ARVN - Quick Take - Rigel announced as Veppanu commercialization partner; timeline in line with expectations

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ARVN - Quick Take - Rigel announced as Veppanu commercialization partner; timeline in line with expectations

Truist Securities

Equity Research Report May 12, 2026

HEALTHCARE: Biotech Arvinas, Inc. (ARVN)

ARVN - Quick Take - Rigel announced as Veppanu Srikripa Devarakonda, Ph.D.

212-303-4173 commercialization partner; timeline in line with expectations

Srikripa.Devarakonda@truist.com

Alexander Xenakis This morning, Arvinas (ARVN, Hold) and Pfizer (PFE, NR) announced that Rigel (RIGL, NR)

212-590-0954 was selected as the commercialization partner for Veppanu. In our view, we think this is

Alexander.Xenakis@truist.com a partnership that makes sense given Rigel's deep expertise in oncology and Veppanu's

inclusion in the NCCN guidelines will help with uptake in the ESR1m, ER+/HER2- breast

Anna Li cancer population. We have yet to update our model to account for the new financials

212-326-6090 of the partnership.

Anna.Li@truist.com

Arvinas and Pfizer will receive an upfront payment of $70 million and an additional $15

million upon successful completion of select development and manufacturing transition

activities, to be distributed evenly between both companies. Arvinas and Pfizer will also

Current Price (May 11, $9.66 be eligible to receive up to $320 million in future development, regulatory, and commercial

2026) milestone payments, as well as tiered royalties on net sales in the mid-teens to mid-20s,

Stock Rating HOLD distributed evenly between Arvinas and Pfizer.

Unchanged Rigel will own global rights with the ability to sublicense to potential partners to further

Price Target $10.00 develop and commercialize Veppanu internationally, where Arvinas and Pfizer will be entitled to a percentage of sublicensing revenue generated outside the U.S. Arvinas and