Arvinas, Inc. (ARVN) · Nov 3, 2026 · Earnings
Miss — Revenue $0.5M vs ~$16.9M consensus
Arvinas earnings show a sharp revenue reset after the Rigel deal, with lower expenses and upcoming clinical data keeping the story alive.
Arvinas is transitioning from a collaboration-revenue model toward a clinical-stage pipeline company after licensing vepdegestrant to Rigel, with ARV-393, ARV-027 and ARV-6723 now carrying more of the business story. The Rigel transaction was already expected to remove much of the old Pfizer-related revenue, while prior company plans already pointed to 2026 pipeline milestones and a cash runway into the second half of 2028.
The quarter missed the financial bar because revenue reset faster than consensus expected. Revenue fell to just $0.5 million from $41.9 million a year earlier, versus published consensus of roughly $16.9 million; the remaining revenue was only sales-based royalties from the Rigel license, while prior Pfizer collaboration revenue no longer recurs.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $0.5M | $41.9M | $16.9M |
| Diluted EPS (Income Statement) | $(0.82) | $(0.48) | $(0.87) |
| GAAP R&D (Income Statement) | $46.9M | $64.7M | |
| Cash, equivalents, restricted cash and marketable securities (Cash Position) | $558.9M | $685.4M at Dec. 31, 2025 |
Lower spending partly cushions the revenue miss. GAAP R&D fell 28% year over year and G&A fell 40%, producing a diluted loss of $0.82 per share that was modestly better than the roughly $0.87 consensus. The savings are real, but they mainly reflect a smaller operating footprint and reduced spending on the former vepdegestrant program rather than a new source of growth.
The business remains funded, but the pipeline—not this quarter's financials—is the next test. Arvinas says its $558.9 million liquidity position funds planned operations into the second half of 2028, while the filing keeps Q4 2026 ARV-393 clinical data and additional ARV-027 and ARV-6723 milestones in view. Those milestones were directionally expected; the filing advances the calendar but does not yet provide human efficacy data that would materially rewrite the clinical story. 〔0〕
Bottom line: This is a financial miss caused by the post-Rigel revenue reset, softened by tighter spending and a preserved cash runway. It matters less as an earnings event than as a bridge to the upcoming clinical readouts, which still have to validate the pipeline story.
Q4 2026 ARV-393 clinical data presentation
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