Analyst Conference Summary

biotechnology

conference date: August 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (fiscal Q3, third quarter fiscal 2026)

Forward-looking statements

Overview: Early in Redemplo launch, continues to develop pipeline.

Basic data (GAAP):

Revenue was $75 million, up 1% sequentially from $74 million, and up 168% from $28 million year-earlier.

Net income was negative $194 million, down sequentially from negative $133 million, and down from negative $175 million year-earlier.

Diluted EPS was negative $1.46, down sequentially from negative $0.93, down from negative $1.26 year-earlier.

Guidance:

none

Conference Highlights:

CEO Christopher Anzalone said "The recent period for Arrowhead included transformational events that support continued growth. We recently announced topline results from the SHASTA-3 and SHASTA-4 studies supporting our continued belief that plozasiran is a best-in-class molecule for patients with a spectrum of triglyceride disorders. Based on these promising results, we acquired a priority review voucher (PRV) that potentially accelerates the process of bringing this important new medicine to patients. On the commercial front, REDEMPLO continued to demonstrate growing momentum and penetration with physicians and patients with familial chylomicronemia syndrome. Lastly, we made strong progress across our broad pipeline of RNAi therapeutic candidates at various stages of development, expanding the opportunity to help patients in diverse disease areas." Peak sales for plozasiran could be $3 to $4 billion per year.

In Q2 2026 Arrowhead announced positive Phase 3 results for for both plozasiran for severe hypertriglyceridemia (sHTG). Details to be presented on August 30, 2026. Included 78% reduction in acute pancreatitis events.

In Q2 2026 Redemplo (plozasiran) launch continued with prescription volume doubling sequentially. Revenue was $2.4 million in Q2. Has built out the sales and marketing teams for plozasiran; payer coverage has good momentum. In Q2 EU granted marketing authorization, as had Australia. Feedback has been favorable, now has over 400 prescribers. Helps to prevent pancreatitis from FCS. $45,000 annual price, dosing every 3 months. Priced for the larger severe hypertriglyceridemia market (SHTG), where it is in Phase 3 trials which should report results in Q3 2026. Believes is best in class. In November 2025 the FDA approved Redemplo (plozasiran) for FCS (familial chylomicronemia syndrome).

Redemplo for FCS was approved in Australia in Q1 2026. Canada approved. China approved. It will be marketed in Greater China by Sanofi under an agreement between Sanofi and Arrowhead. EU approved in Q3 with clinical (as opposed to just genetic) on label.

In Q2 2026 Arrowhead completed enrollment in Phase 3 zodasiran study for homozygous familial hypercholesterolemia (HoFH). Expects study completion in mid-2027/

In Q2 2026 ARO-INHBE for MASH positive interim results for liver fat reductions were presented. Planning a Phase 2b study.

In Q2 2026 Arrowhead acquired an FDA priority review voucher for $215 million from an undisclosed source. Will be used for plozasiran for sHTG to accelerate launch time, to shorten Ionis's first mover advantage.

In Q2 2026 Madrigal Pharmaceuticals took a worldwide license for ARO-PNPLA3 for reduction of patatin-like phopholipase domain containing 3, for treating MASH. Arrowhead received a $25 million upfront payment, with possible milestones of up to $975 million, plus tiered royalties.

Believes can deliver siRNA therapies across the blood brain barrier, which can silence harmful productions.

Will have 23 products in clinical trials by the end of 2026.

See also the Arrowhead Pharmaceuticals pipeline page.

Cash and equivalents (including investments) ended at $1.57 billion, down sequentially from $1.78 million. $na million cash from operations. Debt of convertible notes is $683 million.

Operating expenses of $245 million included $198 million for R&D and $47 million for G&A. Leaving operating income of negative $170 million. Other expense $9 million. Tax $0 million. Loss atributable to non-contolling interest $15 million.

Q&A selective summary:

Plozisiran for SHTG timeline? We plan to have a pre sNDA meeting with the FDA. We are working on generating the materials for filing by the end of the year.

ARO-MAPT? This will just be healthy volunteer data, just safety and TAU knockdown. Aiming for 50% to 60% knockdown.

Size of sales force? Can't give number, but addressing over 20,000 Healthcare Provider targets. Should have everyone on board by end of 2026 for launch in Q2 2027.

Shasta5 study? Will continue that trial for now, still enrolling.

Part D coverage for Redemplo? We will get payer coverage as rapidly as possible.

Difference in SHTG markets in US and EU? Payers in EU are outcomes based, we think our data will show value in the EU market.

Will be a slow launch because there has never been a way to lower triglycerides until now. It will take time to educate patients.

We are seeing 20 to 30 new Redemplo prescriptions per week. Working on prior authorization and appeal processes to get to actual shipments.

We did see patients with triglycerides below 880 with pancreatitis.

We believe our price of $45,000, while at a premium to the competitor, is justified by the data and the ability to dose quarterly instead of monthly, and no need to titrate.

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