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Jun 30, 2023
Arvinas Q2 2023 Earnings Report
Arvinas reported second quarter financial results, highlighting advancements in its portfolio and ongoing clinical trials.
Key Takeaways
Arvinas reported Q2 2023 financial results with revenues of $54.5 million and a net loss of $66.6 million. The company's cash, cash equivalents, and marketable securities were $1,044.3 million as of June 30, 2023, which is expected to fund operations into 2026. Clinical trials for vepdegestrant and bavdegalutamide are ongoing, with potential Phase 3 data read-out expected in the second half of 2024.
Initiated the study lead-in of the VERITAC-3 Phase 3 trial of vepdegestrant plus palbociclib as a first-line treatment in patients with ER+/HER2- locally advanced or metastatic breast cancer.
Shared data from the Phase 1/2 dose escalation and expansion trial showing that ARV-766 was well-tolerated and demonstrated promising activity in a heavily pre-treated, post-NHA, all-comers patient population.
Continued enrollment in the VERITAC-2 Phase 3 2L+ clinical trial of vepdegestrant as a monotherapy for the treatment of patients with ER+/HER2- metastatic breast cancer.
Revenues increased by $20.7 million compared to the same period last year, primarily due to an increase in revenue from the Vepdegestrant (ARV-471) Collaboration Agreement.
Forward Guidance
Arvinas anticipates several milestones including presenting additional data from clinical trials, initiating new trials, and completing enrollment in ongoing trials. They expect to submit IND/CTA applications for BCL6 and LRRK2 by year-end 2023.
Positive Outlook
- Present additional data from the Phase 1b combination trial with palbociclib at a medical congress (2H 2023).
- Initiate Phase 1b/2 trial with vepdegestrant plus Pfizer’s CDK4 inhibitor (2H 2023).
- Complete enrollment in VERITAC-2 Phase 3 monotherapy trial in patients with metastatic breast cancer (2H 2024).
- Present updated data, including radiographic progression free survival, from the ongoing Phase 1/2 trial with bavdegalutamide at the European Society for Medical Oncology congress in Madrid (October 2023).
- Submit two investigational new drug (IND)/clinical trial authorization (CTA) applications for the Company’s BCL6 (oncology) and LRRK2 (neuroscience) PROTAC protein degraders by year-end 2023.
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