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Jun 30, 2024
Arrowhead Pharmaceuticals Q3 2024 Earnings Report
Arrowhead Pharmaceuticals reported third quarter results, highlighted by clinical progress and strategic financial moves.
Key Takeaways
Arrowhead Pharmaceuticals reported its fiscal year 2024 third quarter results, featuring significant clinical progress with presentations and publications. The company also strengthened its balance sheet through a strategic financing agreement and a milestone payment, focusing on advancing plozasiran towards potential commercialization in 2025.
Plozasiran achieved statistically significant median reductions in triglycerides up to 80% and mean reductions in APOC3 up to 94% at month 10 in the PALISADE study.
Arrowhead initiated pivotal Phase 3 SHASTA-3 and SHASTA-4 studies of plozaisran in patients with severe hypertriglyceridemia.
The company closed a strategic financing agreement with Sixth Street for a $500 million senior secured credit facility.
Arrowhead received a $50 million milestone payment from Royalty Pharma following the completion of enrollment of the Phase 3 OCEAN(a) - Outcomes Trial of olpasiran.
Forward Guidance
Arrowhead Pharmaceuticals is focusing on advancing plozasiran towards potential commercialization in 2025, provided it receives regulatory approval. The company is also expanding innovation across its pipeline of RNAi therapeutics and plans to initiate a Phase 3 cardiovascular outcomes trial called CAPITAN for plozasiran.
Positive Outlook
- Potential commercial launch of plozasiran in 2025.
- Advancing plozasiran into a Phase 3 cardiovascular outcomes trial called CAPITAN.
- Plozasiran demonstrated a favorable safety profile in the PALISADE study.
- ARO-RAGE has shown a favorable safety profile to date.
- The company is expanding innovation across its pipeline of RNAi therapeutics.
Challenges Ahead
- Commercialization of plozasiran is contingent upon regulatory approval.
- The company reported an operating loss of $176.141 million for the quarter.
- The company reported a net loss attributable to Arrowhead Pharmaceuticals, Inc. of $170.793 million.
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