ArrowHead Pharma

Q3 FY2026 EarningsQ3 FY26 delivered a significant top-line beat with revenue of $75.3M vs. $44.0M consensus (+71.0%), primarily driven by the $25M Madrigal upfront payment and robust collaboration recognition. Operating loss of -$170.1M was slightly narrower than the -$175.8M expected due to disciplined expense management despite a 33% YoY increase in clinical candidate costs. However, GAAP EPS of -$1.36 missed the -$1.28 consensus, weighed down by non-cash interest expenses related to the Sixth Street credit facility and adjustments in non-controlling interests. Total liquidity remains a primary strength at $1.6B, providing substantial runway for the maturing Phase 3 pipeline.