ARWRARROWHEAD PHARMACEUTICALS, INC.

Pharmaceutical Preparations

Revenue: $829M; 23258% YoY
Operating margin: 11.9%; 100% YoY
EBITDA: $121M; 121% YoY
Market cap: $8.5B
Employees: 711; $1M revenue each
Net debt / EBITDA: —
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
41% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 80th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$37M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$138M	$243M	$241M	$4M	$829M	23258%
Operating income	−$149M	−$179M	−$205M	−$601M	$98M	116%
Net income	−$141M	−$176M	−$205M	−$599M	−$2M	100%
Operating cash flow	$171M	−$136M	−$154M	−$463M	$180M	139%
Capex	$24M	$53M	$177M	$141M	$23M	84%
Stock-based comp	$77M	$121M	$78M	$74M	$63M	14%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 15, 2025	Sarepta Therapeutics, Inc.	SCHEDULE 13D/A	0.0%	Passive
Feb 14, 2025	Sarepta Therapeutics, Inc.	SCHEDULE 13D	9.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $37M · 64
Net: −$37M

Pay vs performance

No pay-versus-performance disclosure yet.