Arrowhead Pharma在2026年第二季度业绩后的模型更新

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

Arrowhead Pharma

Overweight

ARWR, ARWR US

Price (04 Aug 26):$89.59

Model Update Post CY2Q Print

▲Price Target (Dec-27):$100.00

Prior (Dec-26):$95.00

Following the CY2Q release yesterday (note), we update our model for

ARWR. We update our model with the latest CY2Q numbers, cash and share

count. Key changes include breaking out quarterly estimates for 2027 and rolling

the period over, adjusting Redemplo’s trajectory in FCS, refining the launch

timeline for Redemplo to 2Q27, and tweaking our op ex assumptions to be in line

with the latest run rate and mgmt’s commentary. Reflecting the changes, we

establish our Dec-2027 PT of $100 (previously Dec-2026 PT of $95). Reiterate

OW on ARWR.

SMid Biotechnology

Brian Cheng AC

(1-212) 622-0449

Sarah Medeiros, PhD

(1-212) 622-3957

J.P. Morgan Securities LLC

Key Changes (FYE Sep)

Prev

(1.85)

(2.02)

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Cur Δ

(2.45) -32.1%

(2.93) -45.2%

Quarterly Forecasts (FYE Sep)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

(1.39)

2.75

(1.26)

(0.17)

(0.01)

2026E

0.22A

(0.93)A

(1.35)A

(0.35)

(2.45)

2027E

(1.00)

(0.87)

(0.79)

(0.30)

(2.93)

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.