Arrowhead Pharmaceuticals, Inc. (ARWR) 10-Year Financial Performance & Capital Metrics

ARWR • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

AboutArrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in Phase II clinical trial for the treatment of liver diseases associated with alpha-1 antitrypsin deficiency; ARO-APOC3, which is in phase 2b and one phase 3 clinical trial to treat hypertriglyceridemia; ARO-ANG3 that is in Phase 2b clinical trial to reduce production of angiopoietin-like protein 3; ARO-HSD, which is in Phase 1/2a clinical trial to treat liver diseases; ARO-ENaC, which is in a Phase 1/2a clinical trial to reduce production of the epithelial sodium channel alpha subunit in the airways of the lung; ARO-C3 for the treatment of complement-mediated disease that is in Phase 1/2a clinical trial; ARO-Lung2 for the treatment of chronic obstructive pulmonary disorder; ARO-DUX4 for the treatment of facioscapulohumeral muscular dystrophy; ARO-XDH to treat uncontrolled gout; ARO-COV for the treatment of COVID-19 and other pulmonary-borne pathogens; and ARO-HIF2, which is in phase 1b clinical trial to treat clear cell renal cell carcinoma. It is also involved in the development of JNJ-3989, a subcutaneously administered RNAi therapeutic candidate to treat chronic hepatitis B virus infection; Olpasiran to reduce the production of apolipoprotein A; and ARO-AMG1 for treating genetically validated cardiovascular targets. Arrowhead Pharmaceuticals, Inc. has a license and research collaboration agreement with Janssen Pharmaceuticals, Inc. to develop ARO-JNJ1, ARO-JNJ2, and ARO-JNJ3 RNAi therapeutics for liver-expressed targets; and license and research collaboration agreement with Takeda Pharmaceuticals U.S.A., Inc. to develop RNAi therapeutic candidate as a treatment for liver disease. Arrowhead Pharmaceuticals, Inc. was incorporated in 1989 and is headquartered in Pasadena, California.Show more

Revenue $829M +23258.2%
EBITDA $98M +116.9%
Net Income -$2M +99.7%
EPS (Diluted) -0.01 +99.8%
Gross Margin -
EBITDA Margin 11.86% +100.1%
Operating Margin 11.86% +100.1%
Net Margin -0.2% +100.0%
ROE -0.47% +99.8%
ROIC 7.56% +112.6%
Debt/Equity 1.46 -67.3%
Interest Coverage 1.10 +105.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.9% free cash flow margin
✓Momentum leader: RS Rating 97 (top 3%)
✓Strong 5Y sales CAGR of 56.6%

✗Weaknesses

✗Shares diluted 11.7% in last year
✗Expensive at 17.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y115.61%

5Y56.63%

3Y50.52%

TTM2936.26%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM72.45%

EPS CAGR

10Y-

5Y-

3Y-

TTM72.1%

ROCE

10Y Avg-32.18%

5Y Avg-31.31%

3Y Avg-32.02%

Latest8.58%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	158.33K	31.41M	16.14M	168.8M	87.99M	138.29M	243.23M	240.74M	3.55M	829.45M
Revenue Growth %	-0.59%	197.36%	-0.49%	9.46%	-0.48%	0.57%	0.76%	-0.01%	-0.99%	232.58%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	0	0	0	0	87.99M	138.29M	243.23M	240.74M	3.55M	0
Gross Margin %	-	-	-	-	1%	1%	1%	1%	1%	-
Gross Profit Growth %	-	-	-	-	-	0.57%	0.76%	-0.01%	-0.99%	-1%
Operating Expenses+	79.85M	68.4M	72.08M	107.61M	181.15M	287.32M	421.74M	445.74M	604.63M	731.1M
OpEx % of Revenue	504.32%	2.18%	4.47%	0.64%	2.06%	2.08%	1.73%	1.85%	170.27%	0.88%
Selling, General & Admin	23.59M	17.5M	19.11M	26.56M	52.28M	80.98M	124.43M	90.93M	96.82M	123.94M
SG&A % of Revenue	149.02%	0.56%	1.18%	0.16%	0.59%	0.59%	0.51%	0.38%	27.27%	0.15%
Research & Development	62.12M	50.9M	52.97M	81.05M	128.88M	206.34M	297.31M	353.19M	505.87M	607.16M
R&D % of Revenue	392.32%	1.62%	3.28%	0.48%	1.46%	1.49%	1.22%	1.47%	142.46%	0.73%
Other Operating Expenses	-5.86M	0	0	0	0	0	0	1.62M	1.94M	0
Operating Income+	-81.74M	-37M	-55.94M	61.19M	-93.16M	-149.04M	-178.51M	-205M	-601.08M	98.35M
Operating Margin %	-516.27%	-1.18%	-3.47%	0.36%	-1.06%	-1.08%	-0.73%	-0.85%	-169.27%	0.12%
Operating Income Growth %	0.15%	0.55%	-0.51%	2.09%	-2.52%	-0.6%	-0.2%	-0.15%	-1.93%	1.16%
EBITDA+	-78.48M	-32.31M	-51.24M	65.63M	-87.22M	-140.77M	-168.09M	-192.51M	-582.49M	98.35M
EBITDA Margin %	-495.68%	-1.03%	-3.17%	0.39%	-0.99%	-1.02%	-0.69%	-0.8%	-164.03%	0.12%
EBITDA Growth %	0.16%	0.59%	-0.59%	2.28%	-2.33%	-0.61%	-0.19%	-0.15%	-2.03%	1.17%
D&A (Non-Cash Add-back)	3.26M	4.69M	4.7M	4.44M	5.94M	8.27M	10.42M	12.49M	18.59M	0
EBIT	-79.69M	-37M	-55.94M	61.19M	-93.16M	-140.85M	-172.71M	-188.16M	-580.11M	0
Net Interest Income+	265.79K	415.13K	1.05M	6.96M	9.19M	6.12M	5.03M	-3.03M	-9.63M	-52.07M
Interest Income	265.79K	415.13K	1.05M	6.96M	9.19M	6.12M	5.03M	15.3M	22.72M	37.29M
Interest Expense	0	0	0	0	0	0	0	18.33M	32.35M	89.36M
Other Income/Expense	22.12K	2.62M	1.49M	6.96M	8.61M	8.19M	5.8M	-1.49M	-11.38M	0
Pretax Income+	-81.72M	-34.38M	-54.45M	68.15M	-84.55M	-140.85M	-172.71M	-206.49M	-612.46M	19.79M
Pretax Margin %	-516.13%	-1.09%	-3.37%	0.4%	-0.96%	-1.02%	-0.71%	-0.86%	-172.48%	0.02%
Income Tax+	2.4K	2.4K	2.4K	174K	2K	2K	3.79M	2.78M	-2.77M	21.42M
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1.02%	0.99%	0.98%	-0.08%
Net Income+	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.06M	-205.28M	-599.49M	-1.63M
Net Margin %	-516.15%	-1.09%	-3.37%	0.4%	-0.96%	-1.02%	-0.72%	-0.85%	-168.82%	-0%
Net Income Growth %	0.11%	0.58%	-0.58%	2.25%	-2.24%	-0.67%	-0.25%	-0.17%	-1.92%	1%
Net Income (Continuing)	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.49M	-209.28M	-609.69M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-555.19K	-555.19K	-555.19K	-555.19K	0	0	19.82M	15.82M	5.62M	37.36M
EPS (Diluted)+	-1.34	-0.47	-0.65	0.69	-0.84	-1.36	-1.67	-1.92	-5.00	-0.01
EPS Growth %	0.16%	0.65%	-0.38%	2.06%	-2.22%	-0.62%	-0.23%	-0.15%	-1.6%	1%
EPS (Basic)	-1.34	-0.47	-0.65	0.72	-0.84	-1.36	-1.67	-1.91	-5.00	-0.01
Diluted Shares Outstanding	61.05M	73.9M	83.64M	98.61M	100.72M	103.75M	105.43M	106.75M	119.78M	133.76M
Basic Shares Outstanding	60.99M	73.15M	83.64M	93.86M	100.72M	103.75M	105.43M	107.31M	119.78M	133.76M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	90.5M	67.9M	78.77M	265.25M	322.37M	384.6M	405.3M	419.52M	695.47M	950.64M
Cash & Short-Term Investments	85.37M	65.61M	76.53M	258.7M	315.49M	367.79M	376.4M	403.63M	680.96M	919.37M
Cash Only	85.37M	24.84M	30.13M	221.8M	143.58M	184.43M	108M	110.89M	102.69M	226.55M
Short-Term Investments	0	40.77M	46.4M	36.9M	171.91M	183.35M	268.39M	292.74M	578.28M	692.82M
Accounts Receivable	75K	67.8K	327.38K	661.36K	845.67K	10.26M	1.41M	0	0	6.82M
Days Sales Outstanding	172.9	0.79	7.4	1.43	3.51	27.07	2.12	-	-	3
Inventory	1.29M	867.36K	1.27M	3.32M	4.25M	4.36M	-21.61M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.77M	1.36M	640.12K	-754.57K	-2.47M	-2.17M	41.82M	7.08M	4.97M	13.52M
Total Non-Current Assets+	37.67M	36.12M	32.84M	84.6M	200.13M	325.55M	286.64M	346.03M	444.33M	499.8M
Property, Plant & Equipment	15.39M	15.51M	13.94M	23.21M	47.02M	66.02M	168.59M	335.56M	431.29M	426.41M
Fixed Asset Turnover	0.01x	2.02x	1.16x	7.27x	1.87x	2.09x	1.44x	0.72x	0.01x	1.95x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	22.16M	20.46M	18.76M	17.06M	15.36M	13.66M	11.96M	10.26M	8.56M	6.86M
Long-Term Investments	0	0	0	44.18M	137.49M	245.59M	105.87M	0	0	0
Other Non-Current Assets	122.33K	141.92K	141.92K	144.15K	265.36K	272K	218K	210K	4.48M	1.39M
Total Assets+	128.18M	104.02M	111.61M	349.85M	522.5M	710.15M	691.94M	765.55M	1.14B	1.45B
Asset Turnover	0.00x	0.30x	0.14x	0.48x	0.17x	0.19x	0.35x	0.31x	0.00x	0.57x
Asset Growth %	-0.03%	-0.19%	0.07%	2.13%	0.49%	0.36%	-0.03%	0.11%	0.49%	0.27%
Total Current Liabilities+	25.64M	18.7M	12.36M	97.07M	40.68M	146.54M	138.85M	105.46M	103.17M	195.49M
Accounts Payable	12.23M	4.08M	2.81M	7.65M	6.83M	9.46M	2.87M	35.87M	11.39M	17.67M
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	194.31K	208.51K	223.82K	0	1.09M	2.25M	2.78M	10.56M	6.34M	47.29M
Deferred Revenue (Current)	1000K	1000K	600	1000K	1000K	1000K	1000K	866K	0	1000K
Other Current Liabilities	6.24M	5.31M	5.4M	6.7M	5.41M	14M	46.86M	40.2M	63.45M	80.43M
Current Ratio	3.53x	3.63x	6.37x	2.73x	7.92x	2.62x	2.92x	3.98x	6.74x	4.86x
Quick Ratio	3.48x	3.58x	6.27x	2.70x	7.82x	2.59x	3.07x	3.98x	6.74x	4.86x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	7.51M	4.45M	4M	8.74M	20.04M	154.79M	134.75M	372.93M	845.57M	751.53M
Long-Term Debt	2.53M	2.33M	2.1M	0	0	0	0	268.33M	734.54M	582.28M
Capital Lease Obligations	0	0	0	0	20.04M	23.3M	78.8M	104.61M	111.03M	104.11M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	65.14M
Other Non-Current Liabilities	2.47M	2.13M	1.9M	3.7M	0	0	0	0	0	0
Total Liabilities	33.15M	23.16M	16.37M	105.81M	60.72M	301.33M	273.6M	478.39M	948.74M	947.02M
Total Debt+	2.73M	2.53M	2.33M	0	21.14M	25.55M	81.58M	383.5M	851.91M	733.68M
Net Debt	-82.64M	-22.31M	-27.81M	-221.8M	-122.44M	-158.89M	-26.43M	272.61M	749.23M	507.13M
Debt / Equity	0.03x	0.03x	0.02x	-	0.05x	0.06x	0.20x	1.34x	4.46x	1.46x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	7.46x
Net Debt / EBITDA	-	-	-	-3.38x	-	-	-	-	-	5.16x
Interest Coverage	-	-	-	-	-	-	-	-11.19x	-18.58x	1.10x
Total Equity+	95.02M	80.87M	95.24M	244.04M	461.78M	408.82M	418.34M	287.16M	191.06M	503.42M
Equity Growth %	-0.13%	-0.15%	0.18%	1.56%	0.89%	-0.11%	0.02%	-0.31%	-0.33%	1.63%
Book Value per Share	1.56	1.09	1.14	2.47	4.58	3.94	3.97	2.69	1.60	3.76
Total Shareholders' Equity	95.58M	81.42M	95.8M	244.59M	461.78M	408.82M	398.52M	271.34M	185.44M	466.05M
Common Stock	162.12K	167.16K	180.88K	187.88K	194.75K	197K	198K	200K	217K	231K
Retained Earnings	-398.44M	-432.82M	-487.27M	-419.29M	-503.84M	-644.69M	-820.75M	-1.03B	-1.63B	-1.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	-53.19M
Accumulated OCI	7.45K	33.23K	-21.56K	-391.62K	18.43K	-69K	-136K	-3.22M	4.75M	6.44M
Minority Interest	-555.19K	-555.19K	-555.19K	-555.19K	0	0	19.82M	15.82M	5.62M	37.36M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	-64.43M	-23.94M	-47.22M	173.03M	-95.39M	171.22M	-136.13M	-153.89M	-462.85M	179.55M
Operating CF Margin %	-406.91%	-0.76%	-2.93%	1.03%	-1.08%	1.24%	-0.56%	-0.64%	-130.34%	0.22%
Operating CF Growth %	0.02%	0.63%	-0.97%	4.66%	-1.55%	2.79%	-1.8%	-0.13%	-2.01%	1.39%
Net Income	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.49M	-209.28M	-609.69M	30.11M
Depreciation & Amortization	3.26M	4.69M	4.7M	4.44M	5.94M	8.27M	10.42M	12.49M	18.59M	23.93M
Stock-Based Compensation	11.6M	7.89M	8.45M	12.39M	43.38M	76.67M	120.89M	78.13M	73.97M	63.37M
Deferred Taxes	2.35M	-890.36K	-432.14K	0	0	0	0	0	0	0
Other Non-Cash Items	-5.63M	-43.52K	383.07K	1.07M	525.29K	266K	7.34M	16.31M	29.19M	62.14M
Working Capital Changes	5.72M	-1.21M	-5.88M	87.16M	-60.69M	226.87M	-98.29M	-51.55M	25.09M	0
Change in Receivables	-75K	7.2K	-259.58K	-333.99K	-184.31K	-9.41M	8.85M	1.41M	0	-56.97M
Change in Inventory	-1.89M	2.41M	1.34M	-1.26M	1.6M	9.16M	0	0	0	0
Change in Payables	2.55M	-3.51M	-1.27M	4.84M	-821.01K	2.63M	-6.59M	33M	-5.54M	6.29M
Cash from Investing+	13.45M	-48.64M	-7.43M	-47.75M	-240.78M	-141.68M	-5.42M	-96.16M	-420.07M	-129.29M
Capital Expenditures	-3.86M	-7.92M	-1.42M	-12M	-11.95M	-23.57M	-52.78M	-176.74M	-141.47M	-22.67M
CapEx % of Revenue	24.38%	0.25%	0.09%	0.07%	0.14%	0.17%	0.22%	0.73%	39.84%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	17.31M	-40.73M	-7.43B	-47.75B	-240.78B	-141.68M	47.36M	80.58M	0	0
Cash from Financing+	55.13M	12.06M	59.95M	66.38M	257.95M	11.3M	65.19M	253.05M	870.52M	74.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.12M	-166.02K	3.58M	8.28M	0	0	60M	0	49.26M	74.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-68.29M	-31.86M	-48.64M	161.03M	-107.34M	147.66M	-188.91M	-330.63M	-604.32M	156.89M
FCF Margin %	-431.29%	-1.01%	-3.01%	0.95%	-1.22%	1.07%	-0.78%	-1.37%	-170.18%	0.19%
FCF Growth %	-0.01%	0.53%	-0.53%	4.31%	-1.67%	2.38%	-2.28%	-0.75%	-0.83%	1.26%
FCF per Share	-1.12	-0.43	-0.58	1.63	-1.07	1.42	-1.79	-3.10	-5.05	1.17
FCF Conversion (FCF/Net Income)	0.79x	0.70x	0.87x	2.55x	1.13x	-1.22x	0.77x	0.75x	0.77x	-110.09x
Interest Paid	11.29K	187.65K	173.38K	27K	0	0	0	0	0	0
Taxes Paid	2.4K	2.4K	2.4K	302K	0	2K	2K	0	3.74M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-79.87%	-39.09%	-61.84%	40.07%	-23.96%	-32.36%	-42.57%	-58.19%	-250.72%	-0.47%
Return on Invested Capital (ROIC)	-295.09%	-78.22%	-66.59%	102.37%	-38.65%	-37.94%	-41.72%	-32.31%	-60.11%	7.56%
Gross Margin	-	-	-	-	100%	100%	100%	100%	100%	-
Net Margin	-51614.63%	-109.46%	-337.31%	40.27%	-96.09%	-101.85%	-72.39%	-85.27%	-16882.37%	-0.2%
Debt / Equity	0.03x	0.03x	0.02x	-	0.05x	0.06x	0.20x	1.34x	4.46x	1.46x
Interest Coverage	-	-	-	-	-	-	-	-11.19x	-18.58x	1.10x
FCF Conversion	0.79x	0.70x	0.87x	2.55x	1.13x	-1.22x	0.77x	0.75x	0.77x	-110.09x
Revenue Growth	-58.55%	19736.49%	-48.6%	945.67%	-47.87%	57.16%	75.89%	-1.03%	-98.52%	23258.15%

Frequently Asked Questions

Growth & Financials

Arrowhead Pharmaceuticals, Inc. (ARWR) reported $596.6M in revenue for fiscal year 2025. This represents a 406072% increase from $0.1M in 2012.

Arrowhead Pharmaceuticals, Inc. (ARWR) grew revenue by 23258.2% over the past year. This is strong growth.

Arrowhead Pharmaceuticals, Inc. (ARWR) reported a net loss of $148.4M for fiscal year 2025.

Dividend & Returns

Arrowhead Pharmaceuticals, Inc. (ARWR) has a return on equity (ROE) of -0.5%. Negative ROE indicates the company is unprofitable.

Arrowhead Pharmaceuticals, Inc. (ARWR) had negative free cash flow of $17.6M in fiscal year 2025, likely due to heavy capital investments.

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Arrowhead Pharmaceuticals, Inc. (ARWR) 10-Year Financial Performance & Capital Metrics

ARWR • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

Revenue $829M +23258.2%
EBITDA $98M +116.9%
Net Income -$2M +99.7%
EPS (Diluted) -0.01 +99.8%
Gross Margin -
EBITDA Margin 11.86% +100.1%
Operating Margin 11.86% +100.1%
Net Margin -0.2% +100.0%
ROE -0.47% +99.8%
ROIC 7.56% +112.6%
Debt/Equity 1.46 -67.3%
Interest Coverage 1.10 +105.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.9% free cash flow margin
✓Momentum leader: RS Rating 97 (top 3%)
✓Strong 5Y sales CAGR of 56.6%

✗Weaknesses

✗Shares diluted 11.7% in last year
✗Expensive at 17.6x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y115.61%

5Y56.63%

3Y50.52%

TTM2936.26%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM72.45%

EPS CAGR

10Y-

5Y-

3Y-

TTM72.1%

ROCE

10Y Avg-32.18%

5Y Avg-31.31%

3Y Avg-32.02%

Latest8.58%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	158.33K	31.41M	16.14M	168.8M	87.99M	138.29M	243.23M	240.74M	3.55M	829.45M
Revenue Growth %	-0.59%	197.36%	-0.49%	9.46%	-0.48%	0.57%	0.76%	-0.01%	-0.99%	232.58%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	0	0	0	0	87.99M	138.29M	243.23M	240.74M	3.55M	0
Gross Margin %	-	-	-	-	1%	1%	1%	1%	1%	-
Gross Profit Growth %	-	-	-	-	-	0.57%	0.76%	-0.01%	-0.99%	-1%
Operating Expenses+	79.85M	68.4M	72.08M	107.61M	181.15M	287.32M	421.74M	445.74M	604.63M	731.1M
OpEx % of Revenue	504.32%	2.18%	4.47%	0.64%	2.06%	2.08%	1.73%	1.85%	170.27%	0.88%
Selling, General & Admin	23.59M	17.5M	19.11M	26.56M	52.28M	80.98M	124.43M	90.93M	96.82M	123.94M
SG&A % of Revenue	149.02%	0.56%	1.18%	0.16%	0.59%	0.59%	0.51%	0.38%	27.27%	0.15%
Research & Development	62.12M	50.9M	52.97M	81.05M	128.88M	206.34M	297.31M	353.19M	505.87M	607.16M
R&D % of Revenue	392.32%	1.62%	3.28%	0.48%	1.46%	1.49%	1.22%	1.47%	142.46%	0.73%
Other Operating Expenses	-5.86M	0	0	0	0	0	0	1.62M	1.94M	0
Operating Income+	-81.74M	-37M	-55.94M	61.19M	-93.16M	-149.04M	-178.51M	-205M	-601.08M	98.35M
Operating Margin %	-516.27%	-1.18%	-3.47%	0.36%	-1.06%	-1.08%	-0.73%	-0.85%	-169.27%	0.12%
Operating Income Growth %	0.15%	0.55%	-0.51%	2.09%	-2.52%	-0.6%	-0.2%	-0.15%	-1.93%	1.16%
EBITDA+	-78.48M	-32.31M	-51.24M	65.63M	-87.22M	-140.77M	-168.09M	-192.51M	-582.49M	98.35M
EBITDA Margin %	-495.68%	-1.03%	-3.17%	0.39%	-0.99%	-1.02%	-0.69%	-0.8%	-164.03%	0.12%
EBITDA Growth %	0.16%	0.59%	-0.59%	2.28%	-2.33%	-0.61%	-0.19%	-0.15%	-2.03%	1.17%
D&A (Non-Cash Add-back)	3.26M	4.69M	4.7M	4.44M	5.94M	8.27M	10.42M	12.49M	18.59M	0
EBIT	-79.69M	-37M	-55.94M	61.19M	-93.16M	-140.85M	-172.71M	-188.16M	-580.11M	0
Net Interest Income+	265.79K	415.13K	1.05M	6.96M	9.19M	6.12M	5.03M	-3.03M	-9.63M	-52.07M
Interest Income	265.79K	415.13K	1.05M	6.96M	9.19M	6.12M	5.03M	15.3M	22.72M	37.29M
Interest Expense	0	0	0	0	0	0	0	18.33M	32.35M	89.36M
Other Income/Expense	22.12K	2.62M	1.49M	6.96M	8.61M	8.19M	5.8M	-1.49M	-11.38M	0
Pretax Income+	-81.72M	-34.38M	-54.45M	68.15M	-84.55M	-140.85M	-172.71M	-206.49M	-612.46M	19.79M
Pretax Margin %	-516.13%	-1.09%	-3.37%	0.4%	-0.96%	-1.02%	-0.71%	-0.86%	-172.48%	0.02%
Income Tax+	2.4K	2.4K	2.4K	174K	2K	2K	3.79M	2.78M	-2.77M	21.42M
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1.02%	0.99%	0.98%	-0.08%
Net Income+	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.06M	-205.28M	-599.49M	-1.63M
Net Margin %	-516.15%	-1.09%	-3.37%	0.4%	-0.96%	-1.02%	-0.72%	-0.85%	-168.82%	-0%
Net Income Growth %	0.11%	0.58%	-0.58%	2.25%	-2.24%	-0.67%	-0.25%	-0.17%	-1.92%	1%
Net Income (Continuing)	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.49M	-209.28M	-609.69M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-555.19K	-555.19K	-555.19K	-555.19K	0	0	19.82M	15.82M	5.62M	37.36M
EPS (Diluted)+	-1.34	-0.47	-0.65	0.69	-0.84	-1.36	-1.67	-1.92	-5.00	-0.01
EPS Growth %	0.16%	0.65%	-0.38%	2.06%	-2.22%	-0.62%	-0.23%	-0.15%	-1.6%	1%
EPS (Basic)	-1.34	-0.47	-0.65	0.72	-0.84	-1.36	-1.67	-1.91	-5.00	-0.01
Diluted Shares Outstanding	61.05M	73.9M	83.64M	98.61M	100.72M	103.75M	105.43M	106.75M	119.78M	133.76M
Basic Shares Outstanding	60.99M	73.15M	83.64M	93.86M	100.72M	103.75M	105.43M	107.31M	119.78M	133.76M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	90.5M	67.9M	78.77M	265.25M	322.37M	384.6M	405.3M	419.52M	695.47M	950.64M
Cash & Short-Term Investments	85.37M	65.61M	76.53M	258.7M	315.49M	367.79M	376.4M	403.63M	680.96M	919.37M
Cash Only	85.37M	24.84M	30.13M	221.8M	143.58M	184.43M	108M	110.89M	102.69M	226.55M
Short-Term Investments	0	40.77M	46.4M	36.9M	171.91M	183.35M	268.39M	292.74M	578.28M	692.82M
Accounts Receivable	75K	67.8K	327.38K	661.36K	845.67K	10.26M	1.41M	0	0	6.82M
Days Sales Outstanding	172.9	0.79	7.4	1.43	3.51	27.07	2.12	-	-	3
Inventory	1.29M	867.36K	1.27M	3.32M	4.25M	4.36M	-21.61M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	3.77M	1.36M	640.12K	-754.57K	-2.47M	-2.17M	41.82M	7.08M	4.97M	13.52M
Total Non-Current Assets+	37.67M	36.12M	32.84M	84.6M	200.13M	325.55M	286.64M	346.03M	444.33M	499.8M
Property, Plant & Equipment	15.39M	15.51M	13.94M	23.21M	47.02M	66.02M	168.59M	335.56M	431.29M	426.41M
Fixed Asset Turnover	0.01x	2.02x	1.16x	7.27x	1.87x	2.09x	1.44x	0.72x	0.01x	1.95x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	22.16M	20.46M	18.76M	17.06M	15.36M	13.66M	11.96M	10.26M	8.56M	6.86M
Long-Term Investments	0	0	0	44.18M	137.49M	245.59M	105.87M	0	0	0
Other Non-Current Assets	122.33K	141.92K	141.92K	144.15K	265.36K	272K	218K	210K	4.48M	1.39M
Total Assets+	128.18M	104.02M	111.61M	349.85M	522.5M	710.15M	691.94M	765.55M	1.14B	1.45B
Asset Turnover	0.00x	0.30x	0.14x	0.48x	0.17x	0.19x	0.35x	0.31x	0.00x	0.57x
Asset Growth %	-0.03%	-0.19%	0.07%	2.13%	0.49%	0.36%	-0.03%	0.11%	0.49%	0.27%
Total Current Liabilities+	25.64M	18.7M	12.36M	97.07M	40.68M	146.54M	138.85M	105.46M	103.17M	195.49M
Accounts Payable	12.23M	4.08M	2.81M	7.65M	6.83M	9.46M	2.87M	35.87M	11.39M	17.67M
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	194.31K	208.51K	223.82K	0	1.09M	2.25M	2.78M	10.56M	6.34M	47.29M
Deferred Revenue (Current)	1000K	1000K	600	1000K	1000K	1000K	1000K	866K	0	1000K
Other Current Liabilities	6.24M	5.31M	5.4M	6.7M	5.41M	14M	46.86M	40.2M	63.45M	80.43M
Current Ratio	3.53x	3.63x	6.37x	2.73x	7.92x	2.62x	2.92x	3.98x	6.74x	4.86x
Quick Ratio	3.48x	3.58x	6.27x	2.70x	7.82x	2.59x	3.07x	3.98x	6.74x	4.86x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	7.51M	4.45M	4M	8.74M	20.04M	154.79M	134.75M	372.93M	845.57M	751.53M
Long-Term Debt	2.53M	2.33M	2.1M	0	0	0	0	268.33M	734.54M	582.28M
Capital Lease Obligations	0	0	0	0	20.04M	23.3M	78.8M	104.61M	111.03M	104.11M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	65.14M
Other Non-Current Liabilities	2.47M	2.13M	1.9M	3.7M	0	0	0	0	0	0
Total Liabilities	33.15M	23.16M	16.37M	105.81M	60.72M	301.33M	273.6M	478.39M	948.74M	947.02M
Total Debt+	2.73M	2.53M	2.33M	0	21.14M	25.55M	81.58M	383.5M	851.91M	733.68M
Net Debt	-82.64M	-22.31M	-27.81M	-221.8M	-122.44M	-158.89M	-26.43M	272.61M	749.23M	507.13M
Debt / Equity	0.03x	0.03x	0.02x	-	0.05x	0.06x	0.20x	1.34x	4.46x	1.46x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	7.46x
Net Debt / EBITDA	-	-	-	-3.38x	-	-	-	-	-	5.16x
Interest Coverage	-	-	-	-	-	-	-	-11.19x	-18.58x	1.10x
Total Equity+	95.02M	80.87M	95.24M	244.04M	461.78M	408.82M	418.34M	287.16M	191.06M	503.42M
Equity Growth %	-0.13%	-0.15%	0.18%	1.56%	0.89%	-0.11%	0.02%	-0.31%	-0.33%	1.63%
Book Value per Share	1.56	1.09	1.14	2.47	4.58	3.94	3.97	2.69	1.60	3.76
Total Shareholders' Equity	95.58M	81.42M	95.8M	244.59M	461.78M	408.82M	398.52M	271.34M	185.44M	466.05M
Common Stock	162.12K	167.16K	180.88K	187.88K	194.75K	197K	198K	200K	217K	231K
Retained Earnings	-398.44M	-432.82M	-487.27M	-419.29M	-503.84M	-644.69M	-820.75M	-1.03B	-1.63B	-1.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	-53.19M
Accumulated OCI	7.45K	33.23K	-21.56K	-391.62K	18.43K	-69K	-136K	-3.22M	4.75M	6.44M
Minority Interest	-555.19K	-555.19K	-555.19K	-555.19K	0	0	19.82M	15.82M	5.62M	37.36M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	-64.43M	-23.94M	-47.22M	173.03M	-95.39M	171.22M	-136.13M	-153.89M	-462.85M	179.55M
Operating CF Margin %	-406.91%	-0.76%	-2.93%	1.03%	-1.08%	1.24%	-0.56%	-0.64%	-130.34%	0.22%
Operating CF Growth %	0.02%	0.63%	-0.97%	4.66%	-1.55%	2.79%	-1.8%	-0.13%	-2.01%	1.39%
Net Income	-81.72M	-34.38M	-54.45M	67.97M	-84.55M	-140.85M	-176.49M	-209.28M	-609.69M	30.11M
Depreciation & Amortization	3.26M	4.69M	4.7M	4.44M	5.94M	8.27M	10.42M	12.49M	18.59M	23.93M
Stock-Based Compensation	11.6M	7.89M	8.45M	12.39M	43.38M	76.67M	120.89M	78.13M	73.97M	63.37M
Deferred Taxes	2.35M	-890.36K	-432.14K	0	0	0	0	0	0	0
Other Non-Cash Items	-5.63M	-43.52K	383.07K	1.07M	525.29K	266K	7.34M	16.31M	29.19M	62.14M
Working Capital Changes	5.72M	-1.21M	-5.88M	87.16M	-60.69M	226.87M	-98.29M	-51.55M	25.09M	0
Change in Receivables	-75K	7.2K	-259.58K	-333.99K	-184.31K	-9.41M	8.85M	1.41M	0	-56.97M
Change in Inventory	-1.89M	2.41M	1.34M	-1.26M	1.6M	9.16M	0	0	0	0
Change in Payables	2.55M	-3.51M	-1.27M	4.84M	-821.01K	2.63M	-6.59M	33M	-5.54M	6.29M
Cash from Investing+	13.45M	-48.64M	-7.43M	-47.75M	-240.78M	-141.68M	-5.42M	-96.16M	-420.07M	-129.29M
Capital Expenditures	-3.86M	-7.92M	-1.42M	-12M	-11.95M	-23.57M	-52.78M	-176.74M	-141.47M	-22.67M
CapEx % of Revenue	24.38%	0.25%	0.09%	0.07%	0.14%	0.17%	0.22%	0.73%	39.84%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	17.31M	-40.73M	-7.43B	-47.75B	-240.78B	-141.68M	47.36M	80.58M	0	0
Cash from Financing+	55.13M	12.06M	59.95M	66.38M	257.95M	11.3M	65.19M	253.05M	870.52M	74.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.12M	-166.02K	3.58M	8.28M	0	0	60M	0	49.26M	74.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-68.29M	-31.86M	-48.64M	161.03M	-107.34M	147.66M	-188.91M	-330.63M	-604.32M	156.89M
FCF Margin %	-431.29%	-1.01%	-3.01%	0.95%	-1.22%	1.07%	-0.78%	-1.37%	-170.18%	0.19%
FCF Growth %	-0.01%	0.53%	-0.53%	4.31%	-1.67%	2.38%	-2.28%	-0.75%	-0.83%	1.26%
FCF per Share	-1.12	-0.43	-0.58	1.63	-1.07	1.42	-1.79	-3.10	-5.05	1.17
FCF Conversion (FCF/Net Income)	0.79x	0.70x	0.87x	2.55x	1.13x	-1.22x	0.77x	0.75x	0.77x	-110.09x
Interest Paid	11.29K	187.65K	173.38K	27K	0	0	0	0	0	0
Taxes Paid	2.4K	2.4K	2.4K	302K	0	2K	2K	0	3.74M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-79.87%	-39.09%	-61.84%	40.07%	-23.96%	-32.36%	-42.57%	-58.19%	-250.72%	-0.47%
Return on Invested Capital (ROIC)	-295.09%	-78.22%	-66.59%	102.37%	-38.65%	-37.94%	-41.72%	-32.31%	-60.11%	7.56%
Gross Margin	-	-	-	-	100%	100%	100%	100%	100%	-
Net Margin	-51614.63%	-109.46%	-337.31%	40.27%	-96.09%	-101.85%	-72.39%	-85.27%	-16882.37%	-0.2%
Debt / Equity	0.03x	0.03x	0.02x	-	0.05x	0.06x	0.20x	1.34x	4.46x	1.46x
Interest Coverage	-	-	-	-	-	-	-	-11.19x	-18.58x	1.10x
FCF Conversion	0.79x	0.70x	0.87x	2.55x	1.13x	-1.22x	0.77x	0.75x	0.77x	-110.09x
Revenue Growth	-58.55%	19736.49%	-48.6%	945.67%	-47.87%	57.16%	75.89%	-1.03%	-98.52%	23258.15%

Frequently Asked Questions

Growth & Financials

Arrowhead Pharmaceuticals, Inc. (ARWR) reported $596.6M in revenue for fiscal year 2025. This represents a 406072% increase from $0.1M in 2012.

Arrowhead Pharmaceuticals, Inc. (ARWR) grew revenue by 23258.2% over the past year. This is strong growth.

Arrowhead Pharmaceuticals, Inc. (ARWR) reported a net loss of $148.4M for fiscal year 2025.

Dividend & Returns

Arrowhead Pharmaceuticals, Inc. (ARWR) has a return on equity (ROE) of -0.5%. Negative ROE indicates the company is unprofitable.

Arrowhead Pharmaceuticals, Inc. (ARWR) had negative free cash flow of $17.6M in fiscal year 2025, likely due to heavy capital investments.