Arvinas misses earnings expectations in 4Q

New Haven biotech Arvinas Inc. widened its losses in quarter four compared to a year ago, posting a quarterly loss of $41.5 million, or 99 cents a share, as it continued advancing its two cancer drugs through the regulatory approval process.  

During the fourth-quarter of 2019, the company reported losses of $21 million, or 56 cents a share.

The quarterly losses, adjusted for one-time gains and costs, were higher than Wall Street analysts’ forecasted 78 cents a share, according to a consensus of analysts polled by Zacks Investment Research.

For the year, Arvinas posted a net loss of $119.3 million, compared to $70.3 million in 2019.

Arvinas said the increased losses were primarily due to the company’s continued investment in its platform and exploratory program, its two clinical programs in breast and prostate cancer, as well as an increase in general and administrative infrastructure costs. 

The company brought in revenues of $2.2 million for the quarter, related to its licensing deals with Bayer, Pfizer and Genentech. Arvinas does not yet have any commercial products. 

It is typical for biotech startups to operate in the red while investing money in R&D and advancing drug candidates through clinical trials. 

Arvinas said it had $688 million in cash as of Dec. 31, 2020, compared to $280.9 million as of Dec. 31, 2019. The increase was driven mostly by its recent public offering as well as proceeds from two collaborators, the company said.

Arvinas’ stock was trading at $75.56 on Wednesday afternoon after climbing slightly to $79.50 following the release of the results on Monday morning.  

Contact Natalie Missakian at news@newhavenbiz.com