What Arrowhead Pharmaceuticals, Inc. told the SEC could break it.

Arrowhead's revenue is heavily concentrated in its Sarepta collaboration, which generated $696.8 million of revenue as of September 30, 2025; remaining revenue recognition depends on completing the related R&D performance obligations.

“As of September 30, 2025, the Company recorded $ 696.8 million in revenue from Sarepta and $ 6.8 million in accounts receivable.”

In September 2025 the administration announced plans for up to 100% tariffs on imported branded/patented pharmaceutical products, with uncertainty over whether they apply to APIs or bulk drug products used in clinical trials — a material cost/supply risk given Arrowhead's reliance on imported materials.

“in September 2025, the current Presidential Administration announced plans to impose up to 100% tariffs on imported branded or patented pharmaceutical products, subject to certain exceptions.”

Arrowhead relies on single or limited sources for the supply and manufacture of many critical components, and certain critical materials are sole-sourced with no assurance that alternative suppliers can be secured.

“While we are exploring alternative suppliers for certain critical materials, some of which are sole sourced, and there can be no assurance that our efforts will be successful.”