Revenue is highly erratic, peaking at $249.7M in 2026Q2 but falling to $9.5M in 2025Q4, while gross margins remain exceptionally high above 90%, underscoring a milestone-driven model with minimal cost of goods.
Arvinas, Inc. (ARVN) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 316.7M | 262.6M | 263.4M | 78.5M | 131.4M | 53.6M | 25.9M | 42.98M | 14.32M | 7.58M | 6.67M |
| Revenue Growth % | -15.05% | -0.3% | 235.54% | -40.26% | 145.15% | 106.95% | -39.73% | 200.03% | 89% | 13.64% | - |
| Cost of Goods Sold | 11.3M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 1.98% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 305.4M | 257.4M | 263.4M | 78.5M | 131.4M | 53.6M | 25.9M | 42.98M | 14.32M | 7.58M | 6.67M |
| Gross Margin % | 96.43% | 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 | 319.5M | 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 | 85.2M | 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 | 238.4M | 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 | -14.1M | -114.9M | -250.2M | -401.5M | -263.2M | -188.4M | -120.8M | -51.52M | -43.8M | -24.76M | -16.47M |
| Operating Margin % | -4.45% | -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 | -10.3M | -109.7M | -243.6M | -394.8M | -255M | -182.4M | -117.6M | -49.27M | -43.1M | -24.41M | -16.03M |
| EBITDA Margin % | -3.25% | -41.77% | -92.48% | -502.93% | -194.06% | -340.3% | -454.05% | -114.65% | -300.87% | -322.12% | -240.41% |
| EBITDA Growth % | 90.9% | 54.97% | 38.3% | -54.82% | -39.8% | -55.1% | -138.68% | -14.33% | -76.53% | -52.27% | - |
| D&A (Non-Cash Add-back) | 3.8M | 5.2M | 6.6M | 6.7M | 8.2M | 6M | 3.2M | 2.25M | 706K | 347.39K | 436.33K |
| EBIT | -900K | -80.5M | -198.3M | -366.4M | -261.6M | -190.9M | -120.8M | -70.21M | -41.42M | -24M | -14.37M |
| Net Interest Income | 29.9M | 22M | 54.8M | 38.8M | 12M | 1.7M | 3.52M | 4.5M | 2.41M | 151.03K | 360.37K |
| Interest Income | 29.9M | 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 | 24.2M | 34.4M | 51.9M | 35.1M | 1.6M | -2.6M | 1.5M | -18.79M | 2.32M | 711.06K | 2.03M |
| Pretax Income | 10.1M | -80.5M | -198.3M | -366.4M | -261.6M | -191M | -119.3M | -70.3M | -41.48M | -24.05M | -14.44M |
| Pretax Margin % | 3.19% | -30.65% | -75.28% | -466.75% | -199.09% | -356.34% | -460.62% | -163.58% | -289.59% | -317.32% | -216.49% |
| Income Tax | 800K | 300K | 600K | 900K | 20.9M | 0 | 0 | 0 | 0 | 0 | -87.41K |
| Effective Tax Rate % | 7.92% | -0.37% | -0.3% | -0.25% | -7.99% | 0% | 0% | 0% | 0% | 0% | 0.61% |
| Net Income | 9.3M | -80.8M | -198.9M | -367.3M | -282.5M | -191M | -119.3M | -70.29M | -41.48M | -24.05M | -14.35M |
| Net Margin % | 2.94% | -30.77% | -75.51% | -467.9% | -214.99% | -356.34% | -460.62% | -163.56% | -289.59% | -317.32% | -215.18% |
| Net Income Growth % | 112.81% | 59.38% | 45.85% | -30.02% | -47.91% | -60.1% | -69.72% | -69.46% | -72.48% | -67.58% | - |
| Net Income (Continuing) | 9.3M | -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) | 0.14 | -1.28 | -2.77 | -6.62 | -5.31 | -3.82 | -3.02 | -1.89 | -1.31 | -1.38 | -7.56 |
| EPS Growth % | 115.84% | 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 | 65.7M | 64.9M | 71.9M | 55.5M | 53.2M | 50M | 39.53M | 32.93M | 31.63M | 20.73M | 1.9M |
| Basic Shares Outstanding | 64.8M | 64.9M | 71.9M | 55.5M | 53.2M | 50M | 39.53M | 32.93M | 31.63M | 20.73M | 1.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Revenue Volatility and Dependency
Metrics are mathematically derived from official filings.
Lumpy Revenue Driven by Milestones
Arvinas's revenue trajectory is highly erratic, swinging from $249.7M in 2026Q2 to just $9.5M in 2025Q4, indicating a business model heavily reliant on non-recurring milestone payments rather than predictable product sales.
The extreme quarter-over-quarter volatility, such as the 91.7% sequential decline from 2026Q2 to 2026Q1, suggests revenue is driven by lumpy partnership or licensing events. This pattern makes forecasting difficult and implies the underlying commercial business is still nascent, with the company's financial performance currently tied to the timing of external validation events.
High-Margin Milestone Revenue
Gross margins are exceptionally high, consistently above 90% and reaching 100% in several quarters, which is characteristic of a biotech firm recognizing revenue from intellectual property licenses or milestones with minimal associated cost of goods.
The near-perfect gross margin structure indicates that the revenue being recognized carries almost no direct production cost, pointing to a royalty or milestone-based income stream. This high-margin profile is sustainable for the revenue type but does not yet reflect the economics of a scaled commercial manufacturing operation, which would introduce significant COGS.
R&D Dominates Operating Expense
Research and development is the primary cost driver, consuming between $52.6M and $93.7M per quarter, which dwarfs SG&A and underscores the company's focus on pipeline development over commercial infrastructure.
R&D expenses consistently represent the largest operating outlay, often exceeding SG&A by a factor of two or more. This cost structure is typical for a clinical-stage biotech but highlights that the company's operational focus remains on advancing its pipeline. The recent reduction in R&D from $93.7M in 2024Q2 to $52.6M in 2026Q2 may indicate program completions or increased efficiency, warranting monitoring for pipeline impact.
Operating Leverage Unproven at Scale
Operating leverage is currently non-existent, as operating income swings wildly from a $164.1M profit in 2026Q2 to a $71.7M loss in 2025Q4, demonstrating that the high fixed-cost base of R&D and SG&A overwhelms the variable, milestone-driven revenue.
The company's operating margin is entirely a function of the magnitude of revenue recognized in a given quarter, not operational efficiency. In quarters with substantial revenue, like 2026Q2, the high gross margin flows through to strong operating income. In low-revenue quarters, the fixed cost base results in deep operating losses, indicating the business model has not yet achieved the scale to generate consistent operating leverage.
Sustainability of Milestone-Driven Model
The core analytical challenge is whether the current high profitability is sustainable, as it appears entirely dependent on the timing of large, non-recurring milestone payments rather than a growing, recurring revenue base.
A short-seller would focus on the fact that the company's impressive 65.7% operating margin in 2026Q2 is an anomaly driven by a single quarter's revenue event. The underlying business, as seen in quarters like 2025Q4 and 2026Q1, is still generating significant operating losses. This raises questions about the durability of the income statement's current profitability and the timeline to achieving self-sustaining commercial operations.