Research Reports

Key takeaways

Revenue fell 86% YoY to $73.7M as the prior-year Sarepta upfront payment did not repeat.

Operating loss of $141.3M vs. $381.2M income last year, driven by lower revenue and higher expenses.

Net loss of $132.7M compared to net income of $370.4M in the prior year, with diluted EPS of ($0.93) versus $2.75.

Management expects sufficient liquidity to fund operations for at least the next twelve months, despite ongoing cash burn.

Full analysis

Results of Operations

Revenue

Revenue for the three months ended March 31, 2026 was $73.7 million, compared to $542.7 million for the same period in 2025, a decrease of 86.4%. The decline was primarily due to the absence of the upfront payment from the Sarepta collaboration recognized in the prior year.

Operating Expenses

Operating Income (Loss)

Operating loss was $141.3 million for the three months ended March 31, 2026, compared to operating income of $381.2 million in the prior year. The change was driven by the significant decrease in revenue and the increase in operating expenses.

Net Income (Loss) and Earnings Per Share

Net loss was $132.7 million, or ($0.93) per diluted share, compared to net income of $370.4 million, or $2.75 per diluted share, in the prior year.

ARWR · Arrowhead Pharmaceuticals, Inc.

Summary