Estados financieros detallados de Arvinas, Inc. (ARVN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Arvinas, Inc. registró ingresos de $262.6M en el último ejercicio fiscal, con un CAGR de 5 años del 58.9%.
Márgenes de los últimos 12 meses: margen bruto 96.4%, margen operativo -4.5%, margen neto 2.9%.
Al precio actual de $8.16, ARVN cotiza a un P/E de 39.84 y un ROE del 1.91%. La capitalización bursátil es de $526M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $262.6M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.2M |
| Beneficio Bruto | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $257.4M |
| I+D | $19.9M | $28.8M | $45.2M | $67.2M | $108.4M | $180.4M | $315.0M | $379.7M | $348.2M | $282.9M |
| Generales y Administrativos | $3.2M | $3.5M | $12.9M | $27.3M | $38.3M | $61.6M | $79.6M | $100.3M | $165.4M | $89.4M |
| Gastos Operativos | $23.1M | $32.3M | $58.1M | $94.5M | $146.7M | $242.0M | $394.6M | $480.0M | $513.6M | $372.3M |
| Beneficio Operativo | -$16.5M | -$24.8M | -$43.8M | -$51.5M | -$120.8M | -$188.4M | -$263.2M | -$401.5M | -$250.2M | -$114.9M |
| EBITDA | -$13.9M | -$23.7M | -$40.7M | -$68.0M | -$117.6M | -$184.9M | -$253.4M | -$359.7M | -$191.7M | -$75.3M |
| Gastos por Intereses | $67404 | $50357 | $57440 | $100000 | $65000 | $100000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$261.6M | -$366.4M | -$198.3M | -$80.5M |
| Impuestos | -$87408 | 0 | 0 | 0 | 0 | 0 | $20.9M | $900000 | $600000 | $300000 |
| Beneficio Neto | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$282.5M | -$367.3M | -$198.9M | -$80.8M |
| BPA | $-7.56 | $-1.38 | $-1.31 | $-1.89 | $-3.02 | $-3.82 | $-5.31 | $-6.62 | $-2.77 | $-1.28 |
| BPA Diluido | $-7.56 | $-1.38 | $-1.31 | $-1.89 | $-3.02 | $-3.82 | $-5.31 | $-6.62 | $-2.77 | $-1.28 |
| Acciones en Circulación (Diluidas) | $1.9M | $20.7M | $31.6M | $32.9M | $39.5M | $50.0M | $53.2M | $55.5M | $71.9M | $64.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $41.9M | $9.5M | $15.6M | $249.7M |
| Beneficio Bruto | $41.9M | $8.3M | $14.5M | $240.7M |
| Beneficio Operativo | -$43.8M | -$71.7M | -$62.7M | $164.1M |
| EBITDA | -$34.0M | -$66.0M | -$56.4M | $159.3M |
| Beneficio Neto | -$35.1M | -$67.4M | -$57.6M | $169.4M |
| BPA | $-0.48 | $-1.04 | $-0.90 | $2.61 |
| BPA Diluido | $-0.48 | $-1.04 | $-0.90 | $2.58 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.1M | $30.9M | $3.2M | $9.2M | $588.4M | $108.3M | $81.3M | $311.7M | $100.5M | $142.9M |
| Inversiones a Corto | $30.5M | $8.3M | $184.6M | $271.7M | $100.2M | $1.39B | $1.12B | $949.3M | $938.9M | $542.5M |
| Cuentas por Cobrar | $1.4M | $26.0M | $5.0M | $6.3M | $8.4M | $25.7M | $8.0M | $7.2M | $13.7M | $6.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $37.3M | $65.5M | $195.7M | $290.9M | $703.1M | $1.55B | $1.24B | $1.28B | $1.07B | $700.7M |
| Inmovilizado Material | $633848 | $1.3M | $3.6M | $10.7M | $14.3M | $16.6M | $17.8M | $14.0M | $16.0M | $13.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $37.9M | $66.8M | $199.3M | $301.6M | $717.4M | $1.58B | $1.27B | $1.30B | $1.09B | $717.9M |
| Cuentas por Pagar | $1.6M | $596527 | $2.8M | $4.6M | $7.1M | $31.3M | $5.7M | $17.8M | $13.4M | $24.4M |
| Deuda a Corto | $141212 | $159265 | $154461 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $10.0M | $17.9M | $23.0M | $32.8M | $49.2M | $261.7M | $295.1M | $257.1M | $229.8M | $142.5M |
| Deuda a Largo | $312575 | $151122 | $2.0M | $2.0M | $2.0M | $1.0M | $1.0M | $800000 | $600000 | $400000 |
| Pasivos Totales | $13.9M | $66.6M | $62.6M | $75.0M | $75.2M | $799.9M | $703.9M | $644.6M | $529.7M | $284.1M |
| Reservas | -$33.8M | -$62.4M | -$302.3M | -$372.6M | -$491.9M | -$682.9M | -$965.4M | -$1.33B | -$1.53B | -$1.61B |
| Patrimonio Neto | $24.0M | $245870 | $136.7M | $226.7M | $642.2M | $781.7M | $564.9M | $660.0M | $561.7M | $433.8M |
| Deuda Total | $453787 | $310387 | $2.2M | $4.4M | $4.1M | $5.0M | $5.5M | $3.2M | $9.7M | $8.9M |
| Deuda Neta | -$35.1M | -$38.9M | -$185.7M | -$276.5M | -$684.5M | -$1.50B | -$1.20B | -$1.26B | -$1.03B | -$676.5M |
| Capital Circulante | $27.2M | $47.7M | $172.7M | $258.1M | $653.9M | $1.29B | $945.1M | $1.02B | $837.5M | $558.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $101.5M | $142.9M | $87.3M | $94.3M |
| Activos Totales | $844.3M | $717.9M | $647.5M | $675.1M |
| Pasivos Totales | $279.9M | $284.1M | $260.7M | $112.9M |
| Patrimonio Neto | $564.4M | $433.8M | $386.8M | $562.2M |
| Deuda Total | $9.5M | $8.9M | $8.4M | $8.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$282.5M | -$367.3M | -$198.9M | -$80.8M |
| Amortizaciones | $436329 | $347395 | $706000 | $2.3M | $4.0M | $6.0M | $8.2M | $6.7M | $6.6M | $5.2M |
| Compensación en Acciones | $525586 | $245048 | $11.6M | $20.1M | $30.2M | $57.1M | $75.5M | $71.6M | $88.2M | $44.0M |
| Cambio en Capital Circulante | -$5.6M | $28.2M | $12.6M | $7.2M | -$5.9M | $678.3M | -$82.6M | -$44.4M | -$140.6M | -$233.7M |
| Flujo de Caja Operativo | -$19.4M | $5.1M | -$16.1M | -$40.6M | -$89.8M | $559.4M | -$273.5M | -$347.8M | -$259.3M | -$273.8M |
| Inversiones (CapEx) | -$306667 | -$1.0M | -$2.8M | -$6.2M | -$6.4M | -$4.7M | -$6.8M | -$2.9M | -$1.8M | -$1.9M |
| Adquisiciones | $50000 | 0 | 0 | $86.8M | -$395.1M | 0 | $400000 | 0 | $100000 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$91.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$19.7M | $4.1M | -$18.9M | -$46.9M | -$96.2M | $554.7M | -$280.3M | -$350.7M | -$261.1M | -$275.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$59.1M | -$30.4M | -$69.2M | -$48.3M |
| Inversiones (CapEx) | -$100000 | -$200000 | -$1.3M | -$200000 |
| Flujo de Caja Libre | -$59.2M | -$30.6M | -$70.5M | -$48.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $8.5M | $11.4M | $5.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +13.6% | +89.0% | +200.0% | -39.7% | +106.9% | +145.1% | -40.3% | +235.5% | -0.3% |
| Crecimiento Beneficio Neto (anual) | | -67.6% | -72.5% | -69.5% | -69.7% | -60.1% | -47.9% | -30.0% | +45.8% | +59.4% |
| Crecimiento BPA (anual) | | +81.7% | +5.1% | -44.3% | -59.8% | -26.5% | -39.0% | -24.7% | +58.2% | +53.8% |
| Cambio en Acciones (anual) | | +992.6% | +52.6% | +4.1% | +20.1% | +26.5% | +6.4% | +4.3% | +29.5% | -9.7% |
| Crecimiento FCF (anual) | | +120.8% | -562.1% | -147.4% | -105.3% | +676.6% | -150.5% | -25.1% | +25.5% | -5.6% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.0% |
| Margen Operativo | -247.0% | -326.7% | -305.8% | -119.9% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -43.8% |
| Margen EBITDA | -208.9% | -312.1% | -284.3% | -158.1% | -454.1% | -345.0% | -192.8% | -458.2% | -72.8% | -28.7% |
| Margen Neto | -215.2% | -317.3% | -289.6% | -163.6% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |
| Margen FCF | -295.5% | 54.1% | -132.3% | -109.1% | -371.4% | 1034.9% | -213.3% | -446.8% | -99.1% | -105.0% |
| Tasa Impositiva Efectiva | 0.6% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -8.0% | -0.2% | -0.3% | -0.4% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-10.39 | $0.20 | $-0.60 | $-1.42 | $-2.43 | $11.09 | $-5.27 | $-6.32 | $-3.63 | $-4.25 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $1.9M | $20.7M | $31.6M | $32.9M | $39.5M | $50.0M | $53.2M | $55.5M | $71.9M | $64.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 1.91% |
| Rentabilidad sobre capital invertido | -2.18% |
| Rentabilidad sobre activos | 1.38% |
| Margen bruto | 96.43% |
| Margen operativo | -4.45% |
| Margen neto | 2.94% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 7.91 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.75 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.12 | -11.63 | -9.81 | -21.74 | -28.12 | -21.50 | -6.44 | -6.22 | -6.92 | -9.27 |
| P/VC | 1.27 | 1353.34 | 2.97 | 5.97 | 5.23 | 5.25 | 3.22 | 3.46 | 2.45 | 1.77 |
| P/V | 4.57 | 43.90 | 28.37 | 31.48 | 129.64 | 76.62 | 13.85 | 29.10 | 5.23 | 2.93 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.0% |
| Margen Operativo | -247.0% | -326.7% | -305.8% | -119.9% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -43.8% |
| Margen Neto | -215.2% | -317.3% | -289.6% | -163.6% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |