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Ratio Health

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About

Arrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding ARWR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.04M	$65.0M	0.10%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q3 2025

Confident Specific

Management consistently used forward-looking language with specific timelines and milestones (e.g., 'PDUFA date November 18', 'full enrollment achieved in June 2025', 'expect to record revenue of $130 million in the fourth quarter'). They also proactively addressed the Sarepta partnership concern with clear contractual details, reinforcing a tone of control and preparation.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'enormously productive', 'first FDA-approved medicine', 'strong financial position', and gives specific data points (80% TG reduction, 750 patients in Shasta III/IV, $200M milestones). No hedging or defensiveness.

Q1 2026

Confident Specific

Management repeatedly used phrases like 'strong execution', 'historic period', 'exceeded our expectations', and 'very encouraged' while citing specific numbers (e.g., 80% TG reduction, 100+ prescriptions, $1.33B financings).

Q2 2026 latest

Confident Specific

Management repeatedly used phrases like 'strongest footing of our history', 'exceeding our initial expectations', and 'historic time for our company'. They gave specific metrics: 30 new prescriptions per week, >400 total, $45k WAC, and detailed pipeline timelines.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. The REDEMPLO launch is tracking ahead of expectations with accelerating prescriptions and constructive payer feedback, and management's proactive WAC reduction positions the drug for the larger SHTG market. The pipeline has multiple high-impact catalysts in H2 2026 (SHTG data, DIMER, MAPT, obesity) that could unlock substantial value. The balance sheet is now very strong ($1.8B) after the convertible and equity raises, and the Madrigal deal shows disciplined partnering. Key risks to watch: whether SHASTA-3/4 show statistically significant reduction in acute pancreatitis, initial DIMER efficacy/safety data, and ARO-MAPT CNS proof-of-concept. If SHTG data are positive, the commercial opportunity expands ~10x versus FCS alone. Next quarter, focus on prescription growth trajectory, payer coverage decisions, and any early insights on DIMER or MAPT.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED REDEMPLO launch exceeds expectations with 400+ scripts; $1.8B cash; multiple pipeline readouts in H2 2026.

Revenue & Profitability

Net loss for Q2 2026 was $132.7 million, or $0.93 per share, compared to net income of $370.4 million in the prior year quarter which included a large Sarepta transaction. Total revenue was $74 million, consisting of approximately $42 million from Sarepta, $20 million from Novartis upfront recognition, and $11 million from Sanofi/Visirna. Cash and investments totaled nearly $1.8 billion as of March 31, 2026.

Outlook

Not discussed in this earnings call.

Growth Drivers

Commercial growth is driven by the U.S. launch of REDEMPLO in FCS, with over 400 prescriptions written and around 30 new prescriptions per week. Near-term catalysts include Phase III SHASTA-3/4 readouts for severe hypertriglyceridemia (SHTG) expected in Q3 2026, which could support an sNDA before year-end. International expansion includes approvals in Australia, China, Canada, and a positive CHMP opinion for Europe, with launches planned in Canada and select EU countries in 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Not discussed in this earnings call.

Key Risks

Risks include the potential that SHASTA-3/4 may not show a statistically significant reduction in acute pancreatitis events, though management is comfortable with event accumulation. Payer coverage decisions and access for FCS patients remain a risk, but interactions have been positive. Competitor pricing and step-through requirements could affect REDEMPLO's market position. Additionally, the ARO-MAPT program's success depends on tau hypothesis validation, but failure of competitors' MAPT data would not preclude pursuing other tauopathies.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-08-04

Strong phase III results in SHTG and expanding REDEMPLO launch drove revenue growth, with commercial and R&D investments increasing expenses. Priority review voucher acquisition aims to accelerate SHTG approval, while a robust pipeline and global infrastructure support future growth.

Q2 2026 Q2 2026 2026-05-07

REDEMPLO's U.S. launch exceeded expectations, with strong prescription growth and positive payer feedback. Major pipeline milestones are expected in Q3/Q4 2026, and the company is well-funded after significant capital raises and a lucrative licensing deal with Madrigal.

Q1 2026 Q1 2026 2026-02-05

REDEMPLO received first approvals and launched in the U.S. with strong early uptake and positive payer feedback. Financials turned positive on $264M revenue, driven by licensing and milestones, and the balance sheet was significantly strengthened. Multiple late-stage readouts and launches are expected in 2026.

Q4 2025 Q4 2025 2025-11-25

Achieved first FDA approval and launch for Redemplo, driving a shift to commercial stage and supported by strong licensing revenue and cash reserves. Multiple late-stage and early-stage pipeline programs are advancing, with key data readouts and regulatory submissions expected in 2026.

Q3 2025 Q3 2025 2025-08-07

Reported a Q3 net loss of $175.2M with $27.8M in revenue, driven by collaboration income. Advanced four late-stage drug candidates, secured $130M upfront from Sanofi for China rights, and expects further milestone payments, supporting a cash runway into 2028.

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Investment Risk:
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