DealsAug 4, 2026, 04:16 PM
Arvinas Licenses VEPPANU to Rigel; Q2 Net Income $169.4M
AI Summary
Arvinas entered into a significant license agreement with Rigel Pharmaceuticals for VEPPANU (vepdegestrant), an FDA-approved breast cancer treatment, receiving an upfront payment and potential future milestones and royalties. This deal, along with a $50.0M FDA approval milestone, contributed to a substantial increase in revenue and a swing to profitability. The company reported Q2 2026 net income of $169.4M on revenues of $249.7M, a significant improvement from a net loss in the prior year.
Key Highlights
- Entered Rigel License Agreement for VEPPANU, including $70.0M upfront payment.
- Potential additional payments of $15.0M and up to $320.0M in milestones from Rigel.
- Q2 2026 net income was $169.4M, a significant increase from a $61.2M loss in Q2 2025.
- Total revenue for Q2 2026 surged to $249.7M from $22.4M in Q2 2025.
- Received $50.0M milestone payment for VEPPANU's FDA approval.
- Cash, cash equivalents, and marketable securities totaled $567.9M as of June 30, 2026.
- Pfizer Research Collaboration Agreement concluded, recognizing $3.5M deferred revenue.
- Genentech Agreement will terminate effective August 8, 2026.
Price Impact
More from ARVN