Arvinas, Inc. reported net income of $82.9 million for the first quarter ended March 31, 2025, a significant improvement from a net loss of $69.4 million in Q1 2024. Revenue surged to $188.8 million in Q1 2025 from $25.3 million in Q1 2024, primarily due to accelerated recognition of deferred revenue from the Pfizer collaboration.
This revenue increase was an accounting impact resulting from the removal of two planned Phase 3 combination trials for vepdegestrant from the joint development plan with Pfizer. The decision to remove the first-line combination trial with atirmociclib and the second-line combination trial with a CDK4/6 inhibitor was made after reviewing emerging information, the evolving treatment landscape, and long-term capital allocation.
As part of a company-wide cost reduction effort, Arvinas initiated a workforce reduction of approximately one-third across all areas, expecting to incur about $10 million in costs in Q2 2025. These actions, combined with the revised vepdegestrant development plan, are expected to extend the company's cash runway into the second half of 2028.
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