Veppanu Outlicensed - What's Next? Update from 1Q

Research evidence excerpt

Veppanu Outlicensed - What's Next? Update from 1Q

Biotechnology

Arvinas, Inc. (ARVN)

EQUITY RESEARCH Company Update

May 12, 2026

Veppanu Outlicensed - What's Next? Update from 1Q Price: $9.66

Price Target: NA Today (5/12) in conjunction with 1Q earnings, Arvinas and its partner

Rating: Overweight Pfizer (PFE, N, Carter) announced the out-licensing of Veppanu (ER

Key Statistics: PROTAC degrader, approved for 2L+ ESR1-mutant breast cancer) to Rigel

Symbol NSQ: ARVN Pharmaceuticals (RIGL, N, Kristen; her note here) as the commercial

52-Week Range 5.90 - 14.51 partner, leveraging its existing oncology sales force.

Market Cap 623.3

ADV (3 mo) 869,891 ●The deal is modest in economics ($70M upfront, $15M upon transition

Shares Out (M) 64.5 completion, and $320M in potential future milestones) and does not

explicitly include additional clinical development. This likely limits

Research Analysts: upside other than the 2L commercial opportunity. FactSet consensus

Li Watsek of the peak sales of Veppanu is $208M in 2031E. 212-915-1221

Li.Watsek@cantor.com ●Veppanu out-licensing clears the slate for Arvinas to focus on the four

Daniel Bronder, PhD PROTAC clinical programs. 212-610-2433

Daniel.Bronder@cantor.com

In the meantime, Arvinas is quickly advancing four clinical programs,

REV ($M) with a fifth one to enter the clinic in mid-26. We are most interested

FYE Dec 2025A 2026E 2027E in the oncology assets KRAS G12D degrader ARV-806 and BCL6 degrader

1Q $188.8 $15.6A $44.6

Prev - $33.8E $45.2 ARV-393. We believe the LRRK2 program, despite being most advanced,

2Q $22.4 $40.7E $44.9 may face a higher biological risk. Denali's (DNLI, OW, Josh) LRRK2 inhibitor

Prev - $33.9E $46.0 DNL151's Ph2b readout is guided to mid-26. A negative DNL151 readout in

3Q $41.9 $41.1E $45.2