Analyst Conference Summary

biotechnology

conference date: August 7, 2025 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2025 (fiscal Q3, third quarter fiscal 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up sequentially from $543 million, and up from $0 million year-earlier. Revenue is from up-front payments and milestones, not sales.

Net income was negative $ million, up sequentially from $370 million, and up from negative $ million year-earlier.

Diluted EPS was negative $, up sequentially from $2.75, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Christopher Anzalone said "" Believes has potential for more capital inflows from business development.

In Q2 2025 Arrowhead announced topline results from Part 2 of a Phase 1/2 Study of ARO-C3 in patients with IgA nephropathy. ARO-C3 achieved deep and sustained reductions in alternative pathway complement activity and proteinuria. Mean sustained reductions in C3 of greater than 87%, AH50 of greater than 76%, and Wieslab AP of greater than 89% through week 24. Mean reduction in spot urine protein-to-creatinine ratio (UPCR) of 41% by week 24.

In Q1 2025 the FDA accepted the NDA for plozasiran for FCS (familial chylomicronemia syndrome) and assigned a PDUFA data of November 18, 2025. There is no plan for an advisory committee meeting. SHTG (severe hypertriglyceridemia) Phase 3 begun in fiscal Q2 2024; potential launch in late 2026. Planning several further studies. Could launch commercially for FCS in 2025. Plans filings in EU and other nations. Plozasiran marketing teams are already in place and field force will be hired over the next few months. [competing with the Ionis product, Tryngolza (Olezarsen), approved by FDA in December 2024. Believes differentiated and superior.] Hiring sales team.

In February 2025 completed a major licensing and collaboration deal with Sarepta Therapeutics. Arrowhead received $835 million upon closing (in 2025): $500 million cash and a $325 million equity investment priced at a 35% premium ($27.30). Will also receive $250 million over five years. Also possible $300 million in the next year as a current Phase 1/2 study, ARO-DM1, continues enrollment. Possible $10 billion in milestone payments, plus tiered royalties on sales up to low double digits. Licensing out ARO-DUX4, ARO-DM1, ARO-MMP7, ARO-ATXN2, all clinical stage, plus the preclinical ARO-HTT, ARO-ATXN1 and ARO-ATXN3. Also allows Sarepta to select six new targets for discover. All using the TRiM platform for RNAi.

Zodasiran (formerly ARO-ANG3) also read out Phase 2 data at AHA showing reduced levels of triglicerides and LDL cholesterol for mixed dyslipidemia. Hope to launch Phase 3 in Q2 2025.

Footprint expansion is complete, plans little capital expense in 2025.

See also the Arrowhead Pharmaceuticals pipeline page.

Cash and equivalents (including investments) ended at $ billion, up sequentially from $1.1 million. $na million cash generated in operations.

Operating expenses of $ million included $ million for R&D and $ million for G&A. Leaving operating income of $ million. Other expense $ million. Taxes $ million.

Q&A selective summary:

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