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Jun 30, 2024
Arvinas Q2 2024 Earnings Report
Arvinas reported financial results for the second quarter ended June 30, 2024, and provided a corporate update.
Key Takeaways
Arvinas made significant progress across its portfolio in Q2 2024, highlighted by the upcoming VERITAC-2 Phase 3 trial readout and strategic transaction with Novartis, receiving $150 million upfront and potentially $1.01 billion in milestones and royalties.
Completed enrollment in the study lead-in for the VERITAC-3 Phase 3 trial in the first-line setting.
Continued enrollment globally in multiple clinical trials of vepdegestrant in ER+/HER2- metastatic breast cancer, including the VERITAC-2 Phase 3 trial in the second-line setting.
Received $150 million upon close of ARV-766 license agreement and sale of preclinical AR-V7 program to Novartis.
Strengthened executive team with key appointments and promotions.
Revenue by Segment
Forward Guidance
Arvinas believes its cash, cash equivalents, restricted cash and marketable securities as of June 30, 2024, is sufficient to fund planned operating expenses and capital expenditure requirements into 2027.
Positive Outlook
- Complete enrollment (4Q24) and announce topline data (4Q24/1Q25) for the VERITAC-2 Phase 3 monotherapy clinical trial.
- Evaluate data from the study lead-in of the VERITAC-3 Phase 3 trial to support dose selection for vepdegestrant plus palbociclib in planned Phase 3 combination trials in patients with ER+/HER2- locally advanced or metastatic breast cancer (2H24).
- Present initial safety and pharmacokinetic data from the abemaciclib arm of the ongoing TACTIVE-U trial (2H24).
- Continue enrollment of the ongoing Phase 1b/2 combination umbrella trial evaluating combinations of vepdegestrant with abemaciclib, ribociclib, or samuraciclib (TACTIVE-U).
- Continue enrollment and evaluate preliminary data from the ongoing clinical trial with vepdegestrant plus Pfizer’s novel CDK4 inhibitor atirmociclib (TACTIVE-K) to inform the study design for the planned Phase 3 first line combination trial with either atirmociclib or palbociclib, with planned initiation in 2025.
Challenges Ahead
- Potential delays in clinical trial enrollment and data readout for VERITAC-2.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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