Reports Q1: All Eyes On Pipeline Now, With Initial BCL6 And KRAS Data In 2026

研报英文原文证据摘录

Reports Q1: All Eyes On Pipeline Now, With Initial BCL6 And KRAS Data In 2026

Biotechnology

Arvinas

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $9.66 (05/11/2026) Reports Q1: All Eyes On Pipeline Now, With

Price Target: NA Initial BCL6 And KRAS Data In 2026

HOLD (2)

ESG SCORE: 59/100

Tyler Van Buren THE TD COWEN INSIGHT

646 562 1343

With Veppanu approved and out-licensed, Arvinas is focused on executing on its early-stage

tyler.vanburen@tdsecurities.com

PROTAC pipeline and the balance sheet remains solid (runway to H2:28). The ARV-102 (LRRK2)

Nicholas Lorusso data at AD/PD was strong, setting up initiations for a Phase Ib and potential pivotal trial in PSP

646 562 1390 this year. Data from ARV-393 (BCL6) and ARV-805 (KRAS G12D) this year will further support

nick.lorusso@tdsecurities.com

the early-stage pipeline.

Sam Rollenhagen

212 468 7785 Veppanu Approved And Out-Licensed To Rigel For US Commercialization

samuel.rollenhagen@tdsecurities.com

The FDA approved Arvinas and Pfizer's Veppanu (vepdegestrant) for ESR1m 2L+ ER+/HER2-

Key Data mBC ahead of the June 5th PDUFA, marking the first approval from Arvinas' PROTAC degrader

Symbol NASDAQ: ARVN

platform (note here).

Beta: 1.80

52-Week Range: $13.83-$6.07 Alongside Pfizer, Arvinas announced that it agreed to license the global rights for Veppanu

to Rigel Pharma. The companies will split all payments 50/50, including the $85MM upfront,Market Cap: $617.9MM

potentially the additional $320MM of milestones, and tiered royalties on net sales (mid-teens

Net Debt (MM): $(676.3)

to mid-20s). Rigel anticipates the transaction will close by mid-June 2026 and that it will be

Cash/Share: $(3.89)

able to launch Veppanu in August or September.

Dil. Shares Out (MM): 70.9