Investment Thesis
Arvinas is a pre-commercial pharmaceutical company burning substantial cash with negative operating margins of -45.1% and free cash flow of -275.7M annually. While the company maintains adequate liquidity with $142.9M in cash and a strong current ratio of 4.92x, the accelerating cash burn rate and lack of meaningful revenue growth (-0.3% YoY) indicate an unsustainable operational model that will require additional financing or significant revenue inflection to survive beyond 2-3 years.
ARVN Strengths
- Strong liquidity position with $142.9M cash and 4.92x current ratio provides runway for operations
- Improving net income trend with 59.4% YoY improvement in net loss suggests operational efficiency gains
- Minimal debt burden with only $600K in long-term debt and 0.00x debt-to-equity ratio reduces financial risk
ARVN Risks
- Massive negative free cash flow of -275.7M annually at 105% of revenue indicates unsustainable burn rate
- Stagnant revenue growth of -0.3% YoY with -45.1% operating margin demonstrates business model is not yet viable
- Operating cash burn of -273.8M exceeds cash reserves and will require significant external financing within 1-2 years
- Clinical stage company with no evidence of path to profitability or material revenue acceleration in near term
Key Metrics to Watch
- Operating cash flow trend and runway to profitability based on current burn rate
- Revenue growth rate acceleration from new product approvals or clinical trial successes
- Gross margin achievement once products reach scale to offset R&D and operating expenses
ARVN Financial Metrics
ARVN Profitability Ratios
ARVN Balance Sheet & Liquidity
ARVN 5-Year Financial Trend
5-Year Trend Summary: ARVINAS, INC.'s revenue has grown significantly by 227% over the 5-year period, indicating strong business expansion. The most recent EPS of $-6.62 indicates the company is currently unprofitable.
ARVN Growth Metrics (YoY)
ARVN Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $41.9M | -$13.4M | $-0.18 |
| Q2 2025 | $22.4M | $21.7M | $0.30 |
| Q1 2025 | $25.3M | -$69.4M | $-0.97 |
| Q3 2024 | $34.6M | -$49.2M | $-0.68 |
| Q2 2024 | $54.5M | -$35.2M | $-0.49 |
| Q1 2024 | $25.3M | -$69.4M | $-0.97 |
| Q3 2023 | $33.2M | -$64.0M | $-1.18 |
| Q2 2023 | $33.8M | -$66.6M | $-1.25 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ARVN Capital Allocation
ARVN SEC Filings
Access official SEC EDGAR filings for ARVINAS, INC. (CIK: 0001655759)