Research · Sep 3, 2026
[ARWR] Arrowhead Pharmaceuticals Thesis 2026: Plozasiran Cardiometabolic Launch Drives RNAi Pipeline Catalysts
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.