ARWR

MKT CAP:$10B

Arrowhead Pharmaceuticals, Inc.

Market Cap

$10B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$71.05+$3.26 (+4.81%)

Apr 21, 2026

Company Details

Arrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in Phase II clin...

CEO

Christopher R. Anzalone

IPO Date

Dec 16, 1993

Website

arrowheadpharma.com

Key Metrics TTM

Revenue

$250M

+132.2% YoY

Net Income

-$154M

EPS (Diluted)

-$1.47

Free Cash Flow

-$120M

Revenue / Share

$2.36

Gross Margin

0.0%

Operating Margin

-63.8%

Net Margin

-61.6%

FCF Margin

-47.9%

P/S

41.4x

P/E

—

Earnings Reports

Q4 2022

May 11, 2026

PENDING

FY 2022

Nov 28, 2022

$243M+75.9%EPS -$1.67

Q3 2022

Aug 4, 2022

$32M-29.4%EPS -$0.67

Q2 2022

May 10, 2022

$152M+362.7%EPS $0.41

Q1 2022

Feb 2, 2022

$27M+28.8%EPS -$0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$11M	$0	-$11M
Q1 19	$35M	$0	$11M
Q2 19	$48M	$0	$22M
Q3 19	$43M	$0	$19M
Q4 19	$43M	$0	$10M
Q1 20	$29M	$0	-$5M
Q2 20	$24M	$0	-$22M
Q3 20	$27M	$0	-$16M
Q4 20	$8M	$0	-$50M
Q1 21	$21M	$0	-$24M
Q2 21	$33M	$0	-$28M
Q3 21	$46M	$0	-$32M
Q4 21	$38M	$0	-$65M
Q1 22	$27M	$0	-$63M
Q2 22	$152M	$0	$42M
Q3 22	$32M	$0	-$73M

Valuation

Quarter	P/S	P/E
Q4 18	641.3x	—
Q1 19	218.9x	—
Q2 19	109.2x	1082.1x
Q3 19	75.7x	227.5x
Q4 19	61.3x	152.3x
Q1 20	63.3x	194.4x
Q2 20	74.5x	1086.1x
Q3 20	83.7x	—
Q4 20	117.7x	—
Q1 21	129.7x	—
Q2 21	116.2x	—
Q3 21	96.2x	—
Q4 21	74.9x	—
Q1 22	71.7x	—
Q2 22	39.3x	—
Q3 22	41.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$3M	-$3M
Q1 19	$168M	$168M
Q2 19	-$20M	-$20M
Q3 19	$11M	$7M
Q4 19	$14M	$6M
Q1 20	-$24M	-$28M
Q2 20	-$28M	-$31M
Q3 20	-$33M	-$36M
Q4 20	-$11M	-$13M
Q1 21	-$39M	-$43M
Q2 21	$264M	$257M
Q3 21	-$30M	-$34M
Q4 21	-$24M	-$32M
Q1 22	-$61M	-$67M
Q2 22	$63M	$58M
Q3 22	-$69M	-$78M

Capital Expenditures

Quarter	CapEx
Q4 18	$709.5K
Q1 19	$737.5K
Q2 19	$209.3K
Q3 19	$3M
Q4 19	$8M
Q1 20	$4M
Q2 20	$4M
Q3 20	$2M
Q4 20	$2M
Q1 21	$4M
Q2 21	$7M
Q3 21	$4M
Q4 21	$8M
Q1 22	$6M
Q2 22	$5M
Q3 22	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+29.2%	+18.2%
Q1 19	+887.5%	+36.9%
Q2 19	+7306.0%	+66.6%
Q3 19	+5770.0%	+44.8%
Q4 19	+284.7%	+50.1%
Q1 20	-15.0%	+44.7%
Q2 20	-51.1%	+75.1%
Q3 20	-35.9%	+79.8%
Q4 20	-82.4%	+71.6%
Q1 21	-27.7%	+32.2%
Q2 21	+39.4%	+33.4%
Q3 21	+67.6%	+79.5%
Q4 21	+401.6%	+78.6%
Q1 22	+28.8%	+100.1%
Q2 22	+362.7%	+80.6%
Q3 22	-29.4%	+35.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$3M	23.4%
Q1 19	$3M	7.8%
Q2 19	$3M	5.4%
Q3 19	$2M	4.6%
Q4 19	$5M	11.8%
Q1 20	$4M	15.3%
Q2 20	$13M	55.1%
Q3 20	$10M	36.7%
Q4 20	$16M	208.0%
Q1 21	$8M	38.2%
Q2 21	$15M	46.8%
Q3 21	$19M	40.4%
Q4 21	$35M	90.4%
Q1 22	$25M	89.3%
Q2 22	$34M	22.3%
Q3 22	$33M	103.0%

OpEx Breakdown

Quarter	R&D	G&A
Q4 18	$16M	$6M
Q1 19	$18M	$6M
Q2 19	$21M	$5M
Q3 19	$19M	$5M
Q4 19	$23M	$10M
Q1 20	$23M	$11M
Q2 20	$29M	$16M
Q3 20	$33M	$11M
Q4 20	$43M	$14M
Q1 21	$37M	$9M
Q2 21	$45M	$16M
Q3 21	$59M	$18M
Q4 21	$66M	$38M
Q1 22	$66M	$25M
Q2 22	$76M	$34M
Q3 22	$72M	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$86M	$315M	$402M
Q3 22	$139M	$277M	$416M
Q4 22	$108M	$268M	$376M
Q1 23	$202M	$300M	$502M
Q2 23	$135M	$346M	$481M
Q3 23	$105M	$346M	$452M
Q4 23	$111M	$293M	$404M
Q1 24	$58M	$162M	$220M
Q2 24	$128M	$395M	$523M
Q3 24	$69M	$367M	$437M
Q4 24	$103M	$578M	$681M
Q1 25	$54M	$499M	$553M
Q2 25	$186M	$912M	$1.1B
Q3 25	$130M	$771M	$900M
Q4 25	$227M	$693M	$919M
Q1 26	$202M	$715M	$917M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	96M	+9.1%	+27.7%
Q1 19	96M	0.0%	+27.7%
Q2 19	98M	+2.6%	+16.6%
Q3 19	99M	+0.8%	+12.8%
Q4 19	97M	-1.8%	+1.6%
Q1 20	97M	-0.0%	+1.6%
Q2 20	102M	+4.7%	+3.6%
Q3 20	102M	+0.2%	+3.0%
Q4 20	103M	+0.9%	+5.8%
Q1 21	103M	0.0%	+5.8%
Q2 21	104M	+1.1%	+2.2%
Q3 21	104M	+0.2%	+2.2%
Q4 21	105M	+0.4%	+1.7%
Q1 22	105M	0.0%	+1.7%
Q2 22	108M	+3.2%	+3.9%
Q3 22	106M	-2.0%	+1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$97.0K	116
Q1 19	$298.8K	116
Q2 19	$415.1K	116
Q3 19	$368.1K	116
Q4 19	$323.1K	134
Q1 20	$219.8K	134
Q2 20	$175.6K	134
Q3 20	$204.3K	134
Q4 20	$32.9K	232
Q1 21	$91.8K	232
Q2 21	$141.4K	232
Q3 21	$197.8K	232
Q4 21	$116.4K	329
Q1 22	$83.4K	329
Q2 22	$461.4K	329
Q3 22	$98.5K	329

Revenue / Employee