Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 110

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 110
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 of contingent assets and liabilities in our unaudited condensed consolidated financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions. 

There have been no material changes to our critical accounting estimates from those described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 11, 2025.

31

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

For the Three Months EndedMarch 31,(dollars in millions)20252024$ changeRevenue$188.8 $25.3 $163.5 Research and development expenses(90.8)(84.3)(6.5)General and administrative expenses(26.6)(24.3)(2.3)Other income11.7 14.0 (2.3)Income tax expense(0.2)(0.1)(0.1)Net income (loss)$82.9 $(69.4)$152.3 

Reconciliation of GAAP and Non-GAAP InformationFor the Three Months EndedMarch 31,(dollars and shares in millions, except per share amounts)20252024Research and development reconciliationGAAP research and development expenses$90.8 $84.3 Less: stock-based compensation expense11.5 12.4 Non-GAAP research and development expenses$79.3 $71.9 General and administrative reconciliationGAAP general and administrative expenses$26.6 $24.3 Less: stock-based compensation expense3.5 6.3 Non-GAAP general and administrative expenses$23.1 $18.0 

Revenue

Revenue for the three months ended March 31, 2025 totaled $188.8 million, compared to $25.3 million for the three months ended March 31, 2024. The increase of $163.5 million was primarily due to an increase in revenue from the Vepdegestrant (ARV-471