ARROWHEAD PHARMACEUTICALS, INC. Q1 FY2026 earnings call

• Regulatory and Commercial: Received FDA approval for REDEMPLO, launched it in the US, and obtained approvals from Health Canada and China. REDEMPLO is for familial chylomicronemia syndrome (FCS) and reduces triglycerides.
• Pipeline: Cardiometabolic pipeline includes REDEMPLO launch, Phase III for zodasiran in homozygous familial hypercholesterolemia (HoFH), Phase I/II studies for ARO-INHBE, ARO-ALK7, and ARO-DIMER-PA. CNS portfolio has ARO-MAPT in Phase I/II and SRP-1005 partnered with Sarepta.
• Financial Strengthening: Completed licensing deals with Novartis and Sarepta, raised $700 million in convertible senior notes and $230 million in common stock, strengthening the balance sheet.

Net income for the quarter ended December 31, 2025 was $30.8 million ($0.22 per share) on 140.7 million fully diluted weighted average shares outstanding. Revenue totaled $264 million, driven by license and collaboration agreements. Operating expenses increased year-over-year, with R&D and SG&A expenses rising due to clinical trials and commercialization efforts for REDEMPLO.

• 2026 Events: Anticipates Q3 2026 readout for plozasiran Phase III studies, second half 2026 data for ARO-DIMER-PA, ARO-INHBE/ALK7 data, and early ARO-MAPT data.
• Future Opportunities: Potential commercial launches for pipeline in the next 1-3 years, including independent and partner-driven launches.

Comments made during the call contain forward-looking statements subject to numerous risks and uncertainties, as detailed in SEC filings, which could cause actual results to differ from forward-looking statements.

Q: Mike Ulz asked about REDEMPLO patient categories and switch reasons.

A: Andy Davis said the majority are APOC3-naive, with switch due to efficacy and safety.

Q: Maury Raycroft inquired about obesity development path.

A: James Hamilton stated mid-year FDA discussions and IND filing soon.

Q: Andrea Tan asked about ARO-DIMER-PA data expectations.

A: Chris Anzalone said expecting LDL and TG reductions.

Q: Cathy on INHBE/ALK7 pricing.

A: Andy Davis said too early to speculate on pricing.

Q: Prakhar Agrawal on SHASTA-3 AP events.

A: James Hamilton said seeing events, similar to CORE trials.

Q: Jason Gerberry on SHTG pricing.

A: Andy Davis focused on high-risk FCS patients, Chris Anzalone on SHTG market focus.

Q: Patrick Trucchio on ARO-MAPT data.

A: James Hamilton on safety, CSF knockdown in healthy volunteers.

Q: Edward Tenthoff on COGS.

A: Daniel Apel said COGS expensed in R&D initially.

Q: Joseph Thome on ALK7 monotherapy.

A: Chris Anzalone on hypothesis generating, adding monotherapy cohorts.

Q: Mani Foroohar on EAP patients.

A: Andy Davis on majority APOC3-naive, Chris Anzalone on platform expansion.

Q: Madison El-Saadi on REDEMPLO prescriptions.

A: Andy Davis on high-quality prescriptions, Chris Anzalone on early stage