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Drug manufacturers · Healthcare · Fiscal year ends Sep 30
Arrowhead Pharmaceuticals reported revenue of $829M in the fiscal year ended Sep 2025, up 23258.2% from the year before. Operating income was $98M, an operating margin of 11.9%, and net income was −$2M. Operating cash flow of $180M less capital expenditure of $23M left free cash flow of $157M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 138 | 243 | 241 | 3.6 | 829 |
| Research & development | 206 | 297 | 353 | 506 | 607 |
| Operating income | −149 | −179 | −205 | −601 | 98.3 |
| Interest expense | 0.0 | 0.0 | 18.3 | 32.4 | 89.4 |
| Pre-tax income | −141 | −173 | −206 | −612 | 51.5 |
| Income tax | 0.0 | 3.8 | 2.8 | −2.8 | 21.4 |
| Net income | −141 | −176 | −205 | −599 | −1.6 |
| Diluted EPS | −1.36 | −1.67 | −1.92 | −5.00 | −0.01 |
| Diluted shares | 104 | 105 | 107 | 120 | 134 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 184 | 108 | 111 | 103 | 227 |
| Receivables | 10.3 | 1.4 | 0.0 | 0.0 | 6.8 |
| Current assets | 385 | 405 | 416 | 695 | 951 |
| Net PP&E | 48.7 | 110 | 290 | 386 | 383 |
| Total assets | 710 | 692 | 766 | 1,140 | 1,385 |
| Payables | 9.5 | 2.9 | 35.9 | 11.4 | 17.7 |
| Deferred revenue | 111 | 74.1 | 0.9 | 0.0 | 2.4 |
| Current liabilities | 147 | 139 | 105 | 103 | 195 |
| Total liabilities | 301 | 274 | 478 | 949 | 882 |
| Shareholders' equity | 409 | 399 | 271 | 185 | 466 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 171 | −136 | −154 | −463 | 180 |
| Capital expenditure | 23.6 | 52.8 | 177 | 141 | 22.7 |
| Free cash flow | 148 | −189 | −331 | −604 | 157 |
| Depreciation & amortisation | 6.6 | 8.7 | 10.7 | 16.9 | 22.2 |
| Stock-based compensation | 76.7 | 121 | 78.1 | 74.0 | 63.4 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 75.9% | −1.0% | −98.5% | 23258.2% |
| Operating margin | −107.8% | −73.4% | −85.2% | −16927.1% | 11.9% |
| Net margin | −101.9% | −72.4% | −85.3% | −16882.4% | −0.2% |
| Return on equityBlank when equity is negative | −34.5% | −44.2% | −75.7% | −323.3% | −0.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −26.4% | −32.3% | −31.1% | −58.0% | 8.3% |
| Free cash flow margin | 106.8% | −77.7% | −137.3% | −17018.3% | 18.9% |
| Cash conversion (CFO ÷ net income) | −1.22x | 0.77x | 0.75x | 0.77x | −110x |
| Receivable days | 27 | 2 | 0 | 0 | 3 |
| Interest cover | – | – | −11.2x | −18.6x | 1.10x |
| Current ratio | 2.62x | 2.92x | 3.95x | 6.74x | 4.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.