Arrowhead Pharma：早期STARt现已获得PRV；第二季度关键要点

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

04 August 2026

Arrowhead Pharma

An Early STARt Now in Hand with PRV; CY2Q Key

Takes

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ARWR, ARWR US

Price (04 Aug 26):$89.59

SMid Biotechnology

We caught up with mgmt shortly after the 2Q print and company call tonight. The

top takeaway is the acquisition of the PRV for $215mn, which will shorten

Redemplo’s sHTG expansion approval review to 6 mos. We view the update

positively as the PRV narrows the gap from IONS’ head start in the same indication.

We believe the decision will be commercially important, as our checks signal that

new pt starts will likely skew towards Redemplo due to its dosing convenience (see

sHTG KOL replay) when it becomes available. It is also strategic as ARWR races

to capture the low hanging, high risk population. We note that mgmt has already

communicated with the FDA of the intent to use the PVR, which is required

90 days before the filing. Separately, ARWR also intends to request a STAR

application. Reiterate OW on ARWR.

Brian Cheng AC

(1-212) 622-0449

Sarah Medeiros, PhD

(1-212) 622-3957

J.P. Morgan Securities LLC

Heading into full SHASTA presentation at ESC (8/30, 11:30am EST; link), we will

want to further understand the AP event occurrence/breakdown, safety/AE profile

(e.g., liver fat fraction, HbA1c) – note and AP simulator. Mgmt will be hosting an

analyst KOL call on 8/31 at 8am ET. SHASTA-5 remains in place as mgmt

previously highlighted the potential value for EU reimbursement support. Turning

to the FCS launch, Rx growth saw doubling of the Rx volume in CY2Q and steady

20-30 NRx/week (vs. 30 in CY1Q). During the call, mgmt also emphasized the

sequenced scale-up plan of the sales force heading into the sHTG launch. That said,

ARWR plans to expand target universe from ~5K to >20K HCPs, and expects final

onboarding of the field force by YE.

Beyond Redemplo, we continue to view pipeline as increasingly visible and nearterm attention shifting to (1) ARO-DIMER-PA (FiH data expected in Sept;

potential PoC for the dimer platform); (2) ARO-MAPT also has Ph 1 HV data in

Sept, with focus on whether the platform can sufficiently reach the CNS and that

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