Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) FY2025 revenue ~$285-330M (+25-45%) with adj. EPS ~-$5.40 to -$6.00 (continued opex investment + Plozasiran commercial launch + selected various aggregate Phase 3 R&D scale-up loss) reflecting continued post-2024 ~$285-330M aggregate Other Revenue (selected primary Sarepta + GSK + Takeda + Royalty Pharma + selected various aggregate licensing + collaboration milestone + selected various aggregate post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 Royalty Pharma synthetic royalty partnership) under continued Founder + President + CEO Christopher Anzalone, PhD since November 2007 (~17-year tenure as Arrowhead Founder + President + CEO). US specialty RNA interference (RNAi) therapeutics biopharmaceutical company. Founded 2003 as Arrowhead Research (predecessor) in Pasadena California (~22-year heritage); selected post-September 2009 NASDAQ IPO; selected post-October 2023 ~$1B+ Sarepta Therapeutics RNAi partnership; selected post-November 2024 ~$500M+ Royalty Pharma synthetic royalty partnership; selected post-November 2007 Christopher Anzalone CEO appointment. Headquartered in Pasadena California; ~600-700+ employees globally with ~$285-330M revenue. One primary business: RNAi therapeutics + licensing + collaboration revenue (~100%). Geographic mix: US ~80%+ + International ~20%. Plozasiran cardiometabolic launch (APOC3 → FCS + sHTG): selected post-November 2025 FDA approval (target FDA action date November 18 2025); selected projected post-2026 ~$50-150M aggregate Plozasiran initial launch revenue; selected projected post-2027 ~$300-500M+ aggregate Plozasiran peak revenue; selected primary FCS + selected various aggregate sHTG cardiometabolic (~3M+ aggregate eligible US patients). RNAi pipeline catalysts: ~5+ aggregate active Phase 3 + Phase 2 RNAi clinical programs (Plozasiran + ARO-INHBE + ARO-ALK7 obesity + ARO-CFB AMD + ARO-MUC5AC pulmonary). Founder + President + CEO Christopher Anzalone, PhD since November 2007 (~17-year tenure); CFO Ken Myszkowski. Capital position: ~$0 dividend (no dividend track post-2009 NASDAQ IPO); minimal opportunistic buybacks; ~$0.40-0.55B aggregate cash + investments balance; ~$120-180M aggregate quarterly cash burn; selected projected post-2027 cash flow break-even; ~140-145M diluted shares; selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration. FY2026 thesis: Plozasiran cardiometabolic launch (post-November 2025 FDA approval) + RNAi pipeline catalysts + selected post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 Royalty Pharma synthetic royalty partnership + selected projected post-2027 cash flow break-even. Risks: Ionis Pharmaceuticals Olezarsen + Novartis + Eli Lilly + Regeneron + Alnylam + Pfizer competition, Phase 3 + Phase 2 readout binary risk, Plozasiran launch slower-than-expected, sustained quarterly cash burn delay break-even.

[ARWR] Arrowhead Pharmaceuticals Thesis 2026: Plozasiran Cardiometabolic Launch Drives RNAi Pipeline Catalysts

Key Takeaways

ARWR FY2025 revenue ~$285-330M (+25-45% YoY) with adj. EPS ~-$5.40 to -$6.00 (continued opex investment + Plozasiran commercial launch + selected various aggregate Phase 3 R&D scale-up loss) reflecting continued post-2024 ~$285-330M aggregate Other Revenue (selected primary Sarepta + GSK + Takeda + Royalty Pharma + selected various aggregate licensing + collaboration milestone + selected various aggregate post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 Royalty Pharma synthetic royalty partnership) under continued Founder + President + CEO Christopher Anzalone, PhD since November 2007 (~17-year tenure as Arrowhead Founder + President + CEO; selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration).
Plozasiran (APOC3 → familial chylomicronemia syndrome (FCS) + selected various aggregate severe hypertriglyceridemia (sHTG) cardiometabolic): selected post-November 2025 FDA approval (target FDA action date November 18 2025); selected projected post-2026 ~$50-150M aggregate Plozasiran initial launch revenue + selected projected post-2027 ~$300-500M+ aggregate Plozasiran peak revenue; selected primary FCS + selected various aggregate sHTG (~3M+ aggregate eligible US patients).
RNAi pipeline catalysts (Cardiometabolic + Pulmonary + selected various): selected continued post-2024 ~5+ aggregate active Phase 3 + Phase 2 RNAi clinical programs (selected primary Plozasiran post-2025 FDA approval + selected various ARO-INHBE + ARO-ALK7 obesity + ARO-CFB age-related macular degeneration + ARO-MUC5AC pulmonary + selected various aggregate post-2024 selected various aggregate Phase 3 + Phase 2 readouts); selected various aggregate ~+50-80% aggregate post-2025 selected various aggregate selected post-2024 selected aggregate ~$1B+ Sarepta + Royalty Pharma + Takeda + selected various aggregate licensing + collaboration revenue.
Capital position + balance sheet: ~$0 dividend (no dividend track post-2009 NASDAQ IPO); minimal opportunistic buybacks; ~$0.40-0.55B aggregate cash + investments balance; selected post-2024 ~$120-180M aggregate quarterly cash burn (selected continued post-2024 commercial + R&D investment); selected projected post-2027 cash flow break-even on continued Plozasiran launch + selected various aggregate Sarepta + Royalty Pharma milestone + selected various aggregate licensing partnership; ~140-145M diluted shares.
FY2026 thesis catalysts: Plozasiran cardiometabolic launch (post-November 2025 FDA approval) + RNAi pipeline catalysts (~5+ aggregate active Phase 3 + Phase 2 programs) + selected post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 Royalty Pharma synthetic royalty partnership + selected projected post-2027 cash flow break-even.

Company Background

Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) is a US specialty RNA interference (RNAi) therapeutics biopharmaceutical company, founded 2003 as Arrowhead Research by Bruce Stewart (predecessor; selected various aggregate post-2007 Christopher Anzalone PhD CEO leadership) in Pasadena California (~22-year heritage; selected pioneer RNAi therapeutics + selected various aggregate Targeted RNAi Molecule (TRiM) platform + GalNAc-conjugated oligonucleotide). Selected post-September 2009 NASDAQ IPO; selected post-2009-2025 selected various aggregate equity raises + cumulative ~$2B+ aggregate equity capital; selected post-November 2007 Christopher Anzalone CEO appointment; selected post-2015 selected various aggregate Targeted RNAi Molecule (TRiM) platform development; selected post-October 2023 ~$1B+ aggregate Sarepta Therapeutics RNAi partnership + selected post-November 2024 ~$500M+ aggregate Royalty Pharma synthetic royalty partnership + selected various aggregate Takeda + GSK aggregate licensing collaborations; HQ Pasadena California; ~600-700+ employees globally; selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration.

ARWR operates 1 primary business: RNAi therapeutics + selected various aggregate licensing + collaboration revenue ~~100% revenue (~~$285-330M — selected primary post-2024 selected various aggregate Sarepta + GSK + Takeda + Royalty Pharma + selected various aggregate licensing + collaboration milestone + selected various aggregate post-October 2023 Sarepta partnership). Geographic mix: US ~~80%+ revenue (~~$230-270M; selected primary US RNAi licensing + collaboration commercial) + International ~~20% (~~$55-65M; selected primary EU + Asia Pacific + selected various aggregate licensing partner royalties).

Capital position: ~$0 dividend (no dividend track post-2009 NASDAQ IPO); minimal opportunistic buybacks; ~$0.40-0.55B aggregate cash + investments balance; ~$120-180M aggregate quarterly cash burn; selected projected post-2027 cash flow break-even; ~140-145M diluted shares.

Plozasiran Cardiometabolic Launch (APOC3 → FCS + sHTG)

The Plozasiran cardiometabolic launch is ARWR's foundation thesis: selected post-November 2025 FDA approval (target FDA action date November 18 2025) + selected projected post-2026 ~$50-150M aggregate Plozasiran initial launch revenue + selected projected post-2027 ~$300-500M+ aggregate Plozasiran peak revenue + selected primary familial chylomicronemia syndrome (FCS) + selected various aggregate severe hypertriglyceridemia (sHTG) cardiometabolic (~3M+ aggregate eligible US patients). Selected primary ARWR Plozasiran platform: ARO-APOC3 (APOC3-targeted RNAi; selected primary FCS + sHTG cardiometabolic) + selected various aggregate ~75-90% aggregate Phase 3 PALISADE FCS + SHASTA-2 + MUIR sHTG triglyceride reduction.

FY2026 Plozasiran dynamics (selected projected post-2026 ~$50-150M aggregate Plozasiran initial launch revenue): selected continued post-November 2025 FDA approval + selected various aggregate ~3M+ aggregate eligible US sHTG patients + selected various aggregate ~3,000-5,000 aggregate eligible US FCS patients + selected various aggregate Plozasiran commercial scale-up + selected various aggregate ~$50-150M aggregate Plozasiran initial launch revenue. Selected post-2025 ~$0.30-0.45 incremental annual EPS contribution (selected continued opex investment + Plozasiran commercial scale-up loss; selected projected post-2027 cash flow break-even).

FY2027 catalyst: continued Plozasiran cardiometabolic launch acceleration + selected continued ~$300-500M+ aggregate Plozasiran peak revenue trajectory + selected various aggregate FCS + sHTG cardiometabolic indication expansion + selected various aggregate ~3M+ aggregate eligible US sHTG patients + selected various aggregate ~3,000-5,000 aggregate eligible US FCS patients. Risks: Ionis Pharmaceuticals Olezarsen (FCS + sHTG) + Novartis + Eli Lilly + Regeneron + selected various aggregate APOC3 + cardiometabolic + selected various aggregate competitive displacement + payer access + Medicare Part D vs commercial reimbursement + selected various aggregate Plozasiran launch slower-than-expected.

RNAi Pipeline Catalysts (Cardiometabolic + Pulmonary + Sarepta Partnership)

The RNAi pipeline catalysts is ARWR's primary growth thesis: selected continued post-2024 ~5+ aggregate active Phase 3 + Phase 2 RNAi clinical programs (selected primary Plozasiran post-2025 FDA approval + selected various ARO-INHBE + ARO-ALK7 obesity + ARO-CFB age-related macular degeneration + ARO-MUC5AC pulmonary + selected various aggregate post-2024 selected various aggregate Phase 3 + Phase 2 readouts) + selected various aggregate ~+50-80% aggregate post-2025 selected various aggregate selected post-2024 selected aggregate ~$1B+ Sarepta + Royalty Pharma + Takeda + selected various aggregate licensing + collaboration revenue.

FY2025 RNAi pipeline + Sarepta + Royalty Pharma dynamics: ~$285-330M aggregate Other Revenue (Sarepta + GSK + Takeda + Royalty Pharma + selected various aggregate licensing + collaboration milestone) + selected continued post-October 2023 ~$1B+ Sarepta Therapeutics RNAi partnership + selected post-November 2024 ~$500M+ Royalty Pharma synthetic royalty partnership + selected various aggregate Takeda + GSK aggregate licensing collaborations + selected various aggregate ~5+ aggregate active Phase 3 + Phase 2 RNAi clinical programs. Selected post-2024 ~$0.10-0.20 incremental annual EPS contribution as RNAi pipeline catalysts + selected various aggregate licensing + collaboration revenue drives incremental margin.

FY2026 catalyst: continued RNAi pipeline catalysts + ~$0.10-0.20 incremental EPS contribution. Selected aggregate ~5+ aggregate active Phase 3 + Phase 2 programs + selected various aggregate ARO-INHBE + ARO-ALK7 obesity + ARO-CFB age-related macular degeneration + ARO-MUC5AC pulmonary + selected various aggregate Phase 3 + Phase 2 readouts. Risks: Alnylam Pharmaceuticals + Ionis Pharmaceuticals + Eli Lilly + Novartis + Regeneron + Pfizer + selected various aggregate RNAi + selected various aggregate competitive displacement + Phase 3 + Phase 2 readout binary risk (selected ~50-70% aggregate Phase 3 success rate base case) + selected post-October 2023 ~$1B+ Sarepta + selected post-November 2024 Royalty Pharma + selected various aggregate licensing + collaboration milestone considerations.

Capital Position + Balance Sheet

Capital position + balance sheet: ~$0 dividend (no dividend track post-2009 NASDAQ IPO) + minimal opportunistic buybacks + ~$0.40-0.55B aggregate cash + investments balance + selected post-2024 ~$120-180M aggregate quarterly cash burn (selected continued post-2024 commercial + R&D investment) + selected projected post-2027 cash flow break-even on continued Plozasiran launch + selected various aggregate Sarepta + Royalty Pharma milestone + selected various aggregate licensing partnership + ~140-145M diluted shares + selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration.

FY2026 catalyst: continued Plozasiran launch acceleration + selected projected post-2027 cash flow break-even + selected potential post-2027 transition to profitability + selected various aggregate ~$1B+ Sarepta + selected post-November 2024 ~$500M+ Royalty Pharma + selected various aggregate licensing + collaboration partnership.

Key Core Metrics

FY2025 revenue ~$285-330M (+25-45% YoY) vs $230M FY2024; adj. EPS ~-$5.40 to -$6.00
1 segment: RNAi therapeutics + selected various aggregate licensing + collaboration revenue ~100%
Geographic mix: US ~80%+ + International ~20%
Plozasiran (post-November 2025 FDA approval target): ~3M+ aggregate eligible US sHTG patients; ~3,000-5,000 aggregate eligible US FCS patients
RNAi pipeline: 5+ aggregate active Phase 3 + Phase 2 clinical programs (Plozasiran + ARO-INHBE + ARO-ALK7 obesity + ARO-CFB AMD + ARO-MUC5AC pulmonary)
Selected post-October 2023 ~$1B+ Sarepta Therapeutics RNAi partnership
Selected post-November 2024 ~$500M+ Royalty Pharma synthetic royalty partnership
~$0.40-0.55B aggregate cash + investments balance
~$120-180M aggregate quarterly cash burn
~140-145M diluted shares; ~$0 dividend (no dividend track post-2009 NASDAQ IPO)
Selected projected post-2027 cash flow break-even
Founder + President + CEO Christopher Anzalone, PhD (since November 2007, ~17-year tenure); CFO Ken Myszkowski
Selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration

Market Evaluation

ARWR trades as a US specialty RNAi therapeutics biopharmaceutical company levered to Plozasiran cardiometabolic launch (post-November 2025 FDA approval) + RNAi pipeline catalysts (~5+ aggregate active Phase 3 + Phase 2 programs) + selected post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 ~$500M+ Royalty Pharma synthetic royalty partnership + selected projected post-2027 cash flow break-even. Bull case: Plozasiran post-November 2025 FDA approval + selected ~$50-150M post-2026 launch revenue + ~$300-500M peak revenue + selected ~5+ aggregate active Phase 3 + Phase 2 programs + selected ~$1B+ Sarepta + ~$500M+ Royalty Pharma partnerships + ~$0.40-0.55B cash drive ~$285-330M revenue FY2026 (+0-15% YoY) + selected projected post-2027 cash flow break-even. Bear case: Ionis Pharmaceuticals Olezarsen (FCS + sHTG) + Novartis + Eli Lilly + Regeneron + Alnylam + selected various aggregate APOC3 + cardiometabolic + RNAi competitive displacement + Phase 3 + Phase 2 readout binary failure + Plozasiran launch slower-than-expected + sustained ~$120-180M aggregate quarterly cash burn delay break-even trigger material EPS compression. Base case: Plozasiran cardiometabolic launch + RNAi pipeline catalysts + selected ~$1B+ Sarepta + ~$500M+ Royalty Pharma partnerships + selected projected post-2027 cash flow break-even support continued ~$285-330M revenue + ~-$5.00 to -$5.50 adj. EPS FY2026.

Plozasiran Cardiometabolic Launch Drives RNAi Pipeline Catalysts Deep Dive

Selected continued post-2024 ~$285-330M aggregate Other Revenue (selected primary Sarepta + GSK + Takeda + Royalty Pharma + selected various aggregate licensing + collaboration milestone + selected various aggregate post-October 2023 ~$1B+ Sarepta partnership + selected post-November 2024 Royalty Pharma synthetic royalty partnership) + selected continued post-November 2025 Plozasiran (APOC3 → FCS + selected various aggregate sHTG cardiometabolic) FDA approval (target FDA action date November 18 2025) + selected projected post-2026 ~$50-150M aggregate Plozasiran initial launch revenue + selected projected post-2027 ~$300-500M+ aggregate Plozasiran peak revenue + selected continued post-2024 ~5+ aggregate active Phase 3 + Phase 2 RNAi clinical programs (selected primary Plozasiran + ARO-INHBE + ARO-ALK7 obesity + ARO-CFB age-related macular degeneration + ARO-MUC5AC pulmonary) + selected continued post-October 2023 ~$1B+ Sarepta Therapeutics RNAi partnership + selected continued post-November 2024 ~$500M+ Royalty Pharma synthetic royalty partnership + selected continued post-2024 ~$0.40-0.55B aggregate cash + investments balance + selected continued post-2024 ~$120-180M aggregate quarterly cash burn + selected projected post-2027 cash flow break-even drive ARWR's primary FY2026 thesis. Founder + President + CEO Christopher Anzalone, PhD (~17-year tenure) leadership continues post-November 2007 CEO appointment focus on Plozasiran cardiometabolic launch + RNAi pipeline catalysts + Sarepta + Royalty Pharma partnership + selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration. Risks: Ionis Pharmaceuticals Olezarsen (FCS + sHTG) + Novartis + Eli Lilly + Regeneron + Alnylam Pharmaceuticals + Pfizer + selected various aggregate APOC3 + cardiometabolic + RNAi + selected various aggregate competitive displacement + Phase 3 + Phase 2 readout binary failure (selected ~50-70% aggregate Phase 3 success rate base case) + Plozasiran launch slower-than-expected + sustained ~$120-180M aggregate quarterly cash burn delay break-even + selected post-October 2023 ~$1B+ Sarepta + selected post-November 2024 Royalty Pharma + selected various aggregate licensing + collaboration milestone considerations + selected ~$60-80M+ aggregate Founder + family + selected various aggregate ownership concentration governance considerations + selected post-November 2007 Christopher Anzalone CEO continuity considerations.