olivLaw · US equity research
Arrowhead Pharmaceuticals, Inc. ARWR
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Arrowhead Pharmaceuticals develops medicines for hard-to-treat diseases by silencing the genes that cause them, using RNA interference (RNAi). In 2025 it launched its first commercial product, REDEMPLO, and in the third quarter of fiscal 2026 revenue reached 75.253 mn USD, compared with 27.767 mn USD a year earlier, as the company expands its market and partnerships.
At the close of 05 Nov 2026, Arrowhead Pharmaceuticals, Inc. (ARWR) stock was 57.46 USD (−6.80% on the day), with market capitalisation 8.1 bn USD, beta 1.74, 52-week range 38.09–89.59 USD. Latest reported quarter (Q3 2026): revenue of 75.3 m USD (+171.0% YoY), net income of -194.3 m USD, diluted EPS -1.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.1
- weak (30–45)
- Bollinger (20, 2)
- 56.07 – 62.19
- in the lower half of the band · %B 0.23 · band width 10.3%
- SMA 50 / 200
- 67.52 / 71.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.94 / -2.64
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.6% | −5.9% | −0.7 pp | — |
| 3 months | −33.1% | −4.6% | −28.4 pp | — |
| 6 months | −26.3% | +0.2% | −26.5 pp | — |
| Year to date | −13.5% | +7.4% | −20.9 pp | — |
| 1 year | +42.5% | +8.2% | +34.3 pp | +13.7% |
| 3 years | +113.4% | +68.4% | +44.9 pp | +15.7% |
| 5 years | −28.8% | +56.5% | −85.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 2.5 m | 542.7 m | 27.8 m | 256.5 m | 264.0 m | 73.7 m | 75.3 m |
| Research & development | — | 137.0 m | 133.1 m | 162.4 m | 174.7 m | 177.2 m | 173.3 m | 198.2 m |
| SG&A | — | — | 28.4 m | 30.9 m | — | — | 41.7 m | 47.1 m |
| Operating income | -162.2 m | -161.4 m | 381.2 m | -165.6 m | 44.1 m | 40.8 m | -141.3 m | -170.1 m |
| Depreciation & amortisation | 4.6 m | 4.8 m | 5.6 m | 5.8 m | 6.0 m | 6.0 m | 5.9 m | 6.2 m |
| Interest expense | 14.6 m | 21.6 m | 21.6 m | 24.4 m | 21.7 m | 22.5 m | 23.8 m | 24.6 m |
| Pre-tax income | -172.8 m | -175.1 m | 369.6 m | -179.1 m | 36.1 m | 28.3 m | -137.6 m | -178.9 m |
| Income tax | 546.0 k | 103.0 k | 1.8 m | -437.0 k | 20.0 m | 29.0 k | 7.0 k | 11.0 k |
| Net income | -170.5 m | -173.1 m | 370.4 m | -175.2 m | -23.8 m | 30.8 m | -132.7 m | -194.3 m |
| Diluted EPS | -1.37 ≈ | -1.39 | 2.75 | -1.26 | -0.18 ≈ | 0.22 | -0.93 | -1.36 |
| Operating cash flow | -137.2 m | -146.3 m | 460.1 m ≈ | -154.7 m ≈ | 20.5 m | 13.5 m | 84.4 m ≈ | -177.5 m ≈ |
| Capex | 24.3 m | 7.5 m | 5.3 m ≈ | 2.4 m ≈ | 7.5 m | 2.1 m | 2.6 m ≈ | 3.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.1 m | 168.8 m | 88.0 m | 138.3 m | 243.2 m | 240.7 m | 3.6 m | 829.4 m |
| Revenue YoY | −48.6% | — | −47.9% | +57.2% | +75.9% | −1.0% | −98.5% | +23,258.2% |
| Net income | -54.5 m | 68.0 m | -84.6 m | -140.8 m | -176.1 m | -205.3 m | -599.5 m | -1.6 m |
| Net income YoY | unavailable | — | −224.4% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.65 | 0.69 | -0.84 | -1.36 | -1.67 | -1.92 | -5.00 | -0.01 |
| Diluted EPS YoY | unavailable | — | −221.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -337.3% | 40.3% | -96.1% | -101.9% | -72.4% | -85.3% | -16,882.4% | -0.2% |
| Free cash flow | -48.6 m | 161.0 m | -107.8 m | 147.7 m | -188.9 m | -330.6 m | -604.3 m | 156.9 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 226.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 503.4 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.86x
- ROE
- -0.5%
- ROA
- -0.1%
- FCF margin
- 18.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 88.0 m | 138.3 m | 243.2 m | 240.7 m | 3.6 m | 829.4 m | SEC (XBRL)· 25 Nov 2025verified |
| Research & development | — | — | — | 353.2 m | 505.9 m | 607.2 m | SEC (XBRL)· 25 Nov 2025verified |
| Operating income | -93.2 m | -149.0 m | -178.5 m | -205.0 m | -601.1 m | 98.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Depreciation & amortisation | 4.2 m | 6.6 m | 8.7 m | 10.7 m | 16.9 m | 22.2 m | SEC (XBRL)· 25 Nov 2025verified |
| EBITDA | -89.0 m ≈ | -142.4 m ≈ | -169.8 m ≈ | -194.3 m ≈ | -584.2 m ≈ | 120.5 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Interest expense | — | 0 | 0 | 18.3 m | 32.4 m | 89.4 m | SEC (XBRL)· 25 Nov 2025verified |
| Pre-tax income | -84.6 m | -140.8 m | -172.7 m | -206.5 m | -612.5 m | 51.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Income tax | 2.0 k | 2.0 k | 3.8 m | 2.8 m | -2.8 m | 21.4 m | SEC (XBRL)· 25 Nov 2025verified |
| Net income | -84.6 m | -140.8 m | -176.1 m | -205.3 m | -599.5 m | -1.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Diluted EPS | -0.84 | -1.36 | -1.67 | -1.92 | -5.00 | -0.01 | SEC (XBRL)· 25 Nov 2025verified |
| Weighted average diluted shares | 100.7 m | 103.7 m | 105.4 m | 106.8 m | 119.8 m | 133.8 m | SEC (XBRL)· 25 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 143.6 m | 184.4 m | 108.0 m | 110.9 m | 102.7 m | 226.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Receivables | 846.0 k | 10.3 m | 1.4 m | 0 | 0 | 6.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Current assets | 322.4 m | 384.6 m | 405.3 m | 416.5 m | 695.5 m | 950.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Property, plant & equipment, net | 30.9 m | 48.7 m | 110.3 m | 290.3 m | 386.0 m | 382.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Intangibles (excl. goodwill) | 15.4 m | 13.7 m | 12.0 m | 10.3 m | 8.6 m | 6.9 m | SEC (XBRL)· 25 Nov 2025verified |
| Total assets | 522.5 m | 710.1 m | 691.9 m | 765.6 m | 1.1 bn | 1.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Accounts payable | 6.8 m | 9.5 m | 2.9 m | 35.9 m | 11.4 m | 17.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Current liabilities | 40.7 m | 146.5 m | 138.9 m | 105.5 m | 103.2 m | 195.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Equity | 461.8 m | 408.8 m | 418.3 m | 287.2 m | 191.1 m | 503.4 m | SEC (XBRL)· 25 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -95.8 m | 171.3 m | -136.1 m | -153.9 m | -462.9 m | 179.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Capex | 12.0 m | 23.6 m | 52.8 m | 176.7 m | 141.5 m | 22.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Free cash flow | -107.8 m ≈ | 147.7 m ≈ | -188.9 m ≈ | -330.6 m ≈ | -604.3 m ≈ | 156.9 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Investing cash flow | -240.8 m | -141.7 m | -5.4 m | -96.2 m | -420.1 m | -129.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Financing cash flow | 257.9 m | 11.3 m | 65.2 m | 253.1 m | 870.5 m | 74.0 m | SEC (XBRL)· 25 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.1 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -47.8% | 23 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 50.5% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.4x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 5.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial23/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ARROWHEAD PHARMACEUTICALS, INC. (ARWR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 829.4 m USD in 2025; YoY growth 23,258.2%; net margin -47.8%; ROE -64.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 50.5%
- Current ratio: 5.9x
What contradicts it
- Net margin: -47.8%
- Interest coverage: -2.4x
- FCF yield: -0.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 572.4 bn | 891.7 | 14.7% | 10.7% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.9 bn | 13.5 | 64.4% | 27.5% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.8 bn | — | -23.6% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| BBIOBridgeBio Pharma, Inc. | 14.5 bn | — | — | -61.3% | +126.3% | +3% / +159% |
| MDGLMadrigal Pharmaceuticals, Inc. | 9.3 bn | — | -24.8% | -10.9% | +432.1% | −33% / +97% |
| ARWRArrowhead Pharmaceuticals, Inc. | 8.1 bn | — | -64.8% | -47.8% | +23,258.2% | +43% / +113% |
| OGNOrganon & Co. | 3.6 bn | 18.0 | 20.3% | 3.5% | −2.9% | +79% / +22% |
| ZLABZai Lab Limited | 2.0 bn | — | -26.9% | -41.9% | +15.3% | +11% / −17% |
| SLSSELLAS Life Sciences Group, Inc. | 1.6 bn | — | -39.6% | — | −100.0% | +386% / +658% |
| OMEROmeros Corp | 1.2 bn | 9.9 | — | — | −34.0% | +76% / +679% |
| IRWDIronwood Pharmaceuticals Inc | 667.2 m | 4.5 | — | 37.4% | −15.7% | +15% / −59% |
1- and 3-year price returns: for ARWR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Arrowhead Pharmaceuticals develops medicines for hard-to-treat diseases by silencing the genes that cause them, using RNA interference (RNAi). In 2025 it launched its first commercial product, REDEMPLO, and in the third quarter of fiscal 2026 revenue reached 75.253 mn USD, compared with 27.767 mn USD a year earlier, as the company expands its market and partnerships.
SWOT
Strengths
- A broad TRiM platform and a large clinical portfolio, plus a first commercial product with solid clinical evidence.
- Very large cash resources at the end of the third quarter of fiscal 2026, providing capacity to fund programs.
- An extensive network of major partners bringing upfront payments, milestones and access to international markets.
Weaknesses
- Persistent net losses and rising research spending, with no near-term profitability.
- Uneven revenue that depends on the timing of milestones and partner payments.
- Limited commercial experience with a single approved product, which makes evaluation difficult.
Opportunities
- Extension of REDEMPLO to severe hypertriglyceridemia, a far more prevalent condition.
- New agreements for programs such as ARO-PNPLA3 and ARO-SNCA that could bring additional revenue.
- Development in obesity, liver disease and neurodegeneration, where the platform could have broad applications.
Threats
- Delays in clinical trials or rejected approval filings could postpone revenue.
- Competition in the triglyceride and cholesterol therapy class could reduce market share.
- Pricing pressure and reimbursement conditions could limit product margins.
Risks
- Commercial acceptance of REDEMPLOhigh
If medical adoption is slow, product revenue could fall short of expectations while commercial spending remains high.
- Need for additional fundingmedium
The company notes it will need substantial funds for research and development, and its debt and credit arrangements may limit financial flexibility.
- Dependence on partners and third-party manufacturersmedium
Control over milestones and production is partly in the hands of others, which could lead to delays.
- Protection of intellectual propertymedium
Patents could be challenged, and generic entry could affect REDEMPLO revenue if exclusivity periods are not respected.
Investment thesis
What would need to be true (bull case)
- If the sHTG indication for REDEMPLO is approved quickly, the market for the product could grow considerably, giving the company a product with a much wider patient base.
- Very large cash resources and agreements with major partners could fund several programs at once without depending on a single approval.
- The TRiM platform could yield more candidates over time, and each new clinical success could add value to the portfolio.
What would break the thesis
- Persistent net losses and rising research spending could continue, possibly forcing new equity issues or costly financing.
- If REDEMPLO adoption stays below expectations, or pricing and reimbursement prove harsher, commercial revenue could remain well below plan.
- Dependence on partner milestones and payments makes revenue unpredictable, and trial delays could postpone receipts.
What to watch
- Filing of the supplemental REDEMPLO application for sHTG and FDA review progress2026
- Pace of REDEMPLO prescription growth and expansion of payer coverageQ4 2026
- Final results of SHASTA-3 and SHASTA-4, presented at the ESC Congress2026
- Completion of the YOSEMITE trial for zodasiran and subsequent approval filingsmid-2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Arrowhead Pharmaceuticals, Inc. is a commercial-stage pharmaceutical company developing medicines for intractable diseases by silencing the genes that cause them, using the natural RNA interference mechanism. Its proprietary TRiM platform enables targeted delivery of molecules to several tissue types, from liver and lung to the central nervous system. The company has 18 Arrowhead discovered candidates in clinical trials, from phase 1 to phase 3, according to its annual report for the fiscal year ended September 30, 2025. Its first approved product, REDEMPLO (plozasiran), was approved by the FDA in November 2025 for familial chylomicronemia syndrome (FCS).
The business model relies on licensing and collaboration agreements with large companies for programs Arrowhead does not intend to commercialize independently. These deals bring upfront payments, milestone payments and royalties that help fund its own candidates. According to the August 4, 2026 release, the company ended the third quarter of fiscal 2026 with total cash resources of 1,566,886 thousand USD, well above the level at September 30, 2025. Dependence on partners who control the timing of payments remains an important factor to consider.
Research is carried out in laboratories in California and Wisconsin, and the principal executive offices are in Pasadena, California. The company uses outside contract research organizations and third-party manufacturers for part of its trial materials and, in the future, commercial products. Candidate costs rise as candidates advance through development, and net losses remain a feature of the company, with a net loss attributable to Arrowhead of 194,280 thousand USD in the third quarter of fiscal 2026.
Segments
Licensing and collaborations
Revenue comes mainly from agreements with partners such as Sarepta, Novartis, Madrigal, GSK, Takeda and Amgen. In fiscal 2025 Arrowhead earned a 200.0 mn USD milestone from Sarepta, and milestones are generally tied to clinical events, so revenue is lumpy from quarter to quarter.
REDEMPLO (commercial product)
REDEMPLO is the first commercial product, approved in the US, European Union, Canada, Australia and China for adults with FCS. Prescription volume roughly doubled in the third quarter of fiscal 2026, and more than 400 practitioners have already prescribed it. The company is preparing a supplemental filing for sHTG and has acquired an FDA priority review voucher to accelerate review.
Clinical and preclinical pipeline
The pipeline includes phase 3 candidates for severe hypertriglyceridemia and HoFH, as well as programs in obesity, liver disease, complement-mediated disease and neuromuscular disorders. Many of these programs are licensed to other companies, but Arrowhead retains rights to some, making the pipeline an asset both on its own and through partners.
Market context
The markets Arrowhead targets include metabolic and cardiovascular disease, liver disease, neuromuscular and neurodegenerative conditions, where many targets remain hard to address with conventional drugs. Severe hypertriglyceridemia is far more prevalent than FCS, so approval of the sHTG indication could significantly widen the REDEMPLO market. For Alzheimer's disease, the company cites an estimate of 32 mn people worldwide, a large market but with considerable clinical uncertainty.
RNAi markets are still forming, and outcomes depend on clinical trials and on acceptance by physicians and payers. The company reports that most major payers already have favorable policies for REDEMPLO, which could speed adoption if the trend holds. The real size of the market will, however, depend on the final price, access to reimbursement and competition in the segment.
Trends
- Regulatory approvals and geographic expansiontailwind
Approvals in the US, EU, Canada, Australia and China for REDEMPLO open new markets and strengthen the clinical evidence for the technology. If approvals translate into adoption, commercial revenue could rise meaningfully in coming quarters.
- Expansion into severe hypertriglyceridemiatailwind
Results from SHASTA-3 and SHASTA-4 support demand for a broader indication, and the priority review voucher could shorten the review period. This is a favorable factor, but it depends on FDA acceptance and final data.
- Dependence on partners for revenueheadwind
Much of the revenue and milestone income comes from partners who control the pace of development. If partners delay programs, cash inflows could fall, making the company vulnerable.
Competitive position
Arrowhead competes with other companies developing genetic and RNA therapies for metabolic and cardiovascular disease, as well as with established drugs and antibody-type molecules. Its stated advantage is the TRiM platform, which could offer targeted delivery and better safety profiles. The sources, however, give no direct quantitative comparison with competitors.
In the REDEMPLO launch, Arrowhead must establish its position against therapies already used for triglycerides and new candidates in the same class. Several of its programs are licensed to other firms, so some competitors may also be partners, and competition depends on what those companies pursue.
- Sanofi
Holds rights to develop and commercialize plozasiran in Greater China, making it both a partner and a player in the same therapeutic class.
- Amgen Inc.AMGN
Partner for olpasiran, a cardiovascular program licensed from Arrowhead's portfolio.
- GlaxoSmithKline
Partner on several programs, including GSK4532990 in MASH and daplusiran/tomligisiran in hepatitis B.
- Madrigal Pharmaceuticals
Partner that licensed ARO-PNPLA3 for MASH and paid an upfront payment of 25 mn USD.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Arrowhead Pharmaceuticals Director Sells 11,600 Shares for $1 MillionYahoo Finance — News · 06 Sept 2026 · EN
- Could Arrowhead Pharmaceuticals (ARWR)’s Plozasiran Become the Catalyst for a Major Stock Re-rating?Yahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 06 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Material agreement · Creation of a direct financial obligation
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report16 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report20 Mar 2026Shareholder vote · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Jan 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Arrowhead Pharmaceuticals, Inc. · 25 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Arrowhead Pharmaceuticals, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Arrowhead Pharmaceuticals, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.