Arrowhead Pharmaceuticals, Inc.ARWR
NasdaqGS•Healthcare•Biotechnology
Arrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. Its pipeline includes Plozasiran to reduce production of apolipoprotein C-III in Phase 3 studies; Zodasiran to reduce production of angiopoietin-like protein 3 in Phase 3 clinical trials; ARO-DIMER-PA, a dual functional RNAi molecule in a Phase 1/2a clinical trials; and ARO-PNPLA3, an investigational RNAi therapeutic in Phase 1 clinical trials. The company also develops ARO-INHBE, to reduce the hepatic expression of the INHBE gene and its secreted gene product, Activin E in Phase 1/2a clinical trials; ARO-ALK7 to silence adipocyte expression of the ACVR1C gene in Phase 1/2a clinical trials; ARO-RAGE to reduce production of the receptor for advanced glycation end products in Phase 1/2a clinical trials; and ARO-MAPT, an investigational RNAi-based therapy. In addition, it is developing ARO-C3 to reduce production of C3 in Phase 1/2a clinical trials; and ARO-CFB to reduce hepatic expression of CFB in a Phase 1/2a clinical trials. The company has collaboration and license Agreements with Glaxosmithkline Intellectual Property (No. 3) Limited; Takeda Pharmaceutical Company Limited; Amgen Inc.; and Sarepta Therapeutics, Inc. Arrowhead Pharmaceuticals, Inc. was founded in 2003 and is headquartered in Pasadena, California.
Arrowhead Pharmaceuticals, Inc. (ARWR) reported trailing twelve months revenue of $622.01M as of March 2026, a 14.1% increase year-over-year. Quarterly revenue reached $73.74M, reflecting continued top-line momentum.
Arrowhead Pharmaceuticals, Inc. reported a TTM net loss of $300.91M, with quarterly EBITDA of $-135.36M. The operating margin contracted from 70.2% to -191.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-191.6%) and net margin (-180.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 68.3% a year ago, reflecting increased costs or interest expense.
ARWR trades at a P/S of 13.2x. The price-to-book ratio of 13.7x indicates a significant premium over book value.
The company generated $81.88M in free cash flow over the trailing twelve months, a 82.0% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $2.27B in total assets with $681.94M in long-term debt against $598.92M in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -4229300892.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 14.7% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation