Arrowhead Pharmaceuticals Reports 2026 Fiscal Year-End Results
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 PRESS RELEASE Nov. 12, 2026 Arrowhead Pharmaceuticals Reports 2026 Fiscal Year-End Results Conference Call and Webcast Today, November 12, 2026, at 4:30 p.m. ET PASADENA, Calif., Nov. 12, 2026 — Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial
How this was made
The 30-second read
Why it matters
The combination of strong financial results, commercial traction for REDEMPLO, and positive Phase 3 data for plozasiran creates a multi‑factor catalyst for the stock.
Market read
New data and regulatory progress could drive ARWR shares higher in the short term and improve long‑term valuation.
What to watch
Potential reimbursement challenges in Europe and competition from other triglyceride‑lowering agents could limit market share.
Arrowhead reports FY2026 net loss attributable of $(724,206) thousand on revenue of $450,817 thousand, against $829,448 thousand a year earlier, as REDEMPLO launches and sHTG filing proceed
The full-year GAAP results show revenue of $450,817 thousand versus $829,448 thousand in the prior year, an operating loss of $(707,171) thousand versus operating income of $98,346 thousand, and diluted EPS of $(5.11) versus $(0.01). Total stockholders' equity fell to $50,313 thousand from $466,052 thousand. The filing reports commercial and regulatory progress but no guidance, and it does not print quarterly results or year-over-year percentage changes.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, FY2026GAAP | $450.8M | – | – |
| Cost of product revenue, FY2026GAAP | $1.80M | – | – |
| Research and development expense, FY2026GAAP | $739.1M | – | – |
| Selling, general and administrative expense, FY2026GAAP | $202.0M | – | – |
| Acquired Priority Review Voucher expense, FY2026GAAP | $215M | – | – |
| Total operating expenses, FY2026GAAP | $1.16B | – | – |
| Operating (loss) income, FY2026GAAP | −$707.2M | – | – |
| Total other expense, FY2026GAAP | −$16.74M | – | – |
| (Loss) income before income tax expense and noncontrolling interest, FY2026GAAP | −$723.9M | – | – |
| Income tax (benefit) expense, FY2026GAAP | −$6.78M | – | – |
| Net loss including noncontrolling interest, FY2026GAAP | −$717.1M | – | – |
| Net income attributable to noncontrolling interest, net of tax, FY2026GAAP | $7.07M | – | – |
| Net loss attributable to Arrowhead Pharmaceuticals, Inc., FY2026GAAP | −$724.2M | – | – |
| Net loss per share attributable to Arrowhead Pharmaceuticals, Inc., diluted, FY2026GAAP | $(5.11) per diluted share | – | – |
| Total cash resources at September 30, 2026GAAP | $1.19B | – | – |
| Total assets at September 30, 2026GAAP | $1.74B | – | – |
| Total liabilities at September 30, 2026GAAP | $1.69B | – | – |
| Total Arrowhead Pharmaceuticals, Inc. stockholders' equity at September 30, 2026GAAP | $50.31M | – | – |
| Credit Facility carrying amount at September 30, 2026GAAP | $195.4M | – | – |
| Convertible notes, net at September 30, 2026GAAP | $683.5M | – | – |
| New to brand REDEMPLO prescriptions, cumulative since launch as of end of fiscal quarterother | 950 | – | – |
| Weekly REDEMPLO prescriptions, approximate, after quarter endother | approximately 50-60 per week | – | – |
Capital returns
- The filing prints no share repurchases and no dividends for FY2026.
- Shares outstanding were printed as 141,290 thousand at September 30, 2026, against 135,702 thousand at September 30, 2025.
What drove it
- The filing states that U.S. REDEMPLO launch in familial chylomicronemia syndrome (FCS) continued to build momentum. New to brand REDEMPLO prescriptions grew by 63% quarter over quarter, per the filing.
- The filing prints 950 cumulative new to brand REDEMPLO prescriptions as of the end of the quarter, with an additional 300 received since quarter end. More than 640 unique practitioners had prescribed REDEMPLO as of quarter end, growing to over 860 since then. The filing states 160 million lives in the U.S. are covered in payer formulary.
- REDEMPLO became available in Germany for FCS following the European Commission's marketing authorization in June 2026. The filing states it is listed in the Lauer-Taxe database and is being prescribed, dispensed and reimbursed in Germany.
- The filing reports UK MHRA marketing authorization for REDEMPLO in adults with FCS, and states NICE issued guidance recommending NHS funding in England and Wales for genetically confirmed FCS in adults under specified conditions.
- The FDA granted plozasiran entry into the STAR pilot program for its sNDA in severe hypertriglyceridemia (sHTG). The company submitted the sNDA and states it is preparing for a potential U.S. launch in sHTG in the second quarter of 2027, pending regulatory review and approval. Per the filing, STAR entry may shorten review to a 6-month Priority Review versus 10 months standard.
- Phase 3 SHASTA-3 and SHASTA-4 studies of plozasiran in sHTG met the primary and all prespecified secondary endpoints, per the filing. Median triglyceride reductions from baseline were 79% and 81%. The filing reports a 78% reduction in adjudicated acute pancreatitis events versus placebo.
- Phase 3 YOSEMITE trial of zodasiran in homozygous familial hypercholesterolemia completed enrollment, with target enrollment increased from 60 to 70 patients. The company anticipates completion in mid-2027.
- The filing prints a $215,000 thousand Acquired Priority Review Voucher line within operating expenses for FY2026, and states Arrowhead retains the PRV it previously purchased.
- Interim ARO-DIMER-PA and ARO-MAPT Phase 1/2a results were presented, per the filing, with the company citing reductions from baseline across the reported cohorts.
Concerns
- Revenue was $450,817 thousand against $829,448 thousand in the prior year, while R&D rose to $739,144 thousand from $607,159 thousand and SG&A rose to $202,045 thousand from $123,943 thousand.
- The operating loss of $(707,171) thousand compares with operating income of $98,346 thousand in the prior year. Net loss attributable to Arrowhead was $(724,206) thousand, or $(5.11) per diluted share.
- Stockholders' equity fell to $50,313 thousand from $466,052 thousand, and total liabilities rose to $1,687,753 thousand from $881,879 thousand.
- The balance sheet shows convertible notes, net of $683,484 thousand at September 30, 2026. The release prints no terms for these notes.
- Deferred revenue rose to $112,985 thousand from $2,399 thousand. The release does not state its source.
- The release states the new credit facility matures in November 2031 and that the company must service its indebtedness and comply with restrictions in its financing agreement, per the safe harbor section.
What to watch
- FDA review of the plozasiran sNDA in sHTG under the STAR pilot program, and the company's planned Q2 2027 U.S. launch timing.
- Continued REDEMPLO prescription growth from the 950 cumulative new to brand prescriptions and weekly run rate of approximately 50-60 per week.
- The Form 10-QT transition report for the three-month period from October 1, 2026 through December 31, 2026, following the change in fiscal year end to December 31.
- YOSEMITE zodasiran completion in mid-2027.
- Use of the $400 million term loan and the $683,484 thousand convertible notes balance, and the level of cash resources of $1,192,983 thousand against operating expenses of $1,157,988 thousand in FY2026.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were $62,735 thousand at September 30, 2026, against $226,548 thousand at September 30, 2025.
- Available-for-sale securities, at fair value, were $1,130,248 thousand at September 30, 2026, against $692,818 thousand at September 30, 2025.
- Total cash resources were $1,192,983 thousand, against $919,366 thousand a year earlier.
- Total liabilities rose to $1,687,753 thousand from $881,879 thousand. The filing lists the liability related to the sale of future royalties at $400,378 thousand (prior year $367,397 thousand), deferred revenue at $112,985 thousand (prior year $2,399 thousand), convertible notes, net at $683,484 thousand (prior year not printed as a figure), and other liabilities at $295,506 thousand (prior year $257,200 thousand).
- The Credit Facility was $195,400 thousand, against $254,883 thousand. The filing states the company refinanced it with a new $400 million senior secured term loan facility from Sixth Street, bearing interest at SOFR plus 5.50% versus an annual rate of 15% on the retired facility, maturing in November 2031. The filing states a $68 million discount was negotiated on the contractual prepayment amount of the retired facility.
- The new facility, per the filing, eliminates the required prepayments or sweeps from certain transactions and reduces prepayment premiums on early payoff.
- Operating cash flow and free cash flow are not printed in the release.
Analysis
Arrowhead reported full-year FY2026 results for the year ended September 30, 2026. Revenue was $450,817 thousand against $829,448 thousand in FY2025. Research and development expense rose to $739,144 thousand from $607,159 thousand, SG&A rose to $202,045 thousand from $123,943 thousand, and the release prints a new $215,000 thousand Acquired Priority Review Voucher line with no prior-year figure. Total operating expenses were $1,157,988 thousand, against $731,102 thousand. The operating result moved to a loss of $(707,171) thousand from operating income of $98,346 thousand, and the net loss attributable to Arrowhead was $(724,206) thousand, or $(5.11) per diluted share, against $(1,631) thousand and $(0.01) a year earlier.
The release gives commercial data for REDEMPLO in FCS in the form of prescription counts, not revenue by product. The filing reports 950 cumulative new to brand prescriptions as of quarter end, 300 more received since, weekly prescriptions of approximately 50-60, and a 63% quarter over quarter increase in new to brand prescriptions. It also reports prescriber counts of more than 640 at quarter end and more than 860 since, and 160 million U.S. lives covered in payer formulary. Geographic milestones include the German availability following the June 2026 EU authorization, UK MHRA authorization, and NICE guidance recommending NHS funding under stated conditions. The filing does not split revenue by product, geography or segment, so the revenue decline cannot be attributed to a specific line from the release.
On the balance sheet, total assets rose to $1,738,257 thousand from $1,385,295 thousand, and total cash resources rose to $1,192,983 thousand from $919,366 thousand. Total liabilities rose to $1,687,753 thousand from $881,879 thousand, and total stockholders' equity fell to $50,313 thousand from $466,052 thousand. The new convertible notes line of $683,484 thousand and the deferred revenue line of $112,985 thousand both appear in the period, and the release prints no terms or source for either. The Credit Facility carrying amount fell to $195,400 thousand from $254,883 thousand. The company states it refinanced this facility with a new $400 million senior secured term loan at SOFR plus 5.50%, replacing a retired facility at an annual rate of 15%, with a negotiated $68 million discount on the prepayment amount and a November 2031 maturity. Per the filing, the new facility eliminates the required sweeps from certain transactions.
The release gives no guidance for FY2027 or any future period, no quarterly results, and no year-over-year percentage changes for the income statement lines. There are no capital returns in the period. The company also announced a change in fiscal year end to December 31 effective January 1, 2027, with a Form 10-QT transition report expected for October 1 through December 31, 2026. On clinical and regulatory matters, the filing reports that the sNDA for plozasiran in sHTG was submitted, that FDA granted STAR pilot entry, and that the company is preparing a potential Q2 2027 U.S. launch pending approval. It also reports SHASTA-3 and SHASTA-4 triglyceride reductions of 79% and 81%, interim ARO-DIMER-PA and ARO-MAPT data, and YOSEMITE enrollment increased to 70 patients with completion expected in mid-2027.
Management, verbatim
Arrowhead has fundamentally changed over the past 12 months. Where there was once a company that relied solely on great scientific promise, there is now a company that is beginning to translate promise into real patient outcomes and the potential for durable shareholder value growth
Christopher Anzalone, Ph.D., President and CEO, Arrowhead Pharmaceuticals
Not in the filing
stated, not guessed- Quarterly (fourth-quarter) revenue, operating expense and net loss figures, which the release does not print as a separate table.
- Year-over-year and sequential percentage changes for revenue, expense, operating loss, net loss and EPS, which are not printed.
- Prior-year values for the Acquired Priority Review Voucher line other than a dash, and the prior-year figure for convertible notes, net.
- Revenue split by product, geography or segment, including REDEMPLO product revenue.
- Operating cash flow, free cash flow and capital expenditures.
- Non-GAAP results and reconciliations.
- Guidance for FY2027, the transition period, or any future period.
- Terms of the convertible notes, including coupon, conversion price and maturity.
- Share repurchases and dividends for FY2026.
- Share price reaction and analyst consensus estimates, which are not in the document.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Arrowhead's FY 2026 filing provides the first public disclosure of its year‑end financials and key clinical milestones.
Ticker impact
Arrowhead Pharmaceuticals disclosed FY 2026 results, pivotal Phase 3 data for plozasiran, FDA STAR program entry and REDEMPLO commercial progress.
likely upward pressure as investors price in new data and potential launch in 2027.
Phase 3 endpoints were met with large triglyceride reductions; FDA STAR entry could accelerate approval, and U.S. commercial launch is planned for Q2 2027.
Market effects
Strengthens outlook for RNAi therapeutics and hypertriglyceridemia treatments, benefiting peers in biotech.
U.S. biotech sector may see modest gains; European markets see limited effect.
Highlights FDA's STAR program as a pathway for accelerated approvals, relevant to global biotech pipelines.
Counterpoint
If the STAR program does not shorten review as expected, the launch could be delayed, tempering upside.
Key entities
- companyArrowhead Pharmaceuticals
NASDAQ‑listed biotech developing RNAi therapeutics.
- regulatorFDA
U.S. agency granting STAR program entry for plozasiran.
