Arrowhead Pharmaceuticals Inc：FY3Q26财报：加速SHTG时间线，多重催化剂在前

研报英文原文证据摘录

M

Idea

August 5, 2026 12:25 AM GMT

Arrowhead Pharmaceuticals Inc | North America

Morgan Stanley & Co. LLC

Michael E Ulz

Equity Analyst

FY3Q26 Earnings: Accelerating

SHTG Timelines and Multiple

Catalysts Ahead

Avraham Novick

Research Associate

Rohit Bhasin

Research Associate

Arrowhead Pharmaceuticals Inc (ARWR.O, ARWR US)

Mgt. reviews recent top-line SHTG data, highlighting robust

reductions in pancreatitis, while the announced PRV signals

confidence in Redemplo’s potential. We continue to believe

SHTG represents a multibillion dollar opportunity, and we

reiterate our OW rating.

Key Takeaways

FCS sales inline with expectations (~$2.4M vs. cons: $2.6M); represents around a

doubling of scripts q/q and set stage for SHTG label expansion next year.

Priority review voucher (PRV) has potential to accelerate time to SHTG approval

by shortening FDA review period by 4 months (6mo review vs. 10mo review).

Biotechnology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

Overweight

Attractive

$120.00

$89.59

$12,158

$95.49-15.01

09/25 09/26e 09/27e 09/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

0.40

86.7

0.03

(3.04)

(2.70)

NM

(3.31)

Quarterly EPS ($)

detailed data remain on track to be presented at ESC (Aug 30th).

Quarter

2025

2026e 2026e

Prior Current

Q1

Q2

Q3

Q4

(1.27)

2.87

(1.17)

(0.07)

- 0.45a

- (0.77)a

- (1.20)a

(1.11) (1.23)

upside, including initial data from ARO-DIMER-PA and ARO-MAPT.

Following recent positive data in SHTG unlocking a large market opportunity, in

(4.15)

(4.27)

NM

(2.60)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Comments on robust Ph3 SHASTA 3 and 4 studies limited to top-line results and

Multiple catalysts are expected in September, which could drive additional

(5.10)

(4.82)

NM

(4.30)

2027e 2027e

Prior Current

e = Morgan Stanley Research estimates, a = Actual Company reported data

our view, we reiterate our OW.

FCS launch trends remain favorable.…