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Friday 6 November 2026
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Arrowhead Pharmaceuticals, Inc.
ARWR Healthcare Biotechnology
Arrowhead Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $829.4 million, up 23,258.2% from fiscal 2024.
- Revenue
- +171.0%
- EPS
- −7.94%
- Free cash flow
- −15.4%
- Total debt
- +259.5%
Quarter to June 2026, against a year earlier
57.73
0.27
+0.47%
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Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 0 | 31 | 16 | 169 | 88 | 138 | 243 | 241 | 4 | 829 | 669 | +159.0% | 464 | 328 | 628 | (8.8%) | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | (82) | (34) | (54) | 68 | (85) | (141) | (173) | (206) | (612) | 52 | (252) | n/m | ||||||
| EBT margin, % | (51,623.88) | (109.46) | (337.30) | 40.37 | (96.09) | (101.85) | (71.01) | (85.78) | (17,247.54) | 6.21 | (37.65) | +51,630.1 pt | ||||||
| Net income | (82) | (34) | (54) | 68 | (85) | (141) | (176) | (209) | (610) | 30 | (272) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 0.43 | 0.19 | 1.80 | 0.87 | 1.33 | 2.31 | 2.26 | 0.03 | 6.20 | 4.67 | +137.3% | |||||
| Earnings | (1.34) | (0.47) | (0.65) | 0.69 | (0.84) | (1.36) | (1.67) | (1.92) | (5.00) | (0.01) | (2.25) | (42.0%) | ||||||
| Cash flow | (1.06) | (0.32) | (0.56) | 1.84 | (0.95) | 1.65 | (1.29) | (1.44) | (3.86) | 1.34 | (0.41) | n/m | ||||||
| Capex | (0.06) | (0.11) | (0.02) | (0.13) | (0.12) | (0.23) | (0.50) | (1.66) | (1.18) | (0.17) | (0.11) | +11.6% | ||||||
| Free cash flow | (1.12) | (0.43) | (0.58) | 1.72 | (1.07) | 1.42 | (1.79) | (3.10) | (5.05) | 1.17 | (0.52) | n/m | ||||||
| Book value | 1.56 | 1.09 | 1.14 | 2.60 | 4.58 | 3.94 | 3.97 | 2.69 | 1.60 | 3.76 | 3.25 | +10.3% | ||||||
| Shares, m | 61 | 74 | 84 | 94 | 101 | 104 | 105 | 107 | 120 | 134 | 139 | +9.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 40.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.1 | |||||
| P/S | 2,831.07 | 10.47 | 99.53 | 15.67 | 49.29 | 46.84 | 14.33 | 11.64 | 12.77 | 5.56 | 12.34 | 309.7 | ||||||
| P/B | 4.72 | 4.07 | 16.87 | 10.84 | 9.39 | 15.84 | 8.33 | 9.76 | 12.14 | 9.16 | 17.73 | 10.1 | ||||||
| EV/Sales | 2,308.47 | 8.46 | 94.92 | 14.15 | 45.94 | 44.36 | 13.11 | 11.56 | 11.24 | 4.76 | 11.24 | 255.7 | ||||||
| EV/FCF | (5.36) | (8.34) | (31.50) | 14.83 | (37.52) | 41.52 | (16.88) | (8.41) | (3.38) | 25.17 | (100.17) | (3.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (64) | (24) | (47) | 173 | (96) | 171 | (136) | (154) | (463) | 180 | (59) | n/m | |||||
| Capex | (4) | (8) | (1) | (12) | (12) | (24) | (53) | (177) | (141) | (23) | (16) | +21.7% | ||||||
| Free cash flow | (68) | (32) | (49) | 161 | (108) | 148 | (189) | (331) | (604) | 157 | (75) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 65 | 49 | 66 | 168 | 282 | 238 | 266 | 311 | 592 | 755 | 1,388 | +31.4% | |||||
| Net debt | (83) | (63) | (74) | (259) | (294) | (342) | (295) | (20) | (288) | (664) | (738) | +26.1% | ||||||
| Shareholders’ equity | 95 | 81 | 95 | 244 | 462 | 409 | 418 | 287 | 191 | 503 | 466 | +20.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (62.76) | (29.61) | (50.50) | 29.46 | (19.39) | (22.85) | (25.11) | (28.17) | (62.93) | (0.13) | (18.32) | +62.6 pt | |||||
| ROIC | (412.49) | (129.96) | (166.22) | 0.00 | (34.78) | (139.91) | (90.32) | (47.98) | 0.00 | 0.00 | 0.00 | +412.5 pt | ||||||
| ROE | (79.87) | (39.09) | (61.84) | 40.07 | (23.96) | (32.36) | (42.57) | (58.19) | (250.72) | (0.47) | (64.91) | +79.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 94 | 93 | 95 | 109 | 232 | 329 | 397 | 525 | 609 | 711 | — | +25.2% | |||||
| Revenue/emp, $m | 0.00 | 0.34 | 0.17 | 1.55 | 0.38 | 0.42 | 0.61 | 0.46 | 0.01 | 1.17 | — | +106.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2025 · latest quarter Jun 2026
Business profile
Arrowhead Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MDGL Madrigal Pharmaceuticals, Inc. | $9.3B | — (loss-making) | — (loss-making) | +50.13% (above 0%: growing) | n/m | +53.47% (above 0%: growing) | 91.23% | 12.98% | Compare |
| SYRE Spyre Therapeutics, Inc. | $9.2B | — (loss-making) | — (loss-making) | −100.00% (below 0%: shrinking) | n/m | −108.79% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| KRYS Krystal Biotech, Inc. | $8.9B | 39.2× | 45.7× | +30.21% (above 0%: growing) | −22.26% (below 0%: shrinking) | +137.79% (above 0%: growing) | 94.07% | 55.87% | Compare |
| PTGX Protagonist Therapeutics, Inc. | $8.8B | 111× | 31.2× | +3,749.17% (above 0%: growing) | n/m | +839.65% (above 0%: growing) | 100.00% | 74.37% | Compare |
| ARWR Arrowhead Pharmaceuticals, Inc. | $8.1B | — (loss-making) | — (loss-making) | +171.02% (above 0%: growing) | n/m | −15.43% (below 0%: shrinking) | 100.00% | (226.03%) | |
| TWST Twist Bioscience Corporation | $7.9B | — (loss-making) | — (loss-making) | +23.24% (above 0%: growing) | n/m | −7.23% (below 0%: shrinking) | 52.76% | (30.65%) | Compare |
| CORT Corcept Therapeutics Incorporated | $7.8B | 47.5× | 39.8× | +63.97% (above 0%: growing) | +525.79% (above 0%: growing) | +160.98% (above 0%: growing) | 98.65% | 33.70% | Compare |
| CYTK Cytokinetics, Incorporated | $7.7B | — (loss-making) | — (loss-making) | +2,356.46% (above 0%: growing) | n/m | −6.73% (below 0%: shrinking) | 0.00% | (351.34%) | Compare |
| CAI Caris Life Sciences,�Inc. | $7.4B | 77.7× | 254× | +26.99% (above 0%: growing) | −40.33% (below 0%: shrinking) | −140.21% (below 0%: shrinking) | 0.00% | 7.01% | Compare |
| Median of peers | $8.3B | 62.6× | 42.8× | +40.17% | −22.26% | +23.37% | 72.00% | 10.00% |
From the latest earnings call
- CFO Dan Apel said fiscal third-quarter commercial revenue was approximately $2.4 million, more than double the approximately $1 million recorded in the preceding quarter.
- Apel expects active execution costs for the Shasta 3 and Shasta 4 studies to begin moderating in fiscal 2027, while Arrowhead continues investing in its pipeline and commercial preparations.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
84.62%
Held by the ten largest
49.68%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 14.83m | 10.51% | −3.33m |
| Vanguard | 13.58m | 9.63% | −779.07k |
| Avoro Capital Advisors LLC | 11.36m | 8.05% | +655.56k |
| Fidelity (FMR) | 8.04m | 5.70% | +773.15k |
| State Street | 5.69m | 4.03% | −801.49k |
| Norges Bank | 3.90m | 2.76% | +3.90m |
| Invesco | 3.88m | 2.75% | +603.33k |
| Geode Capital Management | 3.53m | 2.50% | −748.22k |
| FRED ALGER MANAGEMENT, LLC | 3.30m | 2.34% | −40.57k |
| BAKER BROS. ADVISORS LP | 1.99m | 1.41% | 0.00 |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.03m | 42.60m | 80.00 |
| 2024 | 12.42m | (5.36m) | 31.00 |
| 2023 | 9.92m | (2.17m) | 62.00 |
| 2022 | 12.03m | (40.07m) | 77.00 |
| 2021 | 24.70m | 69.06m | 145.00 |
Ownership
Directors and executive officers, together
3.60%
BlackRock Inc50 Hudson Yards, New York, NY
13.10%
The Vanguard Group100 Vanguard Blvd., Malvern, PA
10.70%
Entities affiliated with Avoro Capital Advisors LLC110 Greene Street, Suite
9.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Arrowhead Pharmaceuticals, Inc. (ARWR) Latest News
14 Oct
24 Sep
18 Sep
16 Sep
15 Sep
4 Sep
28 Aug
ARWR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
Arrowhead Pharmaceuticals develops medicines that silence genes associated with disease. Its treatments use RNA interference, a process in living cells that can reduce production of a selected protein. Arrowhead designs small RNA molecules to reach particular tissues and trigger that process.
Its first approved medicine, REDEMPLO, is used alongside diet to reduce triglycerides in adults with familial chylomicronemia syndrome (FCS), a rare condition associated with very high levels of fats in the blood. REDEMPLO is designed to suppress production of APOC3, a protein that slows the breakdown and clearance of triglycerides. Common adverse reactions include hyperglycemia, headache, nausea and injection-site reactions.