ARVN

MKT CAP:$665M

Arvinas, Inc.

Market Cap

$665M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$10.63-$0.84 (-7.32%)

Apr 22, 2026

Company Details

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 tar...

CEO

Randy Teel

IPO Date

Sep 27, 2018

Website

www.arvinas.com

Key Metrics TTM

Revenue

$263M

-0.3% YoY

Net Income

-$81M

EPS (Diluted)

-$1.22

Free Cash Flow

-$276M

Revenue / Share

$4.05

Gross Margin

99.5%

Operating Margin

-44.0%

Net Margin

-30.8%

FCF Margin

-105.0%

P/S

2.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 24, 2026

$263M-0.3%EPS -$1.28

Q4 2025

Feb 24, 2026

$10M-84.0%EPS -$1.04

Q3 2025

Nov 5, 2025

$42M-59.1%EPS -$0.48

Q2 2025

Aug 6, 2025

$22M-70.7%EPS -$0.84

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$27M	$24M	-$58M
Q2 22	$34M	$32M	-$66M
Q3 22	$33M	$31M	-$64M
Q4 22	$38M	$36M	-$75M
Q1 23	$33M	$31M	-$88M
Q2 23	$55M	$53M	-$75M
Q3 23	$35M	$33M	-$74M
Q4 23	-$43M	-$45M	-$165M
Q1 24	$25M	$24M	-$83M
Q2 24	$77M	$75M	-$49M
Q3 24	$102M	$102M	-$60M
Q4 24	$59M	$59M	-$58M
Q1 25	$189M	$189M	$71M
Q2 25	$22M	$22M	-$72M
Q3 25	$42M	$42M	-$44M
Q4 25	$10M	$8M	-$72M

Valuation

Quarter	P/S	P/E
Q1 22	50.3x	—
Q2 22	25.2x	—
Q3 22	19.0x	—
Q4 22	11.6x	—
Q1 23	11.1x	—
Q2 23	8.6x	—
Q3 23	7.2x	—
Q4 23	37.3x	—
Q1 24	40.6x	—
Q2 24	20.0x	—
Q3 24	11.0x	—
Q4 24	5.2x	—
Q1 25	1.2x	—
Q2 25	1.4x	—
Q3 25	2.0x	—
Q4 25	3.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$57M	-$59M
Q2 22	-$79M	-$80M
Q3 22	-$67M	-$69M
Q4 22	-$71M	-$72M
Q1 23	-$91M	-$92M
Q2 23	-$89M	-$89M
Q3 23	-$85M	-$86M
Q4 23	-$83M	-$83M
Q1 24	-$98M	-$98M
Q2 24	$50M	$50M
Q3 24	-$128M	-$129M
Q4 24	-$84M	-$84M
Q1 25	-$89M	-$89M
Q2 25	-$95M	-$97M
Q3 25	-$59M	-$59M
Q4 25	-$30M	-$31M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$1M
Q3 22	$2M
Q4 22	$1M
Q1 23	$1M
Q2 23	$600.0K
Q3 23	$1M
Q4 23	$100.0K
Q1 24	$100.0K
Q2 24	$700.0K
Q3 24	$700.0K
Q4 24	$300.0K
Q1 25	$400.0K
Q2 25	$1M
Q3 25	$100.0K
Q4 25	$200.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+381.8%	+78.4%
Q2 22	+514.5%	+73.5%
Q3 22	+257.0%	+72.3%
Q4 22	+44.5%	+40.5%
Q1 23	+22.6%	+42.8%
Q2 23	+61.2%	+29.6%
Q3 23	+4.2%	+11.3%
Q4 23	-213.4%	+7.8%
Q1 24	-22.2%	-9.7%
Q2 24	+40.4%	-3.2%
Q3 24	+196.0%	+50.0%
Q4 24	+237.4%	-3.9%
Q1 25	+646.2%	+8.1%
Q2 25	-70.7%	-24.9%
Q3 25	-59.1%	-47.3%
Q4 25	-84.0%	-30.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	62.6%
Q2 22	$20M	59.2%
Q3 22	$19M	56.6%
Q4 22	$20M	52.9%
Q1 23	$20M	61.2%
Q2 23	$0	0.0%
Q3 23	$17M	48.3%
Q4 23	$17M	—
Q1 24	$19M	73.5%
Q2 24	$22M	28.2%
Q3 24	$25M	24.1%
Q4 24	$23M	39.4%
Q1 25	$15M	7.9%
Q2 25	$10M	46.0%
Q3 25	$0	0.0%
Q4 25	$9M	89.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$64M	—	$18M
Q2 22	$75M	—	$22M
Q3 22	$78M	—	$18M
Q4 22	$98M	—	$13M
Q1 23	$95M	—	$23M
Q2 23	$103M	—	$24M
Q3 23	$86M	—	$21M
Q4 23	$95M	$27M	—
Q1 24	$84M	$24M	—
Q2 24	$94M	$31M	—
Q3 24	$87M	$76M	—
Q4 24	$83M	$34M	—
Q1 25	$91M	$27M	—
Q2 25	$69M	$25M	—
Q3 25	$65M	$22M	—
Q4 25	$61M	$22M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$62M	$1.4B	$1.4B
Q2 22	$93M	$1.3B	$1.3B
Q3 22	$133M	$1.1B	$1.3B
Q4 22	$81M	$1.1B	$1.2B
Q1 23	$130M	$993M	$1.1B
Q2 23	$91M	$948M	$1.0B
Q3 23	$114M	$885M	$999M
Q4 23	$312M	$949M	$1.3B
Q1 24	$88M	$1.1B	$1.2B
Q2 24	$155M	$1.1B	$1.2B
Q3 24	$85M	$1.0B	$1.1B
Q4 24	$101M	$939M	$1.0B
Q1 25	$81M	$873M	$954M
Q2 25	$115M	$746M	$861M
Q3 25	$102M	$686M	$788M
Q4 25	$143M	$543M	$685M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	53M	+0.4%	+9.1%
Q2 22	53M	+0.4%	+8.8%
Q3 22	53M	0.0%	+6.8%
Q4 22	53M	0.0%	+0.8%
Q1 23	53M	+0.2%	+0.6%
Q2 23	53M	+0.2%	+0.4%
Q3 23	54M	+1.3%	+1.7%
Q4 23	61M	+12.9%	+14.8%
Q1 24	72M	+17.3%	+34.5%
Q2 24	72M	+0.3%	+34.6%
Q3 24	72M	+0.3%	+33.3%
Q4 24	72M	0.0%	+18.0%
Q1 25	73M	+0.8%	+1.4%
Q2 25	73M	+0.4%	+1.5%
Q3 25	73M	-0.1%	+1.1%
Q4 25	65M	-11.0%	-10.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$94.6K	280
Q2 22	$120.7K	280
Q3 22	$118.6K	280
Q4 22	$91.6K	415
Q1 23	$78.3K	415
Q2 23	$131.3K	415
Q3 23	$83.4K	415
Q4 23	-$96.9K	445
Q1 24	$56.9K	445
Q2 24	$171.9K	445
Q3 24	$230.1K	445
Q4 24	$137.7K	430
Q1 25	$439.1K	430
Q2 25	$52.1K	430
Q3 25	$97.4K	430
Q4 25	$38.6K	246

Revenue / Employee