Revenue growth remains highly unstable due to milestone dependence, evidenced by a 91.7% year-over-year decline in 2026Q1 and persistent operating losses exceeding $60 million per quarter.
| Sales/Revenue | 89.4M | 262.6M | 263.4M | 78.5M | 131.4M | 53.6M | 25.9M | 42.98M | 14.32M | 7.58M | 6.67M |
| Revenue Growth % | -79.06% | -0.3% | 235.54% | -40.26% | 145.15% | 106.95% | -39.73% | 200.03% | 89% | 13.64% | - |
| Cost of Goods Sold | 2.3M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 1.98% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 87.1M | 257.4M | 263.4M | 78.5M | 131.4M | 53.6M | 25.9M | 42.98M | 14.32M | 7.58M | 6.67M |
| Gross Margin % | 97.43% | 98.02% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -2.28% | 235.54% | -40.26% | 145.15% | 106.95% | -39.73% | 200.03% | 89% | 13.64% | - |
| Operating Expenses | 336.8M | 372.3M | 513.6M | 480M | 394.6M | 242M | 146.7M | 94.5M | 58.13M | 32.34M | 23.14M |
| OpEx % of Revenue | - | 141.77% | 194.99% | 611.47% | 300.3% | 451.49% | 566.41% | 219.89% | 405.8% | 426.7% | 346.95% |
| Selling, General & Admin | 86.5M | 89.4M | 165.4M | 100.3M | 79.6M | 61.6M | 38.3M | 27.31M | 12.93M | 3.55M | 3.2M |
| SG&A % of Revenue | - | 34.04% | 62.79% | 127.77% | 60.58% | 114.93% | 147.88% | 63.54% | 90.28% | 46.79% | 47.93% |
| Research & Development | 254.4M | 282.9M | 348.2M | 379.7M | 315M | 180.4M | 108.4M | 67.19M | 45.19M | 28.79M | 19.94M |
| R&D % of Revenue | - | 107.73% | 132.19% | 483.69% | 239.73% | 336.57% | 418.53% | 156.35% | 315.51% | 379.91% | 299.03% |
| Other Operating Expenses | -1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 102.73K | 0 | 0 |
| Operating Income | -249.7M | -114.9M | -250.2M | -401.5M | -263.2M | -188.4M | -120.8M | -51.52M | -43.8M | -24.76M | -16.47M |
| Operating Margin % | -279.31% | -43.75% | -94.99% | -511.47% | -200.3% | -351.49% | -466.41% | -119.89% | -305.8% | -326.7% | -246.95% |
| Operating Income Growth % | - | 54.08% | 37.68% | -52.55% | -39.7% | -55.96% | -134.45% | -17.63% | -76.9% | -50.34% | - |
| EBITDA | -245.2M | -109.7M | -243.6M | -394.8M | -255M | -182.4M | -117.6M | -49.27M | -43.1M | -24.41M | -16.03M |
| EBITDA Margin % | -274.27% | -41.77% | -92.48% | -502.93% | -194.06% | -340.3% | -454.05% | -114.65% | -300.87% | -322.12% | -240.41% |
| EBITDA Growth % | -172.75% | 54.97% | 38.3% | -54.82% | -39.8% | -55.1% | -138.68% | -14.33% | -76.53% | -52.27% | - |
| D&A (Non-Cash Add-back) | 4.5M | 5.2M | 6.6M | 6.7M | 8.2M | 6M | 3.2M | 2.25M | 706K | 347.39K | 436.33K |
| EBIT | -236.2M | -80.5M | -250.2M | -401.5M | -263.2M | -188.4M | -120.8M | -70.21M | -41.42M | -24M | -14.37M |
| Net Interest Income | 34.7M | 22M | 54.8M | 38.8M | 12M | 1.7M | 3.52M | 4.5M | 2.41M | 151.03K | 360.37K |
| Interest Income | 34.7M | 22M | 54.8M | 38.8M | 12M | 1.8M | 3.59M | 4.6M | 2.47M | 201.39K | 427.77K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 100K | 65K | 100K | 57.44K | 50.36K | 67.4K |
| Other Income/Expense | 28.7M | 34.4M | 51.9M | 35.1M | 1.6M | -2.6M | 1.5M | -18.79M | 2.32M | 711.06K | 2.03M |
| Pretax Income | -221M | -80.5M | -198.3M | -366.4M | -261.6M | -191M | -119.3M | -70.3M | -41.48M | -24.05M | -14.44M |
| Pretax Margin % | -247.2% | -30.65% | -75.28% | -466.75% | -199.09% | -356.34% | -460.62% | -163.58% | -289.59% | -317.32% | -216.49% |
| Income Tax | 300K | 300K | 600K | 900K | 20.9M | 0 | 0 | 0 | 0 | 0 | -87.41K |
| Effective Tax Rate % | -0.14% | -0.37% | -0.3% | -0.25% | -7.99% | 0% | 0% | 0% | 0% | 0% | 0.61% |
| Net Income | -221.3M | -80.8M | -198.9M | -367.3M | -282.5M | -191M | -119.3M | -70.29M | -41.48M | -24.05M | -14.35M |
| Net Margin % | -247.54% | -30.77% | -75.51% | -467.9% | -214.99% | -356.34% | -460.62% | -163.56% | -289.59% | -317.32% | -215.18% |
| Net Income Growth % | -374.89% | 59.38% | 45.85% | -30.02% | -47.91% | -60.1% | -69.72% | -69.46% | -72.48% | -67.58% | - |
| Net Income (Continuing) | -221.3M | -80.8M | -198.9M | -367.3M | -282.5M | -191M | -119.3M | -70.3M | -41.48M | -24.05M | -14.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.46 | -1.28 | -2.77 | -6.62 | -5.31 | -3.82 | -3.02 | -1.89 | -1.31 | -1.38 | -7.56 |
| EPS Growth % | -393.94% | 53.79% | 58.16% | -24.67% | -39.01% | -26.49% | -59.79% | -44.27% | 5.07% | 81.75% | - |
| EPS (Basic) | - | -1.28 | -2.77 | -6.62 | -5.31 | -3.82 | -3.02 | -1.89 | -1.31 | -1.38 | -7.56 |
| Diluted Shares Outstanding | 64M | 64.9M | 71.9M | 55.5M | 53.2M | 50M | 39.53M | 32.93M | 31.63M | 20.73M | 1.9M |
| Basic Shares Outstanding | 64M | 64.9M | 71.9M | 55.5M | 53.2M | 50M | 39.53M | 32.93M | 31.63M | 20.73M | 1.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As indicated by the company's quarterly income statements, revenue growth has experienced extreme fluctuations, with a 91.7% year-over-year decline in 2026Q1, underscoring the inherent instability of a business model reliant on sporadic milestone payments rather than recurring commercial product sales or consistent service-based revenue streams.
The erratic revenue trajectory highlights the lack of a predictable commercial engine, as income is tied strictly to the timing of partnership-driven events. Investors should monitor whether the company can transition from these lumpy, non-transactional inflows to a more sustainable revenue base as clinical programs mature.
Based on reported financial data, Arvinas maintains a high-fixed cost structure where R&D expenditures consistently dwarf other operating costs, reaching as high as $95.2 million in a single quarter, which reflects the significant capital requirements necessary to sustain its proprietary PROTAC platform and ongoing clinical trials.
The concentration of spending in R&D suggests that management is prioritizing long-term platform validation over near-term profitability. However, the persistence of these high costs without a corresponding commercial product launch warrants further investigation into the company's long-term expense discipline and potential for future cost rationalization.
According to the provided income statement history, the company has failed to demonstrate positive operating leverage, as operating losses have frequently exceeded $60 million per quarter, indicating that the current scale of operations is insufficient to cover the heavy burden of clinical-stage research and administrative overhead.
The inability to scale operating income faster than gross profit suggests that the business remains in a deep investment phase. Without a shift toward commercialization, the company appears to lack the structural efficiency required to achieve self-sustaining operations in the near term.
As reported in recent filings, stock-based compensation remains a significant non-cash expense, peaking at $24.7 million in 2024Q3, which complicates the assessment of core operational performance and suggests that a meaningful portion of the company's talent retention strategy is funded through equity dilution rather than cash.
The reliance on stock-based compensation may mask the true economic cost of operations, potentially inflating the perceived value of the company's human capital. Analysts should carefully adjust for these non-cash items to better understand the underlying cash burn and the true cost of maintaining the firm's scientific expertise.
Financial statements reveal that the company's profitability is highly sensitive to the timing of partnership milestones, with a notable net income of $82.9 million in 2025Q1 followed by significant losses, suggesting that the current business model may be fundamentally unsustainable without continuous, large-scale external capital injections.
Short-sellers might focus on the risk that these milestone payments are one-time events that do not reflect recurring value creation. The reliance on these payments to offset massive R&D spending creates a precarious financial position that could be severely tested if clinical progress stalls or if partners reduce their R&D commitments.
Quick answers to the most common questions about buying ARVN stock.
For fiscal year 2025, Arvinas, Inc. (ARVN) reported total revenue of $262.6M. This represents a 3837.6% increase compared to $6.7M in 2016.
Arvinas, Inc. (ARVN) reported a net loss of $80.8M for the fiscal year ending 2025.
Arvinas, Inc. (ARVN) reported an operating income of $-114.9M, resulting in an operating profit margin of -43.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Arvinas, Inc. (ARVN) generated $257.4M in gross profit for the year, representing a gross profit margin of 98.0%. This demonstrates the company's core pricing power and production efficiency.