Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 91

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received through June 30, 2025.

9

Changes in the Company's contract balances for the six months ended June 30, 2025 and 2024 were as follows:(dollars in millions)June 30,2025June 30,2024Accounts receivable related to collaborationsBeginning balance$5.7 $— Additions0.1 1.8 Payments received(5.3)— Ending balance$0.5 $1.8 Accounts payable related to collaborationsBeginning balance$5.4 $13.1 Additions29.5 29.2 Payments made(24.8)(26.1)Ending balance$10.1 $16.2 Contract assets: Collaboration contract assetBeginning balance$7.8 $9.4 Additions— 3.0 Amortization(3.7)(1.7)Ending balance$4.1 $10.7 Contract liabilities: Deferred revenueBeginning balance$448.2 $549.2 Additions to collaboration agreements— 130.0 Revenue recognized from balances held at the beginning of the period(211.2)(56.3)Revenue recognized from new collaborations— (23.7)Ending balance$237.0 $599.2 During the six months ended June 30, 2025, the Company updated its estimate to satisfy the performance obligations under the Vepdegestrant (ARV-471) Collaboration Agreement due to the removal of the first-line Phase 3 combination trial with Pfizer’s novel investigational CDK4 inhibitor, atirmociclib, and the removal of the second-line Phase 3 combination trial with a CDK4/6 inhibitor from the development plan. The change in accounting estimate resulted in an increase in revenue of $150.2 million, an increase in operating expenses of $2.6 million, an increase in net income of $147.6 million, and an increase in basic and diluted earnings per share of $2.04 and $2.03, respectively, for the six months ended June 30, 2025.During the six months ended June 30, 2025, the Company also changed