Arrowhead Revenue Falls to $450.817 Million, With Diluted Loss of $5.11 Per Share
Key Facts
Arrowhead Pharmaceuticals reported on November 12 results for its fiscal year 2026, ended September 30, posting revenue of $450.817 million. Revenue fell from $829.448 million in the previous fiscal year. The company reported a net loss attributable to it of $724.206 million and a diluted loss of $5.11 per share. In fiscal 2025, diluted loss per share was $0.01. The results put the sharp revenue decline and wider per-share loss at the forefront of the company's financials, alongside the progress of its commercial launch and drug programs.
Research and development expenses totaled $739.144 million during the fiscal year, while general, administrative and selling expenses reached $202.045 million. Operating expenses included an acquired priority review voucher valued at $215 million. On liquidity, the company's cash resources, including cash and available-for-sale securities, totaled $1.193 billion on September 30, 2026. Cash resources were $919.366 million on the same date in 2025. These figures show the scale of research spending and resources available at fiscal year-end, as the company recorded a substantial net loss.
Commercially, the company said new prescriptions for REDEMPLO rose 63% quarter over quarter. It added that 160 million people in the United States were covered by payer coverage lists. Prescription growth and broader coverage are part of the company's tracking of the product's market performance, alongside its annual results. In its plozasiran program, Arrowhead said the SHASTA-3 and SHASTA-4 studies met their primary endpoint. The studies recorded median reductions in triglycerides from baseline of 79% and 81%, respectively.
The company said plozasiran reduced the rate of all adjudicated acute pancreatitis events by 78% compared with placebo. On the regulatory front, it said the U.S. Food and Drug Administration granted the drug's supplemental application entry into the STAR program for treatment of severe hypertriglyceridemia. The company said an application accepted into the program qualifies for a 6-month priority review, compared with a standard review lasting 10 months. Arrowhead is preparing for a potential U.S. launch of the drug in the second quarter of 2027. That timing remains conditional on completion of the regulatory filing and review and receipt of approval.
In the YOSEMITE trial, the company expects the study to be completed in mid-2027. It said the trial was initially designed to enroll 60 participants, before the target was increased to 70 patients. The expected completion date marks a later milestone in its clinical program, while the timing of a potential plozasiran launch is tied to its regulatory path. Chief Executive Christopher Anzalone said the company is entering 2027, in his words, "with the strongest mix in its history of near-term commercial opportunities and scientific capabilities." The statement presents management's view of the next phase, as commercial growth coincides with trial progress and regulatory review.
The company announced a change to its fiscal year-end from September 30 to December 31, effective January 1, 2027. It expects to file a transition report covering the period from October 1 to December 31, 2026. It also scheduled a call to discuss results for November 12, 2026, at 4:30 p.m. Eastern Time. In financing, it said the new facility matures in November 2031. It added that the new financing eliminates mandatory partial repayment tied to proceeds from certain transactions and commercial revenue.
The company's stock, which trades under the ticker ARWR, closed at $49.36 on November 11, 2026. The closing price was from the session before the fiscal-year results were announced on November 12. The company's next-stage outlook links REDEMPLO's commercial trajectory, review of the plozasiran application and a potential U.S. launch in the second quarter of 2027. It also expects the YOSEMITE trial to be completed in the middle of that year. The application and launch timelines remain subject to completion of regulatory procedures, review and approval.