1Q26 Earnings & Investor Dinner Takeaways: Partnership Brings Vepdegestrant Chapter to a Close. Time to Focus on the Rest of the Pipeline. Increase PT to $18 from $16.

研报英文原文证据摘录

1Q26 Earnings & Investor Dinner Takeaways: Partnership Brings Vepdegestrant Chapter to a Close. Time to Focus on the Rest of the Pipeline. Increase PT to $18 from $16.

Investment Thesis

We view Arvinas as a pioneer and leader in the field of targeted protein degraders for oncology and other indications. The

company’s lead program, vepdegestrant, is a potent ER degrader being developed for ER+/HER2- breast cancer which we see as

having best-in-class potential among SERDs with partner Pfizer (PFE, Not Rated) providing key commercial leverage. ARV-766 is

an androgen receptor degrader partnered with Novartis (NVS, Not Rated) that has the ability to prevent resistance and extend

durability in prostate cancer relative to AR inhibitors. We see degraders having an advantage over antibodies or silencer therapies

in neuroscience indications, and view the LRRK2 program and other neuroscience programs in development and high-risk/high-

reward opportunities currently not reflected in the stock.BIOTECHNOLOGY

Upcoming Catalysts Price Performance

■ Interim data from Ph 1 study of ARV-393 in B cell lymphoma: 2H26 $15

■ Ph 1b initiation in PSP pts for ARV-102: 2Q26 $14

$13EQUITY ■ KRASG12D degrader clinical data: 2026 $12

$11

$10

$9

$8

Base Case Assumptions: $18 Price Target $7

$6RESEARCH ■ We model VEPPANU US launch in 2026 in 2L+ ER+/HER2- ESR1m BC and EU launch $5

in 2028, with peak penetration of 20% in the US and 10% in the EU. We model an Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 18% royalty and 50% split with PFE to Arvinas on royalties.

ARVN

■ We model approval of ARV-766 for 3L+ mCRPC with AR ligand binding mutations in S&P 500 (rebased)

the US and EU in 2027 with peak penetration of 30% in the US and 10% in the EU Source: FactSet