At a glance
Arrowhead Pharmaceuticals Inc is worth $8.50B. Revenue grew 23258.2% to $829.4M in fiscal 2025, at a loss; over 5 years it has grown 56.6% a year. It pays no dividend. The stock returned +52.2% over the past year with dividends reinvested and −1.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.5% in the 2020 crash (S&P 500: 33.7%) and 60.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 42 months after the lows.
The business in plain English
Arrowhead Pharmaceuticals develops medicines that switch off the genes behind a disease. Its drugs use RNA interference (RNAi), a natural process that stops a cell from making a specific protein. The company's TRiM platform attaches targeting molecules that steer each drug to specific tissues. Its annual report for the fiscal year ended September 30, 2025 listed 18 drug candidates in clinical trials, from early Phase 1 to late-stage Phase 3.
Its first product is REDEMPLO (plozasiran). The U.S. Food and Drug Administration approved it in November 2025 for adults with familial chylomicronemia syndrome. In this rare genetic disorder, very high triglycerides, a type of blood fat, can trigger potentially fatal inflammation of the pancreas. Arrowhead sells REDEMPLO through its own commercial team. It is also testing plozasiran in Phase 3 trials for severe hypertriglyceridemia, a far more common condition.
Arrowhead also earns money from partners. Some programs it does not plan to sell on its own, and it licenses the rights to those to companies including Sarepta Therapeutics, Amgen, Takeda, GlaxoSmithKline and Novartis. Sanofi holds the Greater China rights to plozasiran. These deals bring in milestone and royalty payments without the company issuing new shares. REDEMPLO was approved after fiscal 2025 ended, so that year's $829 million of revenue came from partnerships, not drug sales. The 10-K does not split revenue by product or region.
Price history
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ARWR +52.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $75.3M, up 171% from a year earlier, and net income was $-194.3M.
- For fiscal 2025, revenue was $829.4M (+23258.2% year over year; +56.6% a year from FY2020 to FY2025) with a -0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +56.6% good |
|---|---|
| Operating margin | 11.9% watch |
| Free cash flow margin | 18.9% good |
| Return on equity (FY2025) | -0.3% weak |
| Return on assets (FY2025) | -0.1% weak |
| Net cash (cash minus debt) | $919.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $88.0M | $-84.6M | $-107.8M |
| FY2021 | $138.3M | $-140.8M | $147.7M |
| FY2022 | $243.2M | $-176.1M | $-188.9M |
| FY2023 | $240.7M | $-205.3M | $-330.6M |
| FY2024 | $3.6M | $-599.5M | $-604.3M |
| FY2025 | $829.4M | $-1.6M | $156.9M |
Valuation snapshot
| Market value | $8.50B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Arrowhead Pharmaceuticals’s market value went from $115.0M at the end of 2016 to $8.50B on Oct 28, 2026, about 74.0 times as much; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.50B | -5.7% |
| 2025 | $9.02B | +285.8% |
| 2024 | $2.34B | -28.9% |
| 2023 | $3.29B | -23.5% |
| 2022 | $4.30B | -38.0% |
| 2021 | $6.93B | -12.1% |
| 2020 | $7.88B | +29.9% |
| 2019 | $6.07B | +430.0% |
| 2018 | $1.15B | +316.0% |
| 2017 | $275.4M | +139.5% |
| 2016 | $115.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ARWR price data to Oct 28, 2026 | -9.3% | +52.2% | +36.6% | -1.6% | +26.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.3% |
| 2025 | +253.1% |
| 2024 | -38.6% |
| 2023 | -24.6% |
| 2022 | -38.8% |
| 2021 | -13.6% |
| 2020 | +21.0% |
| 2019 | +410.7% |
| 2018 | +237.5% |
| 2017 | +137.4% |
| 2016 | -74.8% |
| 2015 | -16.7% |
| 2014 | -32.0% |
| 2013 | +407.0% |
| 2012 | -48.9% |
| 2011 | -53.2% |
| 2010 | +68.9% |
| 2009 | -42.4% |
| 2008 | -75.7% |
| 2007 | -13.7% |
| 2006 | +3.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 89.3% over that stretch · deepest drop along the way 92.8%, back to its old high 128.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 48.5%, back to its old high 3.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 54.3% over that stretch · deepest drop along the way 60.3%, back to its old high 41.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 50 sales ($23.5M), 44 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 17, 2025 | Christopher Richard Anzalone Chief Executive Officer, Director | sell | $2.9M |
| Dec 29, 2025 | Christopher Richard Anzalone Chief Executive Officer, Director | sell (plan) | $2.4M |
| Dec 17, 2025 | Christopher Richard Anzalone Chief Executive Officer, Director | sell | $2.3M |
| Dec 29, 2025 | Christopher Richard Anzalone Chief Executive Officer, Director | sell (plan) | $1.1M |
| Aug 18, 2026 | Michael S Perry Director | sell | $1.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Jun 30, 2026 |
| Avoro Capital Advisors LLC | 9.64% | Jun 30, 2026 |
| FMR LLC | 5.2% | Mar 31, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.6% | Jun 30, 2025 |
| Vanguard Portfolio Management | 4.53% | Jun 30, 2026 |
ETFs with the most weight in ARWR
| GNOM Global X Genomics & Biotechnology ETF | 3.09% |
| BBC Virtus LifeSci Biotech Clinical Trials ETF | 0.65% |
| WDNA WisdomTree BioRevolution Fund | 0.65% |
| NIXT Research Affiliates Deletions ETF | 0.37% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.36% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.29% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.22% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.18% |
What could go wrong
- Only one approved drug so far. REDEMPLO, approved in November 2025, is Arrowhead's only approved product. Its sales depend on doctors and patients accepting it, and on insurers and government programs paying enough for it. Weaker-than-expected sales could seriously hurt results.
- Most value rests on unproven drug candidates. Arrowhead's prospects depend on 18 candidates in clinical trials. Trials are slow and costly, early success may not repeat, and side effects can block approval. Expanding plozasiran to severe hypertriglyceridemia needs positive Phase 3 results.
- Partner payments are lumpy and outside its control. Milestone and royalty payments depend on partners such as Sarepta, Amgen and Novartis moving their programs forward. Revenue swung from $3.6 million in fiscal 2024 to $829 million in fiscal 2025.
- Ongoing losses and loan restrictions. Arrowhead lost $194 million in the quarter ended June 30, 2026, and expects more losses. Its loan from Sixth Street comes with restrictions, and breaking them could force early repayment. Total debt was $683 million.
- Shareholders diluted by new stock. Shares outstanding rose 35.5% between August 2021 and July 2026. The 10-K warns that future stock sales could substantially dilute existing owners, shrinking their slice of the company.
- Patents, exclusivity and generic competition. Arrowhead's patents may be challenged. Its extra market protection as a rare-disease (orphan) drug may not hold, and regulators could eventually approve generic versions of REDEMPLO. Large drugmakers and other biotechs also compete with Arrowhead.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Other company announcement
For income and retirement investors
Arrowhead pays no dividend, and its annual report says it does not intend to declare one. It also spent nothing on share buybacks from fiscal 2021 through fiscal 2025. Instead, shares outstanding rose 35.5% between August 2021 and July 2026, diluting existing owners. For an income investor, that means no cash payouts. Any return depends entirely on the share price, and the only way to raise cash from the holding is to sell shares.
That price has swung hard. In the 2008 financial crisis the stock fell 92.8% and did not regain its peak until November 2019, more than 10 years later. It dropped 48.5% in the 2020 COVID crash but recovered in about three months. In the 2022 bear market it fell 60.3% and took about 42 months to recover, finally doing so in December 2025. As a single stock, Arrowhead carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
What does Arrowhead Pharmaceuticals do?
Arrowhead develops medicines that silence the genes behind a disease, using RNA interference (RNAi). Its drugs deliver small interfering RNAs (siRNAs). These destroy the messenger RNA a gene produces, so the cell stops making the harmful protein. Each molecule can act hundreds of times, so the effect lasts relatively long. Its first approved drug, REDEMPLO, is used alongside diet to lower triglycerides in adults with familial chylomicronemia syndrome. Its 10-K for the fiscal year ended September 30, 2025 listed 18 candidates in clinical trials.
How does Arrowhead Pharmaceuticals make money?
Arrowhead makes money from partnership deals and, since the drug's November 2025 approval, from sales of REDEMPLO. Some programs it does not plan to sell itself, and it licenses those to partners including Sarepta Therapeutics, Amgen, Takeda, GlaxoSmithKline and Novartis. These partners can owe it milestone and royalty payments. That income is lumpy. Revenue was $3.6 million in the fiscal year ended September 30, 2024, then $829 million in fiscal 2025. Revenue for the quarter ended June 30, 2026 was $75 million, up 171% from a year earlier.
Does Arrowhead Pharmaceuticals pay a dividend?
No. Arrowhead pays no dividend, and its 10-K says it does not intend to declare cash dividends. It also made no share buybacks from fiscal 2021 through fiscal 2025, and its share count rose 35.5% between August 2021 and July 2026. As a drug developer with a history of losses, it puts its money toward developing drugs and launching REDEMPLO. For income investors, any return from ARWR would come only from changes in the share price.
Is Arrowhead Pharmaceuticals profitable?
Not consistently. In the fiscal year ended September 30, 2025, large partnership revenue brought Arrowhead close to break-even. It had a net loss of $1.6 million and free cash flow of $157 million. Free cash flow is the cash left after running and investing in the business. But it lost $599 million the year before, and $194 million in the quarter ended June 30, 2026 alone. Its 10-K said it expected continued losses. On June 30, 2026 it held $1.60 billion in cash and investments against $683 million of debt.
Is Arrowhead stock volatile?
Yes, very. Volatility measures how widely a price swings. As of October 28, 2026, the stock's one-year volatility was 60%. Its beta, a gauge of how much it moves with the market, was 1.56, so it has tended to swing more than the broad market. It gained 253% in 2025 after falling 38.6% in 2024. Over the five years to October 28, 2026, it lost 8% in total. Over its full price history, its deepest drop from a peak was 98.4%.