ARVNARVINAS, INC.

Pharmaceutical Preparations

Revenue: $263M; 0.3% YoY
Operating margin: -45.1%; 52% YoY
EBITDA: −$116M; 53% YoY
Market cap: $513M
Employees: 90,000; $3K revenue each
Net debt / EBITDA: —; −$94M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$3K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$513M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$47M	$131M	$79M	$263M	$263M	0.3%
Operating income	−$188M	−$263M	−$402M	−$250M	−$119M	53%
Net income	−$191M	−$283M	−$367M	−$199M	−$81M	59%
Operating cash flow	$559M	−$274M	−$348M	−$259M	−$274M	5.6%
Capex	$5M	$7M	$3M	$2M	$2M	5.6%
Stock-based comp	$57M	$76M	$72M	$88M	$44M	50%
Buybacks	—	—	$0	$0	$92M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 15, 2025	Logos Global Management LP	SCHEDULE 13D/A	13.6%	Active
Aug 22, 2025	Logos Global Management LP	SCHEDULE 13D/A	30.7%	Active
Jun 16, 2025	Logos Global Management LP	SCHEDULE 13D	18.4%	Passive

Insider trading

Open-market buys, 12 mo: $268K · 1
Open-market sells, 12 mo: $1M · 23
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$3M	14	125
FY2024	$13M	$3M	23	93
FY2023	$8M	$6M	48	94
FY2022	$10M	$7M	40	90
FY2021	$13M	$9M	97	100