The CRISPR Therapeutics of protein degradation.

A biotech company pioneering a new class of drugs, similar to how Moderna introduced mRNA technology.

• Veavintinib (ARV-471): An investigational oral PROTAC estrogen receptor (ER) degrader for the treatment of ER-positive (ER+) / HER2-negative (HER2-) metastatic breast cancer.
• Bavdegalutamide (ARV-110): An investigational oral PROTAC androgen receptor (AR) degrader targeting metastatic castration-resistant prostate cancer (mCRPC).
• ARV-766: An investigational PROTAC androgen receptor (AR) degrader being developed for metastatic castration-resistant prostate cancer (mCRPC), particularly for patients with AR mutations.

• Pfizer Inc. (PFE)
  Pfizer is Arvinas's overwhelmingly primary customer and collaboration partner. For example, in 2023, revenue from their collaboration with Pfizer accounted for 100% of Arvinas's total revenue. This multi-target collaboration focuses on the discovery and development of PROTAC® protein degraders for various therapeutic areas. Revenue is generated through upfront payments, research funding, milestone payments, and potential future royalties on any successfully commercialized products.
• Bayer AG (BAYRY)
  Bayer has also been a significant collaboration partner for Arvinas, particularly in oncology. While its contribution to Arvinas's total revenue has been less significant in the most recent periods compared to Pfizer, it has historically been a major customer through collaboration agreements for the development of protein degraders. Revenue from this partnership similarly includes upfront payments, milestone payments, and potential royalties.

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John G. Houston, Ph.D. Chairperson, Chief Executive Officer, and President

Dr. John Houston has over 35 years of experience in the pharmaceutical and biotech industries. He joined Arvinas in January 2017 as President of Research and Development and Chief Scientific Officer, becoming President and CEO in September 2017 and Chairperson in 2023. Prior to Arvinas, he spent over 18 years at Bristol Myers Squibb (BMS), where he served as Senior Vice President of Specialty Discovery, overseeing all Discovery Biology disease teams and various Discovery technology departments. At BMS, he was a member of the R&D Executive Leadership team and chaired the Target Portfolio Committee. Earlier in his career, he worked at Glaxo Wellcome Research and Development in the UK as head of the Lead Discovery Unit.

Andrew Saik Chief Financial Officer and Treasurer

Andrew Saik has more than 20 years of biopharma finance experience and has participated in over 40 successful mergers and acquisition transactions. He joined Arvinas as CFO, Treasurer, and Principal Financial Officer in June 2024. Before Arvinas, Mr. Saik served as Chief Financial Officer at Intercept Pharmaceuticals, where he led the recapitalization of the balance sheet by selling the international division for $450 million and repurchasing $390 million in convertible debt. He was also CFO of Vyne Therapeutics from 2020 to 2021, where he led the buildout of the finance department, renegotiated debt obligations, and helped raise over $135 million. His prior positions include CFO roles at PDS Biotechnology, Vertice Pharma, and Auxilium Pharmaceuticals, and Senior Vice President of Finance and Treasurer at Endo Health Solutions.

Noah Berkowitz, M.D., Ph.D. Chief Medical Officer

Dr. Noah Berkowitz was appointed Chief Medical Officer of Arvinas in March 2024, overseeing clinical development for the company's PROTAC protein degrader programs in oncology and neuroscience. He brings over two decades of experience, having previously served as Senior Vice President, Development Unit Head, Hematology at Bristol-Myers Squibb (BMS). Before his tenure at BMS, he was Vice President and Clinical Development Head for Hematology at Novartis.

Angela M. Cacace, Ph.D. Chief Scientific Officer

Dr. Angela Cacace was promoted to Chief Scientific Officer in June 2024, succeeding Dr. Ian Taylor. She joined Arvinas in 2018 as Vice President of Neuroscience and Platform Biology and later served as Senior Vice President, Neuroscience and Platform Biology. Dr. Cacace has over two decades of drug discovery experience in neuroscience and oncology research. Her prior experience at Pfizer focused on oncology antibody drug discovery efforts.

Ian Taylor, Ph.D. Chair of Scientific and Advisory Board (previously President of Research and Development)

Dr. Ian Taylor is the Chair of Arvinas' Scientific and Advisory Board and previously served as President of Research and Development and Chief Scientific Officer. He joined Arvinas in 2016 as Vice President of Pharmacology and Translational Medicine. Prior to Arvinas, he spent nearly 10 years at Pfizer Oncology, most recently as an Early Development Team Leader, where he led cross-functional drug development teams for Phase 1 and Phase 2 clinical trials in cancer. Before Pfizer, Dr. Taylor worked at Bayer Healthcare Pharmaceuticals, holding positions including Vice President of Cancer Biology, where he led small molecule drug discovery for cancer therapeutics.

The key risks to Arvinas's business include:

1. High Dependence on Vepdegestrant Amidst Partnership Changes and Market Competition: Arvinas's core strategic risk revolves around the success and commercialization of its flagship asset, vepdegestrant. The original 50-50 co-commercialization agreement with Pfizer for vepdegestrant has been restructured, leading to Arvinas's decision to out-license commercialization rights to a third party. This move, coupled with Pfizer's reduced financial and operational commitment, introduces uncertainty regarding the drug's broad market potential. The termination of two advanced Phase 3 combination trials with Pfizer agents narrows vepdegestrant's target market to ESR1 mutant patients as monotherapy, as it missed the Intent-to-Treat (ITT) endpoint in VERITAC-2. Furthermore, the Selective Estrogen Receptor Degrader (SERD) market is highly competitive, requiring Arvinas to demonstrate clear differentiation for vepdegestrant against other existing and emerging treatments.
2. Continued Unprofitability and Significant Cash Burn: As a clinical-stage biotechnology company, Arvinas is currently unprofitable, characterized by negative operating and net margins. While the company maintains a strong cash position, projected to fund operations into the second half of 2028, it faces ongoing negative operating cash flow, estimated at nearly $400 million annually. Arvinas's revenue is heavily reliant on strategic alliances and milestone payments, leading to inherent volatility rather than predictable product sales. High research and development (R&D) expenses and multiple parallel development programs contribute to this cash burn, posing risks of dilution and prioritization challenges if its lead product or new partnerships underperform.
3. Clinical Trial and Regulatory Approval Uncertainties: Arvinas faces inherent risks associated with the uncertain outcomes of its clinical trials and the complex regulatory approval processes for its pipeline candidates. The New Drug Application (NDA) for vepdegestrant, with a Prescription Drug User Fee Act (PDUFA) date of June 5, 2026, represents a high-stakes, binary event for the company. The success of its earlier-stage pipeline, including programs like KRAS G12D, BCL6, and LRRK2, remains high-risk and unvalidated outside breast cancer. Moreover, regulatory delays could significantly impact the timeline for market entry. The company has also faced potential securities litigation due to stock price volatility and questions regarding the adequate disclosure of clinical trial risks.

Arvinas's main products in development and their addressable markets are as follows:

• Vepdegestrant (ARV-471): This investigational oral PROTAC estrogen receptor degrader is being developed for the treatment of patients with locally advanced or metastatic estrogen receptor (ER) positive / human epidermal growth factor receptor 2 (HER2) negative (ER+/HER2-) breast cancer. The total market size for metastatic HR+/HER2- breast cancer in the 7 major markets (the United States, Germany, France, Italy, Spain, the United Kingdom, and Japan) was approximately USD 10 billion in 2023, with projections for growth by 2034.
• Bavdegalutamide (ARV-110): An investigational oral PROTAC androgen receptor (AR) degrader, Bavdegalutamide is being developed for the treatment of metastatic castration-resistant prostate cancer (mCRPC). The annual revenue for Bavdegalutamide in the U.S. is projected to reach $60 million by 2035. Another estimate indicates a potential annual revenue of $104 million in the U.S. by 2035.
• ARV-766 (Luxdegalutamide): This second-generation PROTAC androgen receptor degrader is designed for individuals with prostate cancer, including metastatic castration-sensitive and castration-resistant prostate cancer (CSPC/CRPC). The addressable patient population for ARV-766 could be up to 120,000 patients with metastatic CSPC/CRPC. The market for androgen receptor-targeted therapies, which includes ARV-766, in the leading markets (the US, EU4, UK, and Japan) is expected to grow significantly by 2034.

Expected Drivers of Future Revenue Growth for Arvinas (ARVN)

1. Commercialization of Vepdegestrant: A key driver of future revenue growth is the potential approval and commercialization of vepdegestrant, an investigational oral PROTAC estrogen receptor protein degrader for ER+/HER2- advanced or metastatic breast cancer. The FDA accepted the New Drug Application (NDA) for vepdegestrant, with a Prescription Drug User Fee Act (PDUFA) date set for June 5, 2026. Arvinas and Pfizer are actively seeking a third-party commercialization partner to maximize its market potential, which could generate significant revenue through sales and partnership agreements.
2. Advancement of Clinical Pipeline: Arvinas has a robust pipeline of PROTAC degraders beyond vepdegestrant, including ARV-102 for Parkinson's disease, ARV-806 for KRAS G12D-mutated cancers, ARV-027 for spinal and bulbar muscular atrophy (SBMA), and ARV-393 for non-Hodgkin lymphoma (NHL). Positive clinical trial data, regulatory milestones, and progression of these early-stage programs through development are expected to drive future revenue through potential licensing deals, milestone payments, and eventual commercialization.
3. Strategic Collaborations and Licensing Agreements: Arvinas has a history of forming strategic collaborations, such as its partnership with Pfizer for vepdegestrant and previous agreements with other pharmaceutical companies. Future collaborations and licensing deals for its innovative PROTAC platform technology or specific drug candidates, potentially involving upfront payments, research funding, milestone payments, and royalties on future sales, are anticipated to be significant contributors to revenue growth.
4. Expansion and Validation of the PROTAC Platform: The successful regulatory submission and potential approval of vepdegestrant would serve as a major validation of Arvinas's proprietary PROTAC (PROteolysis TArgeting Chimera) protein degradation platform. Continued innovation and expansion of this platform to address new therapeutic targets and disease areas, including its ability to develop orally bioavailable degraders that can cross the blood-brain barrier, could attract further partnerships and investments, thereby fueling future revenue growth.

Share Repurchases

• Arvinas's Board authorized a share repurchase program of up to $100 million.
• As of the end of September (2025), approximately 2.56 million shares have been repurchased at an average price of $7.91 per share.
• The share repurchase program is discretionary, has no time limit, and is funded by the company's working capital.

Share Issuance

• In December 2020, Arvinas completed a public offering of 5,714,286 shares of common stock at $70 per share, raising $400 million.
• In July 2021, Pfizer made a $350 million equity investment in Arvinas, receiving approximately 3.5 million newly issued shares of common stock.

Inbound Investments

• In July 2021, Arvinas entered into a global collaboration with Pfizer for ARV-471, receiving a $650 million upfront payment and a $350 million equity investment.
• Arvinas is eligible to receive up to $400 million in approval milestones and up to $1 billion in commercial milestones from the Pfizer collaboration.
• In April 2024, Arvinas announced a global license agreement with Novartis for the development and commercialization of ARV-766.

Outbound Investments

• Arvinas has made no investments or acquisitions.

Capital Expenditures

• Capital expenditures were $6.80 million in 2022, $2.90 million in 2023, and $1.70 million in 2024.
• Arvinas projects its current cash, cash equivalents, and marketable securities will be sufficient to fund planned operating expenses and capital expenditure requirements into the second half of 2028.