Arvinas, Inc.

Q2 2026 total revenue was $249.7 million. The company recorded $62.5 million of license revenue from the Rigel agreement, $126.4 million of net revenue after moving remaining deferred revenue from the original Pfizer collaboration through the P&L, a $50 million Pfizer milestone tied to VEPPANU approval, and $3.5 million of Pfizer research collaboration revenue. Cost of license revenue was $9 million. G&A was $24.0 million versus $25.3 million a year ago, and R&D was $52.6 million versus $68.6 million a year ago. Cash, cash equivalents and marketable securities were $567.9 million at quarter-end, down from $685.4 million at the end of 2025. Management reiterated cash runway into the second half of 2028. Looking ahead, Arvinas expects initial ARV-393 Phase I data by year-end, ARV-027 healthy-volunteer data in the first half of next year, additional ARV-102 biomarker data in October, and the next ARV-102 clinical trials now to begin in 2027.

Randy Teel framed the quarter as a strategic reset, saying Arvinas has made significant progress in positioning the company for its next phase of growth and is concentrating resources on the most promising opportunities. He highlighted three milestones: the first-ever FDA approval of a PROTAC degrader, the VEPPANU out-license to Rigel, and the decision to move ARV-806 forward only with a partner because of capital allocation discipline. His tone was confident but practical, emphasizing that the company is prioritizing programs with high unmet need and commercial potential.

Andrew Saik focused on the financial impact of the VEPPANU/Rigel transaction and the company’s balance sheet. He said Arvinas ended Q2 with $567.9 million in cash, cash equivalents and marketable securities and expects runway into the second half of 2028. He also detailed the accounting effects: $62.5 million of license revenue, $126.4 million of net revenue from bringing deferred revenue onto the P&L, a $50 million Pfizer milestone, $3.5 million of collaboration revenue, and a $52.7 million liability for remaining VEPPANU runout obligations, including $28.4 million current and $24.3 million long-term. He noted Q2 R&D declined to $52.6 million from $68.6 million and G&A to $24.0 million from $25.3 million, with cost reduction programs completed during the quarter.

Analysts pressed on ARV-393 development strategy, especially whether upcoming combination data could support a pivotal path and where the program might fit in lymphoma; management said the opportunity spans later-line monotherapy first and potentially broader earlier-line settings once monotherapy and combination activity are shown. Questions on ARV-102 focused on the PSP timeline after regulatory feedback; management said the U.S. Phase Ib and a global registrational-oriented study were delayed into 2027 and that the eventual PSP path would likely require longer-duration patient dosing than the 28-day studies done so far. Analysts also asked about ARV-027 proof-of-mechanism and endpoints; management said the key near-term goals are adequate exposure and at least 50% degradation of polyQ-AR in muscle, while functional measures would belong in later registrational studies. There was also pushback on BCL6 enrollment at subtherapeutic doses, and management acknowledged slow uptake due to low starting doses and slow escalation but said enrollment has improved as doses approached the predicted efficacious range.