Arrowhead Pharmaceuticals, Inc.

Net loss for the fiscal third quarter ended June 30, 2026 was $194.3 million, or $1.36 per share, versus a net loss of $175.2 million, or $1.26 per share, in the prior-year quarter. Revenue was approximately $75 million versus $28 million a year ago, driven by collaboration revenue from Sarepta, Madrigal, Novartis and Sanofi plus commercial sales of REDEMPLO. Total operating expenses were approximately $245 million versus $193 million last year, including R&D of approximately $198 million and SG&A of approximately $47 million. Cash and investments on hand were approximately $1.6 billion at June 30, 2026. For guidance, management said the plozasiran sNDA for sHTG is targeted for submission before the end of 2026, with a potential accelerated U.S. launch in the second quarter of next year if approved; detailed SHASTA results will be presented at ESC later in August.

Chris Anzalone struck an emphatically positive tone, saying Arrowhead is on the strongest footing in its history and that the SHASTA results materially de-risk its most important near-term label expansion. He framed REDEMPLO and plozasiran as a “safe, simple and strong” proposition and emphasized that every day matters, including the decision to acquire a priority review voucher. He also highlighted a broader cardiometabolic and CNS pipeline, saying the company is building a scalable commercial and R&D engine across multiple future medicines.

Dan Apel said the quarter’s net loss was $194.3 million, or $1.36 per share, on 143.4 million fully diluted weighted average shares, versus a $175.2 million loss, or $1.26 per share, a year ago. Revenue rose to about $75 million from $28 million, including about $26 million from Sarepta, about $20 million from Novartis, the full $25 million upfront from Madrigal, about $1.2 million from Sanofi-related services, and roughly $2.4 million of REDEMPLO product sales. Operating expenses increased to about $245 million, with R&D at about $198 million and SG&A at about $47 million, and he said SHASTA-related costs should begin to moderate over time starting in fiscal 2027 as active execution winds down. He also noted the planned $215 million payment for the priority review voucher at closing and said the company believes the voucher can deliver more than a 3x return if it shifts launch timing forward by four months.

Analysts focused on the sNDA timing, the upcoming ESC readout, the size and sequencing of the commercial build, and how management views the right patient segment for initial sHTG launch. Management said the sNDA timing depends on a pre-sNDA meeting with FDA and completion of submission modules, while ESC data remain under embargo until the conference. On commercialization, Arrowhead said the field force is being scaled from coverage of about 5,000 HCP targets to more than 20,000, with final onboarding expected before year-end, and that launch focus will initially be on higher-risk sHTG patients above 880 mg/dL but that patients above 500 mg/dL also matter. Questions also covered pricing versus Tryngolza, where management said REDEMPLO’s $45,000 WAC will not change and is justified by efficacy, safety and quarterly dosing.