Arvinas

Q2 FY2026 EarningsQ2 FY2026 delivered a massive top-line and bottom-line beat, primarily driven by a $227.3M revenue surge following the landmark FDA approval of VEPPANU (the first-ever PROTAC) and subsequent out-licensing to Rigel. Revenue reached $249.7M vs. $60.7M consensus, while Diluted GAAP EPS of $2.58 significantly outperformed the expected loss of $0.29. With a $567.9M cash position, management extended their runway into H2 2028, significantly de-risking the near-term clinical development of the remaining pipeline.