ARROWHEAD PHARMACEUTICALS, INC. Q2 FY2026 earnings call

Commercial: Redemptio launch has strong momentum with increasing prescriptions, positive prescriber satisfaction, and progress in payer access. R&D: Pipeline is broad with upcoming clinical readouts including Phase III studies of plazasterine, early data from aerodimer PA and AeroMAP-T, and updates on other programs. Financial: Completed large fundraising, entered license agreement with Madrigal Pharmaceuticals, strong balance sheet with significant cash and investments.

Redemptio was approved by the FDA in November 2025 for reducing triglycerides in adults with FCS. U.S. launch had strong momentum with around 30 new prescriptions weekly and over 400 paid claims since launch. Price set at $45,000 per patient per year. Internationally, received approvals in multiple geographies. Revenue from collaborations included amounts from Sarepta, Novartis, and Vicerna. Net sales from Redemptio were approximately $1 million for the quarter.

Anticipate top-line data release from Phase III Shasta III and IV studies of plazasterine in Q3. Expect early data from Phase I-II study of aerodimer PA in Q3, early data from Phase I-II study of AeroMAP-T around end of Q3 or early Q4. Plan to provide clinical updates on arrow INHBE and arrow ALK7 throughout the second half of the year.

Not explicitly detailed in the provided transcript but references to risks in SEC filings as mentioned in the call.

Q: Regarding Shasta 3 and 4, plan to pool studies and assumptions on pancreatitis.

A: James said plan to pool Shasta 3 and 4, analyze meta-analysis for pancreatitis events, data in Q3.

Q: On NHDB and ALK7 updates, perspective on upcoming readouts.

A: James said inhibiting inhibin E and ALK7 have potential, seen improvements in type 2 diabetic population, look forward to sharing more data.

Q: Interactions with payers after price lowering and impact on gross-to-net.

A: Andy said positive interactions with payers, Dan said not providing guidance on gross-to-net.

Q: Motivations for patients switching to Redempla.

A: Andy said diversity of reasons including efficacy, safety, tolerability.

Q: Perspective on Shasta 3 and 4 AP event rates.

A: James said not giving blow-by-blow details, study on track to complete in Q3.

Q: Data from Biogen's CELIA and strategy for AeroMAP-T.

A: James said hope Biogen data is positive, even if not, can pursue other tauopathies.

Q: Business development strategy on assets.

A: Chris said RNAi is attractive modality, evaluated partnerships for assets.

Q: Rationale for pricing Redempla at premium.

A: Andy said Redempla is best-in-class with attributes like deep knockdown, no contraindications, convenient dosing.

Q: Expectations for aerodimer readout.

A: James said focused on biomarkers and safety, working on development plan.

Q: Capital allocation for PMPLA licensing.

A: Chris said asset returned by Janssen, Medrigal is best partner for MASH population.