline to $41.9 million, down from $102.4 million in the same period last year, primarily due to the Novartis License Agreement. Non-GAAP expenses were $71.5 million, with a goal to maintain a quarterly run rate below $75 million and non-GAAP expenses below $300 million in fiscal year 2026. The company's EPS came in at -$0.48, beating estimates of -$0.75. The cash position remains robust at $787.6 million, down from $1.04 billion as of December 31, 2024.

Publication Date: Nov -21

📋 Highlights
  • Cash Reserves Decline:: Cash, cash equivalents, and marketable securities dropped to $787.6 million (Q3 2025) from $1.04 billion (Dec 2024).
  • Revenue Drop:: Revenue totaled $41.9 million, a $60.5 million decrease YoY, primarily due to the Novartis License Agreement.
  • Cost Reductions:: General and administrative expenses fell by $54.8 million, while R&D expenses decreased by $22.2 million.
  • Stock Buybacks:: Repurchased 2.56 million shares under a $100 million authorized program, with $71.5 million in non-GAAP expenses reported.
  • Pipeline Progress:: ARV-102 showed 90% LRRK2 reduction in peripheral blood and 50% in CSF; ARV-393 demonstrated complete responses in preclinical models.

Pipeline Advancements

The company's pipeline has made significant progress, with multiple clinical candidates in areas of high unmet need. ARV-102, an oral PROTAC LRRK2 degrader, showed promising data in healthy volunteers and patients with Parkinson's disease, with LRRK2 reductions of up to 90% in peripheral blood mononuclear cells and more than 50% in the CSF. The company is moving aggressively through a Parkinson's disease Phase I study, expecting biomarker-related data and potentially some clinical efficacy data.

Oncology and Neuro Focus

The company is focused on its current pipeline, with 5 programs across oncology and neuro. ARV-393, a BCL6 degrader, demonstrated robust in-vitro potency and in-vivo efficacy as a monotherapy and is being explored in combination with other therapies. The company is excited about its BCL6 degrader program, which has a differentiated profile, particularly in combinations and monotherapy, compared to competitors.

Valuation and Financials

With a P/E Ratio of -13.73 and an EV/EBITDA of -8.67, the market is pricing in significant growth expectations. The company's cash position and runway to the second half of '28 provide a solid foundation for advancing its pipeline. Analysts estimate next year's revenue growth at -66.1%, indicating a continued decline. However, the company's focus on PROTACs and its pipeline advancements could potentially drive future growth.

Future Catalysts

The company has several catalysts expected in 2026, including data readouts from multiple studies and a potential FDA approval for vepdegestrant, with a PDUFA action date of June 5, 2026. The company's strategy is to focus on its current pipeline and be open to business development opportunities, with a strong cash position to support its plans.

3. NewsRoom

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Arvinas Presents Preclinical Data Supporting Mechanistic Synergies and Enhanced Antitumor Activity with the Combination of ARV-393 and Glofitamab at the 2025 American Society of Hematology Annual Meeting and Exposition

Dec -06

Source: globenewswire.com

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Arvinas to Present at Piper Sandler 37th Annual Healthcare Conference

Nov -26

Source: globenewswire.com

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Arvinas Announces Data Presentations from the Vepdegestrant (ARV-471) Clinical Development Program at the 2025 San Antonio Breast Cancer Symposium (SABCS)

Nov -24

Source: globenewswire.com

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54,832 Shares in Arvinas, Inc. $ARVN Purchased by Campbell & CO Investment Adviser LLC

Nov -17

Source: defenseworld.net

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Arvinas, Inc. (ARVN) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Arvinas, Inc. (ARVN) Reports Q3 Loss, Tops Revenue Estimates

Nov -05

Source: zacks.com

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Arvinas Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Nov -05

Source: globenewswire.com

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Arvinas to Participate in Upcoming Investor Conferences

Nov -03

Source: globenewswire.com

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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Cidara Therapeutics

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Growth: 3.2

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Momentum: 10.0

Volatility: 0.0

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Zevra Therapeutics

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Quality: 5.8

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TRACON Pharmaceuticals

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Arvinas

A-Score: 3.5/10

Value: 8.4

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 0.5

Volatility: 2.0

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C4 Therapeutics

A-Score: 2.8/10

Value: 7.8

Growth: 2.4

Quality: 4.7

Yield: 0.0

Momentum: 1.0

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

13.17$

Current Price

13.17$

Potential

-0.00%

Expected Cash-Flows