Arrowhead Pharmaceuticals Announces Third Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Arrowhead Pharmaceuticals Announces Third Quarter 2024 Financial Results
Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) has announced its financial results for the third quarter ending June 30, 2024, highlighting significant strides in its research and development initiatives.
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change | Wall Street Estimate (Current) |
|---|---|---|---|---|---|---|
| Total Revenue | $0 | $30.0 million | $15.8 million | -100% | -100% | $52.63 million |
| Earnings Per Share (EPS) | -$1.38 | -$1.05 | -$0.96 | -43.75% | -31.43% | -$0.55 |
Arrowhead reported no revenue for Q3 2024, a stark decline from Q3 2023 and Q2 2024, primarily due to the completion of revenue recognition from major collaborative agreements. The company reported an EPS of -$1.38, missing the consensus estimate of -$0.55, indicating higher-than-expected operational expenditures and lower revenue streams.
Segment Performance
| Segment | Q3 2024 | Q2 2024 | Q3 2023 | Interpretation |
|---|---|---|---|---|
| Research & Development | $139.0 million | $114.4 million | $89.7 million | Increased R&D spending reflects an intensified focus on advancing multiple clinical programs. |
| General & Administrative | $32.0 million | $29.0 million | $26.4 million | Rising G&A costs signal scaling operations and corporate growth. |
Arrowhead's R&D expenditure increased significantly year-over-year by $49.3 million, reflecting the expansion of its pipeline and advancement into mid-to-late-stage clinical trials. General & Administrative expenses also rose, highlighting corporate expansion to support the growing pipeline.
Operational Highlights
| Metric | Q3 2024 | Q2 2024 |
|---|---|---|
| Clinical Trials Initiated | 2 | 1 |
| Milestone Payments Received | $50.0 million from Amgen | $429.3 million net from stock offering |
| Cash & Cash Equivalents | $69.4 million | N/A |
| Available-for-Sale Securities | $367.3 million | N/A |
Commentary from Company Officers
CEO, Dr. Christopher Anzalone, commented: "The successful completion of our major Phase 3 trials and the initiation of new strategic collaborations underscore Arrowhead's commitment to advancing transformative RNAi-based therapeutics. Our clinical progress positions us well for delivering impactful treatments to patients."
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced.
Forward Guidance
Arrowhead Pharmaceuticals did not provide specific forward guidance in this earnings release.
Stock Price Movement
Following the earnings release, Arrowhead's stock experienced a 6.56% increase, reflecting positive investor sentiment on the company's operational progress and future potential.
Overall, while Arrowhead reported a quarter with no new revenue and wider losses than expected, the substantial R&D investments and milestone achievements underscore a focused strategy on long-term growth through innovation in RNAi therapeutics.
