NASDAQ : ARWR
Arrowhead Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 59.9 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.46B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Arrowhead Pharmaceuticals, Inc. (ARWR) reported revenue of 669.50M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 669.50M | 829.45M | 3.55M | 240.74M | 243.23M | 138.29M |
| Gross Profit | 669.50M | 829.45M | 3.55M | 240.74M | 243.23M | 138.29M |
| Selling, General & Admin | 188.90M | 138.50M | 113.44M | 104.08M | 132.44M | 85.44M |
| Research & Development | 707.04M | 592.60M | 491.19M | 341.66M | 289.30M | 201.88M |
| Operating Expenses | 895.93M | 731.10M | 604.63M | 445.74M | 421.74M | 287.32M |
| Operating Income | -226.44M | 98.35M | -601.08M | -205.00M | -178.51M | -149.04M |
| Interest Expense | -92.61M | -89.36M | -32.35M | -18.33M | ||
| Interest & Investment Income | 52.55M | 37.29M | 22.72M | 15.30M | 5.03M | 6.12M |
| Other Non Operating Income (Expenses) | 4.60M | 5.26M | -1.75M | 1.54M | 765.00K | 2.07M |
| EBT Excluding Unusual Items | -271.08M | 51.53M | -612.46M | -206.49M | -172.71M | -140.85M |
| Gain (Loss) on Sale of Assets | 19.00M | |||||
| Pretax Income | -252.08M | 51.53M | -612.46M | -206.49M | -172.71M | -140.85M |
| Income Tax Expense | 20.05M | 21.42M | -2.77M | 2.78M | 3.79M | 2.00K |
| Earnings From Continuing Operations | -272.13M | 30.11M | -609.69M | -209.28M | -176.49M | -140.85M |
| Minority Interest in Earnings | -47.83M | -31.75M | 10.20M | 4.00M | 431.00K | |
| Net Income | -319.95M | -1.63M | -599.49M | -205.28M | -176.06M | -140.85M |
| Net Income to Common | -319.95M | -1.63M | -599.49M | -205.28M | -176.06M | -140.85M |
| Shares Outstanding (Basic) | 140.47M | 133.76M | 119.78M | 106.75M | 105.43M | 103.75M |
| Shares Outstanding (Diluted) | 140.47M | 133.76M | 119.78M | 106.75M | 105.43M | 103.75M |
| EPS (Basic) | -2.28 | -0.01 | -5.00 | -1.92 | -1.67 | -1.36 |
| EPS (Diluted) | -2.28 | -0.01 | -5.00 | -1.92 | -1.67 | -1.36 |
| Free Cash Flow | -75.11M | 156.89M | -604.32M | -330.63M | -188.91M | 147.75M |
| Free Cash Flow Per Share | -0.54 | 1.17 | -5.04 | -3.10 | -1.79 | 1.42 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | -33.82% | 11.86% | -16,927.06% | -85.16% | -73.39% | -107.77% |
| Profit Margin | -47.79% | -0.20% | -16,882.37% | -85.27% | -72.39% | -101.85% |
| Free Cash Flow Margin | -11.22% | 18.92% | -17,018.31% | -137.34% | -77.67% | 106.84% |
| EBITDA | -200.63M | 122.27M | -582.49M | -192.51M | -168.09M | -140.77M |
| EBITDA Margin | -29.97% | 14.74% | -79.97% | -69.11% | -101.79% | |
| D&A For EBITDA | 25.80M | 23.93M | 18.59M | 12.49M | 10.42M | 8.27M |
| EBIT | -226.44M | 98.35M | -601.08M | -205.00M | -178.51M | -149.04M |
| EBIT Margin | -33.82% | 11.86% | -85.16% | -73.39% | -107.77% | |
| Effective Tax Rate | 41.56% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 50.66M | 224.65M | 99.19M | 102.99M | 100.70M | 184.43M |
| Short-Term Investments | 1.55B | 692.82M | 578.28M | 292.74M | 268.39M | 183.35M |
| Cash & Short-Term Investments | 1.60B | 917.47M | 677.46M | 395.73M | 369.10M | 367.79M |
| Receivables | 18.79M | 6.82M | 1.41M | 10.26M | ||
| Prepaid Expenses | 25.37M | 10.93M | 9.54M | 8.81M | 7.29M | 4.36M |
| Restricted Cash | 4.10M | 1.90M | 3.50M | 7.90M | 7.30M | |
| Other Current Assets | 25.29M | 13.52M | 4.97M | 4.03M | 20.20M | 2.19M |
| Total Current Assets | 1.67B | 950.64M | 695.47M | 416.47M | 405.30M | 384.60M |
| Property, Plant & Equipment | 428.97M | 426.41M | 431.29M | 335.56M | 168.59M | 66.02M |
| Long-Term Investments | 2.20M | 105.87M | 245.59M | |||
| Other Intangible Assets | 5.59M | 6.86M | 8.56M | 10.26M | 11.96M | 13.66M |
| Other Long-Term Assets | 3.85M | 1.39M | 4.48M | 3.26M | 218.00K | 272.00K |
| Total Assets | 2.11B | 1.39B | 1.14B | 765.55M | 691.94M | 710.15M |
| Accounts Payable | 27.78M | 17.67M | 11.39M | 35.87M | 2.87M | 9.46M |
| Accrued Expenses | 106.44M | 96.24M | 80.80M | 43.68M | 59.11M | 23.77M |
| Short-Term Debt | 3.20M | 10.30M | ||||
| Current Portion of Long-Term Debt | 40.00M | 40.00M | ||||
| Current Portion of Leases | 5.32M | 7.29M | 6.34M | 10.56M | 2.78M | 2.25M |
| Current Income Taxes Payable | 20.80M | |||||
| Current Unearned Revenue | 94.60M | 2.40M | 866.00K | 74.10M | 111.06M | |
| Other Current Liabilities | 6.02M | 788.00K | 4.64M | 14.48M | ||
| Total Current Liabilities | 283.35M | 195.49M | 103.17M | 105.46M | 138.85M | 146.54M |
| Long-Term Debt | 1.22B | 582.28M | 734.54M | 268.33M | ||
| Long-Term Leases | 114.30M | 104.11M | 111.03M | 104.61M | 78.80M | 23.30M |
| Long-Term Unearned Revenue | 31.74M | 55.95M | 131.50M | |||
| Total Liabilities | 1.65B | 881.88M | 948.74M | 478.39M | 273.60M | 301.33M |
| Common Stock | 237.00K | 231.00K | 217.00K | 200.00K | 198.00K | 197.00K |
| Additional Paid-In Capital | 2.44B | 2.14B | 1.81B | 1.30B | 1.22B | 1.05B |
| Retained Earnings | -1.92B | -1.63B | -1.63B | -1.03B | -820.75M | -644.69M |
| Treasury Stock | -53.19M | -53.19M | ||||
| Comprehensive Income & Other | -1.23M | 6.44M | 4.75M | -3.22M | -136.00K | -69.00K |
| Total Common Equity | 465.53M | 466.05M | 185.44M | 271.34M | 398.52M | 408.82M |
| Minority Interest | 512.00K | 37.36M | 5.62M | 15.82M | 19.82M | |
| Shareholders' Equity | 466.04M | 503.42M | 191.06M | 287.16M | 418.34M | 408.82M |
| Total Liabilities & Equity | 2.11B | 1.39B | 1.14B | 765.55M | 691.94M | 710.15M |
| Total Debt | 1.38B | 743.98M | 851.91M | 383.50M | 81.58M | 25.55M |
| Net Cash (Debt) | 218.46M | 173.49M | -174.45M | 12.23M | 287.52M | 342.24M |
| Net Cash Per Share | 1.56 | 1.30 | -1.46 | 0.11 | 2.73 | 3.30 |
| Filing Date Shares Outstanding | 141.25M | 135.81M | 124.43M | 107.43M | 106.01M | 104.53M |
| Total Common Shares Outstanding | 141.13M | 135.70M | 124.38M | 107.31M | 105.96M | 104.33M |
| Working Capital | 1.39B | 755.15M | 592.30M | 311.02M | 266.45M | 238.06M |
| Book Value Per Share | 3.30 | 3.43 | 1.49 | 2.53 | 3.76 | 3.92 |
| Tangible Book Value | 459.94M | 459.19M | 176.88M | 261.08M | 386.56M | 395.16M |
| Tangible Book Value Per Share | 3.26 | 3.38 | 1.42 | 2.43 | 3.65 | 3.79 |
| Land | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | |
| Buildings | 254.86M | 251.32M | 75.99M | |||
| Machinery | 102.41M | 88.00M | 71.93M | 58.75M | 40.47M | 29.67M |
| Construction In Progress | 5.81M | 15.94M | 188.73M | 166.66M | 56.37M | 345.00K |
| Leasehold Improvements | 104.46M | 104.42M | 104.41M | 103.81M | 42.02M | 41.52M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -319.95M | -1.63M | -599.49M | -205.28M | -176.06M | -140.85M |
| Depreciation & Amortization | 25.80M | 23.93M | 18.59M | 12.49M | 10.42M | 8.27M |
| Loss (Gain) From Sale of Assets | -19.00M | |||||
| Loss (Gain) From Sale of Investments | 387.00K | 80.00K | 4.43M | -1.71M | ||
| Stock-Based Compensation | 70.00M | 63.37M | 73.97M | 78.13M | 120.89M | 76.67M |
| Other Operating Activities | 130.61M | 112.12M | 18.91M | 12.31M | 2.48M | 266.00K |
| Change in Accounts Receivable | -49.03M | -56.97M | 1.41M | 8.85M | -9.41M | |
| Change in Accounts Payable | -5.40M | 6.29M | -5.54M | 33.00M | -6.59M | 2.63M |
| Change in Unearned Revenue | 103.36M | 2.40M | -866.00K | -129.18M | -112.50M | 223.26M |
| Change in Other Net Operating Assets | -6.44M | 30.05M | 31.49M | 43.23M | 11.95M | 12.19M |
| Operating Cash Flow | -59.05M | 179.55M | -462.85M | -153.89M | -136.13M | 171.31M |
| Capital Expenditures | -16.06M | -22.67M | -141.47M | -176.74M | -52.78M | -23.57M |
| Investment in Securities | -785.67M | -106.63M | -278.60M | 80.58M | 47.36M | -118.11M |
| Investing Cash Flow | -801.72M | -129.29M | -420.07M | -96.16M | -5.42M | -141.68M |
| Short-Term Debt Issued | 10.26M | |||||
| Long-Term Debt Issued | 392.00M | |||||
| Total Debt Issued | 703.16M | 10.26M | 392.00M | |||
| Long-Term Debt Repaid | -201.62M | |||||
| Net Debt Issued (Repaid) | 585.27M | -191.37M | 392.00M | |||
| Issuance of Common Stock | 219.38M | 245.37M | 431.65M | 3.05M | 5.19M | 11.30M |
| Other Financing Activities | -20.46M | 20.00M | 46.87M | 250.00M | 60.00M | |
| Financing Cash Flow | 784.19M | 74.01M | 870.52M | 253.05M | 65.19M | 11.30M |
| Foreign Exchange Rate Adjustments | 1.56M | -401.00K | 4.20M | -122.00K | -67.00K | -88.00K |
| Net Cash Flow | -75.03M | 123.86M | -8.21M | 2.89M | -76.43M | 40.85M |
| Free Cash Flow | -75.11M | 156.89M | -604.32M | -330.63M | -188.91M | 147.75M |
| Free Cash Flow Margin | -11.22% | 18.92% | -17,018.31% | -137.34% | -77.67% | 106.84% |
| Free Cash Flow Per Share | -0.54 | 1.17 | -5.04 | -3.10 | -1.79 | 1.42 |
| Levered Free Cash Flow | -48.63M | 96.15M | -440.13M | -251.42M | -60.64M | 63.00M |
| Unlevered Free Cash Flow | 7.83M | 152.00M | -419.91M | -239.96M | -60.64M | 63.00M |
| Cash Interest Paid | 19.00K | |||||
| Cash Income Tax Paid | 20.69M | -814.00K | 3.74M | 2.00K | 2.00K | |
| Change in Working Capital | 42.49M | -18.23M | 25.09M | -51.55M | -98.29M | 228.66M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.46B | 4.77B | 2.41B | 2.88B | 3.50B | 6.51B |
| Enterprise Value | 8.24B | 4.59B | 2.44B | 2.80B | 3.18B | 6.02B |
| Last Close Price | 59.90 | 34.49 | 19.37 | 26.87 | 33.05 | 62.43 |
| Forward PE | 140.94 | 140.94 | 140.94 | 140.94 | 140.94 | |
| PS Ratio | 12.64 | 5.75 | 678.12 | 11.96 | 14.38 | 47.07 |
| PB Ratio | 18.16 | 9.47 | 12.60 | 10.03 | 8.36 | 15.92 |
| P/TBV Ratio | 18.40 | 10.38 | 13.61 | 11.03 | 9.05 | 16.47 |
| P/FCF Ratio | 30.39 | 44.05 | ||||
| P/OCF Ratio | 26.56 | 37.99 | ||||
| EV/Sales Ratio | 12.31 | 5.53 | 686.02 | 11.63 | 13.09 | 43.51 |
| EV/EBITDA Ratio | 37.52 | |||||
| EV/EBIT Ratio | 46.65 | |||||
| EV/FCF Ratio | 29.25 | 40.72 | ||||
| Debt / Equity Ratio | 2.96 | 1.48 | 4.46 | 1.33 | 0.20 | 0.06 |
| Debt / EBITDA Ratio | 5.36 | |||||
| Debt / FCF Ratio | 4.74 | 0.17 | ||||
| Net Debt / Equity Ratio | -0.47 | -0.34 | 0.91 | -0.04 | -0.69 | -0.84 |
| Net Debt / EBITDA Ratio | 1.09 | -1.42 | -0.30 | 0.06 | 1.71 | 2.43 |
| Net Debt / FCF Ratio | 2.91 | -1.11 | -0.29 | 0.04 | 1.52 | -2.32 |
| Asset Turnover | 0.38 | 0.66 | 0.00 | 0.33 | 0.35 | 0.22 |
| Quick Ratio | 5.71 | 4.73 | 6.57 | 3.75 | 2.67 | 2.58 |
| Current Ratio | 5.90 | 4.86 | 6.74 | 3.95 | 2.92 | 2.62 |
| Return on Equity (ROE) | -55.21% | 8.67% | -254.98% | -59.33% | -42.68% | -32.36% |
| Return on Assets (ROA) | -8.10% | 4.87% | -39.43% | -17.58% | -15.91% | -15.11% |
| Return on Invested Capital (ROIC) | -101.07% | 16.53% | -187.71% | -101.05% | -180.86% | -127.38% |
| Return on Capital Employed (ROCE) | -12.40% | 8.30% | -58.00% | -31.10% | -32.30% | -26.40% |
| Earnings Yield | -3.81% | -0.03% | -24.90% | -7.13% | -5.03% | -2.16% |
| FCF Yield | -0.89% | 3.29% | -25.10% | -11.48% | -5.40% | 2.27% |
| Buyback Yield / Dilution | -7.74% | -11.67% | -12.21% | -1.26% | -1.62% | -3.00% |