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Arrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. Its pipeline includes Plozasiran to reduce production of apolipoprotein C-III in Phase 3 studies; Zodasiran to reduce production of angiopoietin-like protein 3 in Phase 3 clinical trials; ARO-DIMER-PA, a dual functional RNAi molecule in a Phase 1/2a clinical trials; and ARO-PNPLA3, an investigational RNAi therapeutic in Phase 1 clinical trials. The company also develops ARO-INHBE, to reduce the hepatic expression of the INHBE gene and its secreted gene product, Activin E in Phase 1/2a clinical trials; ARO-ALK7 to silence adipocyte expression of the ACVR1C gene in Phase 1/2a clinical trials; ARO-RAGE to reduce production of the receptor for advanced glycation end products in Phase 1/2a clinical trials; and ARO-MAPT, an investigational RNAi-based therapy. In addition, it is developing ARO-C3 to reduce production of C3 in Phase 1/2a clinical trials; and ARO-CFB to reduce hepatic expression of CFB in a Phase 1/2a clinical trials. The company has collaboration and license Agreements with Glaxosmithkline Intellectual Property (No. 3) Limited; Takeda Pharmaceutical Company Limited; Amgen Inc.; and Sarepta Therapeutics, Inc. Arrowhead Pharmaceuticals, Inc. was founded in 2003 and is headquartered in Pasadena, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $829M | $165M | $-2M | $157M | -0.3% | 23258.2% | -99.7% |
| 2024 | $4M | $-562M | $-599M | $-604M | -323.3% | -98.5% | 192.0% |
| 2023 | $241M | $-176M | $-205M | $-331M | -75.7% | -1.0% | 16.6% |
| 2022 | $243M | $-162M | $-176M | $-189M | -44.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 243.23 | 240.74 | 3.55 | 829.45 |
| Operating Revenue | - | 243.23 | 240.74 | 3.55 | 829.45 |
| Operating Expense | - | 421.74 | 445.74 | 604.63 | 731.10 |
| Research And Development | - | 297.31 | 353.19 | 505.87 | 607.16 |
| Selling General And Administration | - | 124.43 | 90.93 | 96.82 | 121.92 |
| Total Expenses | - | 421.74 | 445.74 | 604.63 | 731.10 |
| Operating Income | - | -178.51 | -205 | -601.08 | 98.35 |
| Total Operating Income As Reported | - | -178.51 | -205 | -601.08 | 98.35 |
| EBITDA | - | -162.29 | -175.67 | -561.51 | 164.82 |
| Normalized EBITDA | - | -162.29 | -175.67 | -561.51 | 164.82 |
| EBIT | - | -172.71 | -188.16 | -580.11 | 140.89 |
| Interest Income | - | 5.03 | 15.30 | 22.72 | 37.29 |
| Interest Expense | - | 0 | 18.33 | 32.35 | 89.36 |
| Net Interest Income | - | 5.03 | -3.03 | -9.63 | -52.07 |
| Other Non Operating Income Expenses | - | 0.76 | 1.54 | -1.75 | 5.26 |
| Other Income Expense | - | 0.76 | 1.54 | -1.75 | 5.26 |
| Interest Income Non Operating | - | 5.03 | 15.30 | 22.72 | 37.29 |
| Interest Expense Non Operating | - | 0 | 18.33 | 32.35 | 89.36 |
| Net Non Operating Interest Income Expense | - | 5.03 | -3.03 | -9.63 | -52.07 |
| Pretax Income | - | -172.71 | -206.49 | -612.46 | 51.53 |
| Tax Provision | - | 3.78 | 2.78 | -2.77 | 21.42 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -176.49 | -209.28 | -609.69 | 30.11 |
| Net Income From Continuing And Discontinued Operation | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Net Income From Continuing Operation Net Minority Interest | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Net Income | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Net Income Common Stockholders | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Net Income Including Noncontrolling Interests | - | -176.49 | -209.28 | -609.69 | 30.11 |
| Normalized Income | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Diluted NI Availto Com Stockholders | - | -176.06 | -205.28 | -599.49 | -1.63 |
| Basic Average Shares | - | 105.96 | 107.31 | 119.78 | 133.76 |
| Diluted Average Shares | - | 105.96 | 107.31 | 119.78 | 133.76 |
| Reconciled Depreciation | - | 10.42 | 12.49 | 18.60 | 23.93 |
| Minority Interests | - | 0.43 | 4 | 10.20 | -31.74 |
| Depreciation Amortization Depletion Income Statement | - | 1.61 | 1.62 | 1.94 | 2.03 |
| Depreciation And Amortization In Income Statement | - | 1.61 | 1.62 | 1.94 | 2.03 |
| General And Administrative Expense | - | 124.43 | 90.93 | 96.82 | 121.92 |
| Other Gand A | - | 124.43 | 24.14 | 28.85 | 59.21 |
| Salaries And Wages | - | 105.17 | 66.80 | 67.97 | 62.70 |
| Total Other Finance Cost | -6.12 | -5.03 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Arrowhead Pharmaceuticals, Inc.this co. | ARWR | $10.6B | -6491.00 | 22.72 | -0.3% | 65.92 |
| BridgeBio Pharma, Inc. | BBIO | $13.2B | -18.19 | -6.32 | 34.7% | -26.38 |
| Axsome Therapeutics, Inc. | AXSM | $11.9B | -65.03 | 134.91 | -207.5% | -70.25 |
| Madrigal Pharmaceuticals, Inc. | MDGL | $11.4B | -39.41 | 18.85 | -47.8% | -43.53 |
| Cytokinetics, Incorporated |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| CYTK |
| $9.8B |
| - |
| - |
| 119.0% |
| - |
| The Ensign Group, Inc. | ENSG | $9.6B | 27.92 | 4.30 | 15.4% | 19.90 |
| ImmunityBio, Inc. | IBRX | $7.6B | -21.73 | -15.26 | 70.2% | -36.08 |
| Nuvalent, Inc. | NUVL | $7.4B | -17.46 | 5.95 | -34.1% | - |
| Praxis Precision Medicines, Inc. | PRAX | $7.4B | -24.34 | 8.41 | -34.5% | -21.54 |
| Peer Median | - | -21.73 | 5.95 | -9.3% | -31.23 | |