Arvinas, Inc. (ARVN): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the actual business engine of Arvinas, Inc., and honestly, it's a classic, high-stakes platform biotech model, not a traditional drug seller yet. As your analyst, I can tell you their entire structure, based on late 2025 data, is built around their proprietary PROTAC® technology and massive pharma alliances, like the one with Pfizer for vepdegestrant. The near-term action is all about funding the Phase 3 trials; they had a solid $787.6 million cash position on September 30, 2025, which helped cover the $64.7 million in R&D costs that quarter, supplemented by $41.9 million in revenue from those key partnerships. Dive into the nine building blocks below to see precisely how they are managing this cash runway toward that crucial June 5, 2026 PDUFA date.

Arvinas, Inc. (ARVN) - Canvas Business Model: Key Partnerships

You're looking at the external engine driving Arvinas, Inc.'s value proposition, which relies heavily on deep, strategic alliances with established pharmaceutical giants. These partnerships are critical for funding late-stage development and handling the commercial scale-up that a clinical-stage company like Arvinas, Inc. needs to reach patients. As of late 2025, the structure shows a mix of active, evolving, and concluded agreements.

Pfizer Inc. for co-development and co-commercialization of vepdegestrant

The global collaboration with Pfizer Inc., initiated in July 2021, remains central to the commercial strategy for vepdegestrant. Under this arrangement, Arvinas, Inc. and Pfizer equally share worldwide development costs, commercialization expenses, and profits. This sharing of the financial burden is key to advancing a high-stakes asset like vepdegestrant, which has an FDA Prescription Drug User Fee Act (PDUFA) action date set for June 5, 2026.

Joint selection with Pfizer of a third-party commercial partner for vepdegestrant

A significant strategic shift occurred in September 2025 when Arvinas, Inc. and Pfizer announced their plan to jointly select an external third party for the commercialization and potential further development of vepdegestrant. This move suggests a focus on maximizing market penetration upon expected approval. The revenue Arvinas, Inc. recognized from the Vepdegestrant Collaboration Agreement with Pfizer decreased by \$3.1 million in the third quarter ended September 30, 2025.

Collaboration agreements with major pharmaceutical companies like Genentech and Bayer AG

Arvinas, Inc. maintains relationships with other key players, though some have evolved significantly:

• The collaboration agreement with Bayer AG was terminated in August 2024. Revenue from this agreement saw a decrease of \$0.5 million in Q3 2025 as a result of that termination.
• Arvinas, Inc. continues its relationship with Genentech, a member of the Roche Group, which involves a multi-year strategic license agreement expanded in November 2017 to cover additional disease targets.
• The joint venture with Bayer, Oerth Bio, continues to leverage the PROTAC technology for agricultural applications, supported by over \$55 million in committed funding from Bayer.

The financial impact of these major pharma relationships on Arvinas, Inc.'s Q3 2025 revenue of \$41.9 million is clear when looking at the milestones and terminations.

Here's a quick look at the financial flow from these key external relationships for the quarter ended September 30, 2025:

Academic research institutions for early-stage discovery and validation

Arvinas, Inc. works with academic research institutions to broaden and further accelerate its clinical programs by expanding the universe of druggable targets using its PROTAC Discovery Engine. These partnerships help fuel the pipeline beyond the assets currently partnered with large pharma.

Novartis, providing a \$20 million milestone payment in Q3 2025

The Novartis License Agreement provided a significant, non-recurring financial boost in the third quarter of 2025, with Arvinas, Inc. recognizing \$20.0 million upon the achievement of a specified development milestone. To be fair, this was offset by a large revenue decrease of \$76.7 million related to the completion of the technology transfer for luxdegalutamide (ARV-766) to Novartis, which was finalized by December 31, 2024. Still, the company reported cash, cash equivalents, and marketable securities of \$787.6 million as of September 30, 2025, funding operations into H2 2028 per management.

Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Key Activities

Discovery and development of PROTAC® protein degraders

• Harnessing the body's natural protein disposal system for selective degradation of disease-causing proteins.
• Advancing multiple investigational drugs through clinical development programs based on the PROTAC platform.

Execution of late-stage clinical trials (e.g., Phase 3 for vepdegestrant)

The New Drug Application (NDA) for vepdegestrant was accepted by the FDA, setting a PDUFA action date of June 5, 2026. This represents the first NDA submission for a PROTAC degrader.

Advancing a deep pipeline in oncology and neurodegeneration

Arvinas, Inc. is advancing candidates across oncology and neuroscience franchises, with multiple study initiations and data readouts anticipated through the balance of 2025 and into 2026.

• ARV-102 (Parkinson's Disease): Demonstrated greater than 90% reductions of LRRK2 protein in peripheral blood mononuclear cells and greater than 50% reductions in cerebral spinal fluid (CSF), showing brain penetration.
• ARV-806 (KRAS G12D Cancers): Showed approximately 25 times greater in vitro potency than competing KRAS inhibitors.
• ARV-393 (Lymphoma): Early clinical data revealed multiple responses in both B- and T-cell lymphomas.
• ARV-027 (SBMA): Showed 40% to 60% reduction of muscle polyQ-AR in mouse models.

Strategic partnering and out-licensing of PROTAC technology

The company has a global collaboration with Pfizer for vepdegestrant, where costs and profits are shared. Arvinas, Inc. received a $20 million milestone payment from Novartis in Q3 2025 as part of a prior agreement. The company announced a joint decision with Pfizer in September 2025 to select a third party for vepdegestrant commercialization.

Protecting and expanding a global intellectual property portfolio

Ownership structure as of October 2025 reflects institutional and mutual fund backing of the PROTAC technology platform.

The company stated its current cash position is sufficient to fund planned operating expenses into the second half of 2028. Management set a goal for fiscal year 2026 non-GAAP expenses below $300 million, targeting a quarterly run rate spend below $75 million.

Arvinas, Inc. (ARVN) - Canvas Business Model: Key Resources

You're looking at the core assets Arvinas, Inc. (ARVN) relies on to execute its strategy, which is centered on pioneering targeted protein degradation therapies. These resources are what give the company its competitive edge and runway to hit major milestones.

The most immediate, tangible resource is the strong cash position, which management has explicitly stated is sufficient to fund operations into the second half of 2028 based on the current operating plan. This financial buffer is critical for a clinical-stage company.

The company's proprietary technology is the foundation. The Proprietary PROTAC® (PROteolysis TArgeting Chimera) technology platform is what enables the development of a new class of medicines that harness the body's natural disposal system to remove disease-causing proteins. This platform underpins the entire pipeline.

Intellectual property is a major resource, though the latest figures are from prior filings. As of January 30, 2023, the PROTAC product patent portfolio covering AR and ER, along with in-licensed targets, included:

• 20 U.S. issued patents
• 92 granted foreign patents
• 83 pending U.S. patent applications
• 388 pending foreign patent applications

The Specialized R&D scientists and drug development expertise are embodied by the leadership team, which includes accomplished drug hunters. Key scientific and development roles are filled by individuals like the Chief Scientific Officer and the President of Research and Development, who guide the progression of multiple investigational drugs. This expertise is being applied across several key clinical-stage and advancing assets:

• Vepdegestrant (ARV-471): Lead asset, an oral PROTAC estrogen receptor degrader, with an NDA under FDA review.
• ARV-102: LRRK2 degrader for neurodegenerative disorders, with initial human data presented.
• ARV-393: BCL6 degrader for relapsed/refractory non-Hodgkin Lymphoma, with preliminary clinical data expected in the second half of 2025.
• ARV-806: KRAS G12D degrader for mutated cancers, which initiated a Phase 1 clinical trial in 2025.

The collaboration with Pfizer for vepdegestrant is also a critical resource, providing shared development costs and expertise, although the companies are now jointly seeking a third party for commercialization rights, if approved. That potential approval hinges on the June 5, 2026 PDUFA date for vepdegestrant.

Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Arvinas, Inc. (ARVN) is positioned where it is in late 2025. It all centers on their pioneering work in targeted protein degradation (TPD).

Potential for first-ever FDA-approved PROTAC therapy (vepdegestrant)

The primary value driver is vepdegestrant, an investigational, orally bioavailable PROTAC estrogen receptor degrader. The U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA), setting a Prescription Drug User Fee Act (PDUFA) action date for June 5, 2026. This positions it as the most advanced PROTAC candidate globally to potentially become the first on the market. Arvinas and Pfizer, its development collaborator since July 2021, announced in September 2025 plans to jointly select a third party for commercialization to ensure launch readiness before the PDUFA date. The drug has also been granted Fast Track designation by the FDA, underscoring the significant unmet need it addresses.

Targeting and degrading previously 'undruggable' disease-causing proteins

Arvinas, Inc. is a pioneer of PROTAC technology, being the first to move a TPD drug into clinical trials. This technology selectively eliminates target proteins rather than just inhibiting them, a key differentiator. The global targeted protein degradation market itself is projected to grow from USD 0.48 billion in 2025 to USD 9.85 billion by 2035. Vepdegestrant specifically targets the estrogen receptor (ER) in breast cancer, and the broader PROTAC oncology market is forecast to reach $3.7 billion by 2030.

Oral, investigational PROTACs offering a novel mechanism of action

Vepdegestrant offers an oral administration route, a significant convenience factor when compared to the injectable standard of care it was tested against in the Phase 3 trial. The mechanism is degradation, which can overcome acquired resistance to conventional targeted therapies. The company's financial position, with $787.6 million in cash, cash equivalents, and marketable securities as of September 30, 2025, supports advancing these novel assets, providing a runway into the second half of 2028.

Potential for a best-in-class monotherapy in ER+/HER2- breast cancer

The data from the VERITAC-2 Phase 3 trial strongly suggest best-in-class potential for a specific patient subset. The drug was tested against fulvestrant in patients with estrogen receptor positive (ER+)/human epidermal growth factor receptor 2 negative (HER2-) advanced or metastatic breast cancer previously treated with endocrine-based therapy.

Here's a quick look at the key efficacy numbers from that trial:

The improvement in the ESR1-mutated group was statistically significant. Vepdegestrant is anticipated to account for over 34 per cent of the global PROTACs market, potentially generating more than $1.2 billion in sales by 2030.

Developing therapies for high unmet need in oncology and neurology

Arvinas, Inc. is working to address significant unmet needs across multiple serious diseases with its pipeline of degraders. The company reported Q3 2025 revenue of $41.9 million, and its non-GAAP R&D expenses for that quarter were $56.9 million, showing the investment behind these diverse programs. The pipeline includes:

• ARV-102 (LRRK2 degrader for Parkinson's disease): Demonstrated >90% PBMC LRRK2 reduction and >50% CSF reduction with brain penetration in human volunteers.
• ARV-806 (KRAS G12D degrader): Preclinical models showed potency approximately 25x-40x versus competitors with >90% degradation for 7 days.
• ARV-027 (Spinal Bulbar Muscular Atrophy): Preclinical data showed 40-60% muscle polyQ-AR reduction.
• ARV-393 (BCL6 degrader for B-cell lymphomas): An investigational, orally bioavailable PROTAC targeting BCL6.

The company is focused on delivering transformative therapies to patients with limited treatment options. Finance: review Q4 2025 projected cash burn against the 2H 2028 runway estimate by next Tuesday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Customer Relationships

You're managing relationships in a high-stakes biotech environment where the 'customers' are regulators, clinical partners, and capital providers. For Arvinas, Inc., these relationships are intensely strategic, revolving around the success of their novel PROTAC (PROteolysis TArgeting Chimera) platform.

High-touch, long-term strategic management of Big Pharma collaborations

The core of Arvinas, Inc.'s external development relationship is the global collaboration with Pfizer Inc. for vepdegestrant. This partnership, established in July 2021, dictates a shared structure where Arvinas, Inc. and Pfizer share worldwide development costs, commercialization expenses, and profits. This isn't a simple licensing deal; it's a deep, long-term strategic alignment. The relationship is currently evolving, as in September 2025, Arvinas, Inc. and Pfizer announced their plan to jointly select a third party for the commercialization and potential further development of vepdegestrant. This signals a shift in the high-touch management from direct co-commercialization to a joint selection process for the next phase of customer access.

The financial commitment from this relationship is evident in the revenue stream. For the third quarter ended September 30, 2025, revenue related to the Vepdegestrant Collaboration Agreement with Pfizer was $41.9 million. This follows $22.4 million in revenue for the second quarter ended June 30, 2025, and a much larger $188.8 million for the first quarter ended March 31, 2025. This fluctuation reflects the restructuring of the development plan, which saw the removal of two Phase III combination trials in Q1 2025. To be fair, the prior Novartis License Agreement contributed significantly less, with a revenue decrease of $45.6 million in Q2 2025 due to its completion by December 31, 2024.

Key metrics defining the Pfizer relationship:

• Collaboration established: July 2021.
• Profit/Cost sharing: Worldwide.
• Q3 2025 Collaboration Revenue: $41.9 million.
• Development plan change: Removal of two Phase III trials in Q1 2025.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Engagement with the scientific community is managed through the presentation of pivotal clinical data. The relationship with clinical investigators is validated by the data supporting the vepdegestrant New Drug Application (NDA). The Phase 3 VERITAC-2 trial, which compared vepdegestrant to fulvestrant, enrolled 624 patients across 25 countries. The results were presented at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting. Furthermore, Arvinas, Inc. is actively engaging the KOL network by announcing data presentations for vepdegestrant at the 2025 San Antonio Breast Cancer Symposium (SABCS), scheduled for December 9-12, 2025. This ongoing scientific exchange is critical for establishing vepdegestrant as a potential best-in-class treatment.

Beyond vepdegestrant, Arvinas, Inc. maintains relationships with investigators across its pipeline, presenting early-stage findings. For instance, ARV-102, the LRRK2 degrader, showed >90% PBMC LRRK2 reduction and >50% CSF reduction with brain penetration in early studies. The preclinical data for ARV-806, the KRAS G12D degrader, demonstrated >90% degradation for 7 days after a single dose in models.

Regulatory relationship management with the FDA for NDA submission

The relationship with the U.S. Food and Drug Administration (FDA) is currently centered on the vepdegestrant NDA, submitted on June 06, 2025. This submission marks a major milestone, as vepdegestrant is the first PROTAC degrader to reach this stage. The FDA has granted the therapy Fast Track designation, which streamlines the review process and suggests a recognition of the significant unmet need. The formal target action date, or PDUFA date, is set for June 5, 2026. Managing this relationship involves close coordination with Pfizer to address any potential requests for additional information leading up to that date. The company also has other assets under regulatory purview, such as ARV-806, which had a corporate update regarding its review status on November 5, 2025.

Key regulatory milestones for the primary asset:

Investor relations focused on pipeline catalysts and cash runway into 2028

Investor relations for Arvinas, Inc. are focused on demonstrating disciplined capital allocation and clear near-term catalysts to maintain confidence. The most concrete metric here is the cash runway guidance. Management has reaffirmed that cash, cash equivalents, and marketable securities are sufficient to fund planned operating expenses and capital expenditure requirements into the second half of 2028 (2H28). This runway is supported by the cash position as of September 30, 2025, which stood at $787.6 million. This is a significant extension following workforce reductions of approximately one-third completed in the second quarter of 2025 to streamline operations.

The stock market is clearly valuing the pipeline progress. As of November 25, 2025, the stock price was $12.12, resulting in a Market Cap of $755.92 million as of November 26, 2025. Investor focus is now on the next data milestones, such as the SABCS presentations in December 2025, and the outcome of the joint selection process for a vepdegestrant commercialization partner. Institutional Ownership remains high at 94.18% as of late November 2025.

Investor Financial Snapshot (Late 2025):

The CEO transition, announced in Q2 2025, also plays into investor confidence, showing the Board is planning for long-term stability beyond the current leadership. Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Channels

Direct transfer of drug candidates and technology via license agreements

• The Novartis License Agreement resulted in a $20.0 million development milestone recognition in the third quarter of 2025.
• The Bayer Collaboration Agreement was terminated in August 2024.

Global co-development/co-commercialization structure with Pfizer

Arvinas, Inc. and Pfizer Inc. share worldwide development costs, commercialization expenses, and profits for vepdegestrant, stemming from a July 2021 global collaboration agreement. Pfizer's market capitalization as of late 2025 is reported at $142.37 billion.

Clinical trial sites for drug delivery to patients

• The Phase 3 VERITAC-2 clinical trial enrolled 624 patients across 26 countries.
• The Phase 1 First-in-Human study of ARV-393 is currently enrolling adult participants diagnosed with advanced Non-Hodgkin's Lymphoma (NCT06393738).
• The TACTIVE-K study (NCT0620837) is evaluating vepdegestrant with PF-07220060 in people with advanced or metastatic breast cancer.
• Arvinas initiated a Phase 1 clinical trial for ARV-102 in 2025.

Future distribution network through a selected third-party commercial partner

In September 2025, Arvinas and Pfizer announced the plan to jointly select a third party for the commercialization and potential further development of vepdegestrant. The management goal is to have this partner in place before the June 5, 2026 PDUFA date to ensure launch readiness.

Scientific and medical conferences for data dissemination (e.g., SABCS 2025)

• Multiple abstracts on vepdegestrant (ARV-471) were accepted for presentation at the San Antonio Breast Cancer Symposium (SABCS).
• SABCS 2025 is scheduled for December 9-12, 2025 in San Antonio, Texas.
• Presentations include subgroup analyses of the Phase 3 VERITAC-2 trial comparing vepdegestrant versus fulvestrant.
• ctDNA biomarker analyses from a phase 1/2 study were scheduled for presentation on Wednesday, December 10, 2025.

Arvinas, Inc. (ARVN) - Canvas Business Model: Customer Segments

You're looking at the key groups Arvinas, Inc. (ARVN) targets with its pipeline of PROTAC degraders. This isn't about selling widgets; it's about targeting specific, high-need patient populations and partnering with established industry players to bring novel therapies to market. The financial underpinning for this strategy as of the third quarter of 2025 shows cash, cash equivalents, and marketable securities at $787.6 million as of September 30, 2025, which management believes funds operations into the second half of 2028.

The customer segments are defined by the disease state their drug candidates address, and the entity they partner with for commercialization. For instance, the vepdegestrant program is a shared effort, meaning Pfizer is a key B2B customer/partner, while the ultimate end-users are patients with specific breast cancer mutations.

Major pharmaceutical and biotechnology companies (B2B partners)

Arvinas, Inc. (ARVN) engages in significant co-development and co-commercialization agreements, making large pharmaceutical entities a crucial segment for realizing the value of its pipeline assets. The primary example here is the relationship centered on vepdegestrant.

• Pfizer is the existing global collaboration partner for vepdegestrant, sharing worldwide development costs, commercialization expenses, and profits.
• In September 2025, Arvinas and Pfizer announced a plan to jointly select a third party for the commercialization and potential further development of vepdegestrant.

Patients with ER+/HER2- metastatic breast cancer (ESR1-mutated subset)

This segment is the focus for vepdegestrant (ARV-471), an investigational, orally bioavailable PROTAC estrogen receptor degrader. The need here is significant, as evidenced by the FDA granting Fast Track designation.

The market context for this patient group is substantial, though Arvinas, Inc. (ARVN) is focused on the ESR1-mutated subset within it. The total market size in the 7MM (the United States, the EU4, the United Kingdom, and Japan) for HR+/HER2- breast cancer was nearly USD 10 billion in 2023. The US alone accounted for around 211,000 incident cases of HR+/HER2- breast cancer in 2024.

Key clinical data supporting this segment includes:

• Vepdegestrant demonstrated a statistically significant and clinically meaningful improvement in progression free survival (PFS) of 2.9 months compared to fulvestrant in the Phase 3 VERITAC-2 trial for previously treated patients with ESR1-mutated ER+/HER2- advanced or metastatic breast cancer.
• The U.S. Food and Drug Administration (FDA) has set the Prescription Drug User Fee Act (PDUFA) action date for the New Drug Application (NDA) review as June 5, 2026.

Patients with neurodegenerative disorders like Parkinson's disease

ARV-102, an oral, brain-penetrant PROTAC degrader targeting LRRK2, is aimed at patients with Parkinson's disease and progressive supranuclear palsy (PSP). Positive data from the Phase 1 trial in Parkinson's patients is a key driver here.

The Phase 1 trial in Parkinson's disease patients involved 15 patients treated with ARV-102 and 4 patients on placebo.

The pharmacodynamic results show the drug's effect on the target protein:

Arvinas, Inc. (ARVN) plans to initiate a Phase 1b trial in PSP patients in the first half of 2026, pending regulatory feedback. Initial data from the multiple dose cohort in Parkinson's patients is expected in 2026.

Oncologists and specialists treating advanced solid tumors (KRAS G12D)

This segment comprises the treating physicians for patients with advanced cancers featuring the KRAS G12D mutation, such as pancreatic, colorectal, and non-small cell lung cancers. ARV-806, the PROTAC KRAS G12D degrader, is currently in a Phase 1 clinical trial (NCT07023731) for this patient group.

Preclinical data sets the expectation for oncologists:

• ARV-806 demonstrated 25-fold to 40-fold greater in vitro potency versus comparable clinical-stage G12D degraders.
• A single intravenous dose achieved over 90% degradation of KRAS G12D for seven days in a colorectal tumor model.
• The treatment showed tumor volume reductions exceeding 30% in various xenograft models.

Finance: Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Arvinas, Inc. as they push their pipeline forward. The cost structure is heavily weighted toward discovery and development, which is typical for a clinical-stage biotech firm.

Dominantly Research and Development (R&D) expenses represent the largest chunk of operating costs. For the third quarter ended September 30, 2025, GAAP R&D expenses were reported at $64.7 million. This was a decrease from $86.9 million in the same quarter of 2024. The non-GAAP R&D expense for Q3 2025 was $56.9 million.

This R&D spend directly funds clinical trial costs for multiple Phase 1, 2, and 3 programs. The company is actively advancing several investigational drugs, which drives these costs. The programs currently in development include:

• ARV-102, targeting LRRK2 for neurodegenerative disorders.
• ARV-393, targeting BCL6 in relapsed/refractory non-Hodgkin lymphoma (Phase 1).
• ARV-806, targeting mutant KRAS G12D in advanced solid tumors (Phase 1).
• ARV-027, showing benefit in SBMA mice.
• Vepdegestrant (ARV-471), for ER+/HER2- breast cancer, with an NDA accepted and a PDUFA date of June 5, 2026.

General and Administrative (G&A) expenses for Q3 2025 were $21.0 million, a significant reduction from $75.8 million in Q3 2024. The non-GAAP G&A expense for the quarter was $14.6 million. This reduction reflects strategic cost management.

The G&A line item includes costs related to patent prosecution and intellectual property maintenance costs. For instance, the cost for a response to a typical Office Action during prosecution can range between $2,000 and $4,000 per response. Furthermore, Arvinas is responsible for all future costs of filing, prosecution, and maintenance for certain licensed patents from Yale University. The 11.5-year maintenance fee for a large entity patent is now $8,280, following 2025 USPTO fee increases.

The significant reduction in G&A was largely driven by structural changes. The decrease in G&A expenses of $54.8 million year-over-year was primarily due to a $43.4 million decrease from the termination of the laboratory and office space lease in August 2024, and a $7.3 million decrease in personnel and infrastructure costs, which are definitely lower after restructuring. The company has a forward-looking expense goal, planning to maintain a quarterly run rate spend below $75 million and manage annual non-GAAP expenses below $300 million for fiscal year 2026.

Here is a summary of the key reported GAAP expense figures for Q3 2025 compared to the prior year:

Arvinas, Inc. (ARVN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Arvinas, Inc.'s business model as of late 2025. This is where the value from their PROTAC platform translates into dollars, primarily through partnerships rather than direct product sales yet.

The core of Arvinas, Inc.'s current revenue streams comes from collaboration and license revenue from strategic partners. This structure is typical for a clinical-stage biotech, monetizing pipeline assets before they hit the market.

For the third quarter ended September 30, 2025, Arvinas, Inc. reported total revenue of $41.9 million. This quarterly revenue was directly related to the Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer and the separate collaboration and license agreement with Pfizer.

These partnerships also provide crucial non-recurring revenue through milestone payments tied to clinical and regulatory success. For instance, in Q3 2025, Arvinas, Inc. recognized $20.0 million for achieving a development milestone under the terms of the Novartis License Agreement.

To give you a broader picture of the year-to-date performance, the sales for the nine months ended September 30, 2025, totaled $253.1 million, compared to $204.2 million for the same nine-month period in 2024. The Trailing Twelve Months (TTM) Revenue is approximately $0.31 Billion USD.

Here is a look at the key revenue-generating agreements and their structures:

The structure heavily relies on future profit-sharing from co-commercialized products like vepdegestrant. Under the Pfizer collaboration, Arvinas, Inc. is set to share in the profits from commercialization, which will become the primary revenue driver once regulatory approval is secured (PDUFA date is June 5, 2026).

You can see the recent revenue fluctuations driven by the lifecycle of these agreements:

• Q3 2025 Revenue: $41.9 million.
• Q3 2024 Revenue: $102.4 million.
• Revenue decrease in Q3 2025 was primarily due to the completion of the Novartis License and Asset Agreements, which contributed $76.7 million less revenue compared to Q3 2024.
• The Bayer Collaboration Agreement was terminated in August 2024, contributing to revenue changes.

Honestly, the revenue stream is currently lumpy, dependent on upfront payments and milestones, but the long-term potential is tied to the profit split on vepdegestrant. That profit share is the real prize here.