Analyst Conference Summary

biotechnology

conference date: February 5, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fiscal Q1, first quarter fiscal 2026)

Forward-looking statements

Overview: Lots of action and revenue from partnerships.

Basic data (GAAP):

Revenue was $264 million, up from $137 million year-earlier.

Net income was $30.8 million, up from negative $173 million year-earlier.

Diluted EPS was $0.22, up from negative $1.39 year-earlier.

Guidance:

none given

Conference Highlights:

CEO Christopher Anzalone said "We had another quarter of strong execution across all areas of our business and we think Arrowhead is extremely well positioned to build on this progress throughout 2026 and beyond. The recent months have included some of the more significant achievements in our Company's history. We received regulatory approval for Redemplo in familial chylomicronemia syndrome in three different countries and launched our first commercial product in the U.S.; we continued to grow our cardiometabolic portfolio; we had encouraging early results from our obesity programs; we advanced our TRiM platform and CNS pipeline; and, lastly, we meaningfully improved our financial position to advance these and other programs forward." Did not break out Redemplo revenue, but reported over 100 prescriptions (to current date, not in fiscal Q1).

In Q1 fiscal 2026 raised $930 million with a combined new issuance of convertible senior notes and stock.

In Q1 earned a $200.0 million milestone payment from Sarepta Therapeuticson November 20, 2025. Reached the second of two prespecified enrollment targets and subsequent authorization to dose escalate in a Phase 1/2 clinical study of SRP-1003 (formerly ARO-DM1), for the treatment of type 1 myotonic dystrophy (DM1).

In Q1 2026, on October 17, licensed ARO-SNCA to Novartis, for Parkinson's Disease and other additional collaboration targets. Received $200 million upgront, potential milestones of $2 billion, plus potential royalties.

In Q1 2026 released interim Phase 1/2a data on ARO-INHBE for weight loss.

In Q1 2026 released interim Phase 1/2a data for ARO-ALK7 showing adipocyte gene target silencing in a clinical trial, achieved dose dependent reductions in adipose ALK7 mRNA with a mean reduction of -88% at the 200 mg dose at week 8 with a maximum reduction of -94%.

In November 2025 the FDA approved Redemplo (plozasiran) for FCS (familial chylomicronemia syndrome). This is Arrowhead's first approved medicine. Has built out the sales and marketing teams for plozasiran. Has started working with payers and providers. Feedback has been favorable. Helps to prevent pancreatitis from FCS. $60,000 annual price, dosing every 3 months. Priced for the larger severe hypertriglyceridemia market, where it is in a Phase 3 trial which should report results in 2026. Believes is best in class. In Q1 2026 Chinese National Medical Products Administration (NMPA) approved Redemplo (plozasiran) for the reduction of triglyceride levels in adult patients with familial chylomicronemia syndrome. It will be marketed in Greater China by Sanofi under an agreement between Sanofi and Arrowhead. [WM: This price is far less than the price of Tryngolza for FCS]

In fiscal Q4 2025 Arrowhead filed a request for regulatory clearance for a Phase 1/2a clinical trial of ARO-MAPT as a potential treatment for tauopathies including Alzheimer's disease.

In fiscal Q4 Arrowhead dosed the initial subject in a Phase 3 clinical trial of zodasiran, for homozygous familial hypercholesterolemia (HoFH), a rare genetic condition that leads to severely elevated LDL-cholesterol and early onset cardiovascular disease.

In fiscal Q4 riled a request for regulatory clearance to initiate a Phase 1/2a clinical trial of ARO-DIMER-PA for atherosclerotic cardiovascular disease (ASCVD) due to mixed hyperlipidemia. ARO-DIMER-PA is a dual functional RNAi therapeutic designed to silence expression of the proprotein convertase subtilisin kexin 9 (PCSK9) and apolipoprotein C3 (APOC3) genes. It is the first clinical candidate to target two genes simultaneously in one molecule.

See also the Arrowhead Pharmaceuticals pipeline page.

Cash and equivalents (including investments) ended at $916 million, up sequentially from $782 million. $13 million cash from operations.

Operating expenses of $223 million included $177 million for R&D and $46 million for G&A. Leaving operating income of $41 million. Other expense $13 million. Tax $0 million. Non-contolling interest income $3 million.

Q&A selective summary:

Redemplo color on new patient categories? Vast majority is naive segment. Then about 50/50 from expansed access and switches. Switches based on safety.

Obesity, timeline for Phase 2? Would discuss with FDA midyear. IND for Phase 2 shortly thereafter.

ARO-DIMER-PA threshold? Don't need Plozaseran levels, 40% to 50% in both LDL and triglycerides would be encouragin.

Pricing on INHBE and ALK7, diven lower prices on current weight-loss therapies? Too early to think about potential pricing.

Redemplo payer feedback, any on SHTG? 3.5 million potential patients, but will be segmented. Highest risk individuals would be the initial set.

Revenue recognition reporting? COGS so far was mainly in R&D. Might be some time before we report traditional product revenue.

Redemplo has only been in market 10 weeks, so it is very early days for questions about the time from prescription to filling.

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