Arvinas Inc. · Q2 2023 earnings

Briefing

Arvinas reported second quarter financial results, highlighting advancements in its portfolio and ongoing clinical trials.

Arvinas reported Q2 2023 financial results with revenues of $54.5 million and a net loss of $66.6 million. The company's cash, cash equivalents, and marketable securities were $1,044.3 million as of June 30, 2023, which is expected to fund operations into 2026. Clinical trials for vepdegestrant and bavdegalutamide are ongoing, with potential Phase 3 data read-out expected in the second half of 2024.

• Initiated the study lead-in of the VERITAC-3 Phase 3 trial of vepdegestrant plus palbociclib as a first-line treatment in patients with ER+/HER2- locally advanced or metastatic breast cancer.
• Shared data from the Phase 1/2 dose escalation and expansion trial showing that ARV-766 was well-tolerated and demonstrated promising activity in a heavily pre-treated, post-NHA, all-comers patient population.
• Continued enrollment in the VERITAC-2 Phase 3 2L+ clinical trial of vepdegestrant as a monotherapy for the treatment of patients with ER+/HER2- metastatic breast cancer.
• Revenues increased by $20.7 million compared to the same period last year, primarily due to an increase in revenue from the Vepdegestrant (ARV-471) Collaboration Agreement.

Headline financials

Revenue & EPS history

Arvinas anticipates several milestones including presenting additional data from clinical trials, initiating new trials, and completing enrollment in ongoing trials. They expect to submit IND/CTA applications for BCL6 and LRRK2 by year-end 2023.