# Arvinas, Inc. (ARVN)

> Source: Nexqual · https://nexqual.com/ARVN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Arvinas, Inc. (ARVN), nexqual.com/ARVN" · informational, not investment advice.

**Price:** USD 7.6 (+2.01% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 7.45 · day 7.3–7.67 · 52w 6.74–14.51 · market cap $497M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $317M, net income $9.3M (2.9% margin), free cash flow -$209M (SEC filings).
- Valuation: P/E 53.4x, net cash $567M.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $518K; 6 not under a Rule 10b5-1 plan ($452K); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (16 analysts), mean target USD 13.93 (range 6–21).
- Total return with dividends: 1Y -20.8% vs S&P 500 +13.6%; 5Y -91.2% vs S&P 500 +79.8%.
- Next earnings: 2026-11-03, EPS estimate USD -0.95, revenue estimate $16.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $53.6M | $131M | $78.5M | $263M | $263M | $317M |
| Operating income | -$188M | -$263M | -$402M | -$250M | -$119M | -$18.1M |
| Net income | -$191M | -$283M | -$367M | -$199M | -$80.8M | $9.3M |
| EPS (diluted) | -$3.82 | -$5.31 | -$6.62 | -$2.77 | -$1.14 | — |
| Free cash flow | $555M | -$280M | -$351M | -$261M | -$276M | -$209M |
| Operating margin | -351.5% | -200.3% | -511.5% | -95.0% | -45.1% | -5.7% |
| Net margin | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% | 2.9% |
| Revenue growth | +106.9% | +145.1% | -40.3% | +235.5% | -0.3% | — |
| Cash + short-term investments | $1.50B | $1.21B | $1.26B | $1.04B | $685M | — |
| Total debt | $1.0M | $1.0M | $1.0M | $800K | $600K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 53.4x · P/S 1.6x · EV/Sales -0.2x · P/B 0.9x · FCF yield -42.02% · Earnings yield 1.87% · Net cash $567M · EV -$70.5M

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-24 | Saik Andrew | Chief Financial Officer | 5,696 | $46K | 2.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Cacace Angela M | Chief Scientific Officer | 2,576 | $20K | 1.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Teel Randy | President and CEO | 2,209 | $20K | 0.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Saik Andrew | Chief Financial Officer | 11,139 | $111K | 5.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Loomis David K | VP, Chief Accounting Officer | 1,919 | $19K | 4.6% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Cacace Angela M | Chief Scientific Officer | 9,657 | $96K | 5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Berkowitz Noah | Chief Medical Officer | 11,108 | $110K | 5.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Teel Randy | President and CEO | 9,657 | $96K | 3.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 16 analysts; mean target USD 13.93 (low 6, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Evercore ISI Group | Target lowered | Outperform | $19 → $14 |
| 2026-08-10 | Citigroup | Target lowered | Buy | $24 → $21 |
| 2026-08-05 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $15 → $11 |
| 2026-08-05 | Wedbush | Target raised | Neutral | $11 → $12 |
| 2026-08-04 | BTIG | Reiterated | Buy | $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -20.8% | -91.2% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -20.8% | -38.5% |
| Volatility (annualized) | 55.2% | 70.7% |
| Max drawdown | -50.7% (Feb 2026→Oct 2026) | -93.1% (Nov 2021→Aug 2025) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 91.97 -0.23% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · PRAX (Praxis Precision Medicines, Inc) USD 285.48 +6.69%

## More
Full page: https://nexqual.com/ARVN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ARVN's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1655759/000162828026011226/arvn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Pfizer (PFE) | "•the potential achievement of milestones and receipt of payments under our collaborations, including our collaboration with Pfizer Inc. entered into in July 2021;" |
| Partner | Novartis Pharma | "•the potential receipt of payments based on the achievement of milestones related to luxdegalutamide (ARV-766) and future royalties under our license agreement with Novartis Pharma AG;" |
| Partner | Hoffman-La Roche | "In addition to the programs above and our early-stage collaborations, including with Pfizer, Inc., or Pfizer, and Genentech, Inc. and F." |
| Partner | Bayer | "In June 2019, we entered into a Collaboration and License Agreement, or the Bayer Collaboration Agreement, with Bayer, setting forth our collaboration to identify or optimize PROTAC targeted protein degraders that mediat…" |
| Partner | AbbVie (ABBV) | "Hoffman-La Roche Ltd. and AbbVie and its partner, Genmab." |
| Competitor | WuXi | "Any unfavorable government policies on international trade, such as export controls, capital controls or tariffs, may increase the cost of manufacturing our product candidates and platform materials, affect the demand fo…" |

Other companies that name ARVN in their own reports (relationship from ARVN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | MUSTANG BIO, INC. (MBIO) | 10-K 2026-03-19 | "While at Arvinas, Dr. Litchman oversaw the advancement of the company's pipeline of protein-degradation therapeutics for the treatment of cancers and other diseases toward Investigational New Drug app…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.95 | $-0.83 | −$0.12 | $16.8M | 12 |
| Next quarter (ends 2026-12-31) | $-0.93 | $-0.85 | −$0.08 | $15.5M | 12 |
| Current fiscal year (ends 2026-12-31) | $-0.14 | $-2.86 | +$2.73 | $296.1M | 12 |
| Next fiscal year (ends 2027-12-31) | $-3.23 | $-3.45 | +$0.22 | $64.2M | 12 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $2.58 | −$0.28 | Beat +$2.86 | — |
| — | Quarter ended Mar 31, 2026 | −$0.90 | −$0.96 | Beat +6.3% | — |
| — | Quarter ended Dec 31, 2025 | −$1.10 | −$0.57 | Miss −93.0% | — |
| — | Quarter ended Sep 30, 2025 | −$0.48 | −$0.74 | Beat +35.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | D. E. Shaw & Co., L.P., D. E. Shaw & Co., L.L.C.: 5.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1655759/000110465926097189/0001104659-26-097189-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1655759/000162828026052554/0001628280-26-052554-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1655759/000162828026052139/0001628280-26-052139-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.