Business Description
Arrowhead Pharmaceuticals, Inc., founded in 1989 and based in Pasadena, California, is a biopharmaceutical company dedicated to discovering and advancing innovative treatments for complex and challenging-to-treat diseases within the United States. The company's extensive therapeutic pipeline primarily leverages RNA interference (RNAi) technology. Among its advanced clinical programs are: ARO-AAT, a Phase II therapeutic targeting liver diseases associated with alpha-1 antitrypsin deficiency; ARO-APOC3, which is undergoing both Phase 2b and Phase 3 clinical evaluations for hypertriglyceridemia; ARO-ANG3, currently in Phase 2b development to reduce the production of angiopoietin-like protein 3; and ARO-HIF2, a Phase 1b candidate designed to treat clear cell renal cell carcinoma. Arrowhead also has several compounds in earlier clinical development, including ARO-HSD in Phase 1/2a for other liver diseases, ARO-ENaC in Phase 1/2a, aimed at decreasing the epithelial sodium channel alpha subunit in lung airways, and ARO-C3, also in Phase 1/2a, for complement-mediated diseases. Further expanding its diverse portfolio, the company is actively developing ARO-Lung2 for chronic obstructive pulmonary disorder (COPD), ARO-DUX4 for facioscapulohumeral muscular dystrophy, ARO-XDH for uncontrolled gout, and ARO-COV for COVID-19 and other pulmonary-borne pathogens. Beyond its core internal programs, Arrowhead is involved in the progression of JNJ-3989, a subcutaneously administered RNAi therapeutic for chronic hepatitis B virus infection; Olpasiran, intended to reduce apolipoprotein A production; and ARO-AMG1, which targets genetically validated cardiovascular pathways. Strategic collaborations are integral to Arrowhead's development efforts. The company holds a licensing and research agreement with Janssen Pharmaceuticals, Inc. for the co-development of ARO-JNJ1, ARO-JNJ2, and ARO-JNJ3, all RNAi therapeutics focused on liver-expressed targets. Additionally, Arrowhead has a licensing and research partnership with Takeda Pharmaceuticals U.S.A., Inc. to develop an RNAi therapeutic candidate specifically for liver disease.
Business History
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -0.01
Total Equity: $466.05M
Shares: 133,758,000
Total Debt: $254.88M
Cash: $226.55M
EBITDA: $164.82M
Total Debt: $254.88M
Cash: $226.55M
Revenue: $829.45M
Shares: 133,758,000
Revenue: $829.45M
Revenue: $829.45M
Revenue: $829.45M
Total Equity: $466.05M
Tax Rate: 41.6%
Equity: $466.05M
Total Debt: $254.88M
Cash: $226.55M
Current Liabilities: $195.49M
Long-Term Debt: $214.88M
Total Debt: $254.88M
Total Equity: $466.05M
Shares: 133,758,000
Shares: 133,758,000
CapEx: -$22.67M
Shares: 133,758,000
Stock Price: $78.89
Net Income: -$1.63M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 21, 2026 7:46pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $138.3M | $243.2M | $240.7M | $3.6M | $829.4M |
| Cost of Revenue | $0 | $10.4M | $12.5M | $18.6M | $0 |
| Gross Profit | $138.3M | $232.8M | $228.2M | -$15.0M | $829.4M |
| Operating Expenses | $279.1M | $411.3M | $433.2M | $586.0M | $731.1M |
| Operating Income | -$149.0M | -$178.5M | -$205.0M | -$601.1M | $98.3M |
| Net Income | -$140.8M | -$176.1M | -$205.3M | -$599.5M | -$1.6M |
| EBITDA | -$132.6M | -$162.3M | -$175.7M | -$561.5M | $164.8M |
| EPS | $-1.36 | $-1.67 | $-1.91 | $-5.00 | $-0.01 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:46pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $184.4M | $108.0M | $110.9M | $102.7M | $226.5M |
| Total Current Assets | $384.6M | $405.3M | $419.5M | $695.5M | $950.6M |
| Total Assets | $710.1M | $691.9M | $765.6M | $1.1B | $1.4B |
| Current Liabilities | $146.5M | $138.9M | $105.5M | $103.2M | $195.5M |
| Long-Term Debt | $0 | $0 | $268.3M | $734.5M | $214.9M |
| Total Liabilities | $301.3M | $273.6M | $478.4M | $948.7M | $881.9M |
| Total Equity | $408.8M | $398.5M | $271.3M | $185.4M | $466.1M |
| Retained Earnings | -$644.7M | -$820.8M | -$1.0B | -$1.6B | -$1.6B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:46pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $171.3M | -$136.1M | -$153.9M | -$462.9M | $179.6M |
| Capital Expenditure | -$23.6M | -$52.8M | -$176.7M | -$141.5M | -$22.7M |
| Free Cash Flow | $147.7M | -$188.9M | -$330.6M | -$604.3M | $156.9M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $40.9M | -$76.4M | $2.9M | -$8.2M | $123.9M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:23pm (10h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$354.1M $165.2M – $567.5M
|
$593.6M $580.0M – $607.3M
|
$864.4M $542.7M – $1.3B
|
$1.6B $1.0B – $2.3B
|
| EBITDA |
-$223.6M -$358.3M – -$104.3M
|
-$374.8M -$383.5M – -$366.2M
|
-$545.8M -$804.2M – -$342.7M
|
-$1.0B -$1.5B – -$631.4M
|
| Net Income |
-$591.6M -$732.5M – -$264.6M
|
-$424.2M -$681.4M – $112.9M
|
-$222.2M -$359.0M – -$114.7M
|
$333.3M $172.1M – $538.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:46pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +75.9% | -1.0% | -98.5% | +23,258.2% |
| Gross Profit Growth | +68.4% | -2.0% | -106.6% | +5,613.5% |
| Operating Income Growth | -19.8% | -14.8% | -193.2% | +116.4% |
| Net Income Growth | -25.0% | -16.6% | -192.0% | +99.7% |
| EBITDA Growth | -22.4% | -8.2% | -219.6% | +129.4% |
Narrative Economics
market-narrative step).