Detailed financial statements for Arvinas, Inc. (ARVN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Arvinas, Inc. is a biopharmaceutical company in the clinical development stage, dedicated to identifying, advancing, and marketing innovative therapies designed to eliminate disease-causing proteins. The company's pipeline features several promising candidates.
Analysis Summary
Arvinas, Inc. reported revenue of $262.6M in the most recent fiscal year, growing at a 5-year CAGR of 58.9%.
Trailing-twelve-month margins: gross margin 96.4%, operating margin -4.5%, net margin 2.9%.
At the current price of $8.16, ARVN trades at a P/E of 39.84 and an ROE of 1.91%. Market capitalisation stands at $526M.
Balance sheet quality for ARVN: current ratio of 4.9, net cash position of $676.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $262.6M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.2M |
| Gross Profit | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $257.4M |
| Research & Development | $19.9M | $28.8M | $45.2M | $67.2M | $108.4M | $180.4M | $315.0M | $379.7M | $348.2M | $282.9M |
| Selling, General & Admin | $3.2M | $3.5M | $12.9M | $27.3M | $38.3M | $61.6M | $79.6M | $100.3M | $165.4M | $89.4M |
| Operating Expenses | $23.1M | $32.3M | $58.1M | $94.5M | $146.7M | $242.0M | $394.6M | $480.0M | $513.6M | $372.3M |
| Operating Income | -$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 |
| Interest Expense | $67404 | $50357 | $57440 | $100000 | $65000 | $100000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$261.6M | -$366.4M | -$198.3M | -$80.5M |
| Income Tax | -$87408 | 0 | 0 | 0 | 0 | 0 | $20.9M | $900000 | $600000 | $300000 |
| Net Income | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$282.5M | -$367.3M | -$198.9M | -$80.8M |
| EPS | $-7.56 | $-1.38 | $-1.31 | $-1.89 | $-3.02 | $-3.82 | $-5.31 | $-6.62 | $-2.77 | $-1.28 |
| EPS (Diluted) | $-7.56 | $-1.38 | $-1.31 | $-1.89 | $-3.02 | $-3.82 | $-5.31 | $-6.62 | $-2.77 | $-1.28 |
| Shares Outstanding (Diluted) | $1.9M | $20.7M | $31.6M | $32.9M | $39.5M | $50.0M | $53.2M | $55.5M | $71.9M | $64.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $41.9M | $9.5M | $15.6M | $249.7M |
| Gross Profit | $41.9M | $8.3M | $14.5M | $240.7M |
| Operating Income | -$43.8M | -$71.7M | -$62.7M | $164.1M |
| EBITDA | -$34.0M | -$66.0M | -$56.4M | $159.3M |
| Net Income | -$35.1M | -$67.4M | -$57.6M | $169.4M |
| EPS | $-0.48 | $-1.04 | $-0.90 | $2.61 |
| EPS (Diluted) | $-0.48 | $-1.04 | $-0.90 | $2.58 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.1M | $30.9M | $3.2M | $9.2M | $588.4M | $108.3M | $81.3M | $311.7M | $100.5M | $142.9M |
| Short-term Investments | $30.5M | $8.3M | $184.6M | $271.7M | $100.2M | $1.39B | $1.12B | $949.3M | $938.9M | $542.5M |
| Receivables | $1.4M | $26.0M | $5.0M | $6.3M | $8.4M | $25.7M | $8.0M | $7.2M | $13.7M | $6.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $37.3M | $65.5M | $195.7M | $290.9M | $703.1M | $1.55B | $1.24B | $1.28B | $1.07B | $700.7M |
| Property, Plant & Equipment | $633848 | $1.3M | $3.6M | $10.7M | $14.3M | $16.6M | $17.8M | $14.0M | $16.0M | $13.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $37.9M | $66.8M | $199.3M | $301.6M | $717.4M | $1.58B | $1.27B | $1.30B | $1.09B | $717.9M |
| Accounts Payable | $1.6M | $596527 | $2.8M | $4.6M | $7.1M | $31.3M | $5.7M | $17.8M | $13.4M | $24.4M |
| Short-term Debt | $141212 | $159265 | $154461 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $10.0M | $17.9M | $23.0M | $32.8M | $49.2M | $261.7M | $295.1M | $257.1M | $229.8M | $142.5M |
| Long-term Debt | $312575 | $151122 | $2.0M | $2.0M | $2.0M | $1.0M | $1.0M | $800000 | $600000 | $400000 |
| Total Liabilities | $13.9M | $66.6M | $62.6M | $75.0M | $75.2M | $799.9M | $703.9M | $644.6M | $529.7M | $284.1M |
| Retained Earnings | -$33.8M | -$62.4M | -$302.3M | -$372.6M | -$491.9M | -$682.9M | -$965.4M | -$1.33B | -$1.53B | -$1.61B |
| Total Equity | $24.0M | $245870 | $136.7M | $226.7M | $642.2M | $781.7M | $564.9M | $660.0M | $561.7M | $433.8M |
| Total Debt | $453787 | $310387 | $2.2M | $4.4M | $4.1M | $5.0M | $5.5M | $3.2M | $9.7M | $8.9M |
| Net Debt | -$35.1M | -$38.9M | -$185.7M | -$276.5M | -$684.5M | -$1.50B | -$1.20B | -$1.26B | -$1.03B | -$676.5M |
| Working Capital | $27.2M | $47.7M | $172.7M | $258.1M | $653.9M | $1.29B | $945.1M | $1.02B | $837.5M | $558.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $101.5M | $142.9M | $87.3M | $94.3M |
| Total Assets | $844.3M | $717.9M | $647.5M | $675.1M |
| Total Liabilities | $279.9M | $284.1M | $260.7M | $112.9M |
| Total Equity | $564.4M | $433.8M | $386.8M | $562.2M |
| Total Debt | $9.5M | $8.9M | $8.4M | $8.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$14.4M | -$24.0M | -$41.5M | -$70.3M | -$119.3M | -$191.0M | -$282.5M | -$367.3M | -$198.9M | -$80.8M |
| Depreciation & Amortization | $436329 | $347395 | $706000 | $2.3M | $4.0M | $6.0M | $8.2M | $6.7M | $6.6M | $5.2M |
| Stock-based Compensation | $525586 | $245048 | $11.6M | $20.1M | $30.2M | $57.1M | $75.5M | $71.6M | $88.2M | $44.0M |
| Change in Working Capital | -$5.6M | $28.2M | $12.6M | $7.2M | -$5.9M | $678.3M | -$82.6M | -$44.4M | -$140.6M | -$233.7M |
| Operating Cash Flow | -$19.4M | $5.1M | -$16.1M | -$40.6M | -$89.8M | $559.4M | -$273.5M | -$347.8M | -$259.3M | -$273.8M |
| Capital Expenditure | -$306667 | -$1.0M | -$2.8M | -$6.2M | -$6.4M | -$4.7M | -$6.8M | -$2.9M | -$1.8M | -$1.9M |
| Acquisitions | $50000 | 0 | 0 | $86.8M | -$395.1M | 0 | $400000 | 0 | $100000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$91.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$19.7M | $4.1M | -$18.9M | -$46.9M | -$96.2M | $554.7M | -$280.3M | -$350.7M | -$261.1M | -$275.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$59.1M | -$30.4M | -$69.2M | -$48.3M |
| Capital Expenditure | -$100000 | -$200000 | -$1.3M | -$200000 |
| Free Cash Flow | -$59.2M | -$30.6M | -$70.5M | -$48.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $8.5M | $11.4M | $5.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +13.6% | +89.0% | +200.0% | -39.7% | +106.9% | +145.1% | -40.3% | +235.5% | -0.3% | |
| Net Income Growth (YoY) | -67.6% | -72.5% | -69.5% | -69.7% | -60.1% | -47.9% | -30.0% | +45.8% | +59.4% | |
| EPS Growth (YoY) | +81.7% | +5.1% | -44.3% | -59.8% | -26.5% | -39.0% | -24.7% | +58.2% | +53.8% | |
| Shares Change (YoY) | +992.6% | +52.6% | +4.1% | +20.1% | +26.5% | +6.4% | +4.3% | +29.5% | -9.7% | |
| FCF Growth (YoY) | +120.8% | -562.1% | -147.4% | -105.3% | +676.6% | -150.5% | -25.1% | +25.5% | -5.6% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.0% |
| Operating Margin | -247.0% | -326.7% | -305.8% | -119.9% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -43.8% |
| EBITDA Margin | -208.9% | -312.1% | -284.3% | -158.1% | -454.1% | -345.0% | -192.8% | -458.2% | -72.8% | -28.7% |
| Net Margin | -215.2% | -317.3% | -289.6% | -163.6% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |
| FCF Margin | -295.5% | 54.1% | -132.3% | -109.1% | -371.4% | 1034.9% | -213.3% | -446.8% | -99.1% | -105.0% |
| Effective Tax Rate | 0.6% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -8.0% | -0.2% | -0.3% | -0.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-10.39 | $0.20 | $-0.60 | $-1.42 | $-2.43 | $11.09 | $-5.27 | $-6.32 | $-3.63 | $-4.25 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.9M | $20.7M | $31.6M | $32.9M | $39.5M | $50.0M | $53.2M | $55.5M | $71.9M | $64.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 1.91% |
| Return on Invested Capital | -2.18% |
| Return on Assets | 1.38% |
| Gross Margin | 96.43% |
| Operating Margin | -4.45% |
| Net Margin | 2.94% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 7.91 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.75 |
Key Ratios (10y)
| Year | 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/B | 1.27 | 1353.34 | 2.97 | 5.97 | 5.23 | 5.25 | 3.22 | 3.46 | 2.45 | 1.77 |
| P/S | 4.57 | 43.90 | 28.37 | 31.48 | 129.64 | 76.62 | 13.85 | 29.10 | 5.23 | 2.93 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.0% |
| Operating Margin | -247.0% | -326.7% | -305.8% | -119.9% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -43.8% |
| Net Margin | -215.2% | -317.3% | -289.6% | -163.6% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% |
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Explore sector: Healthcare · Biotechnology
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