ARWR · CIK 0000879407
What Arrowhead Pharmaceuticals, Inc. told the SEC could break it.
Arrowhead's disclosures center on a single relationship and a fragile supply chain. Its revenue is heavily concentrated in its Sarepta collaboration, which generated $696.8 million as of September 30, 2025, with remaining recognition contingent on completing the related R&D obligations. On the supply side, it relies on single or limited sources — some materials sole-sourced — for many critical components and manufacturing inputs, with no assurance it can secure alternatives. Trade policy compounds that: the administration's September 2025 plan for up to 100% tariffs on imported branded or patented pharmaceuticals, with uncertainty over whether it reaches active ingredients or clinical-trial materials, poses a material cost and supply risk given its reliance on imported materials.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Sarepta collaboration ($696.8M of revenue)high
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.”
SEC filing →As of 2025
Regulatory & policy
- proposed up-to-100% tariffs on imported branded/patented pharmaceuticalshigh
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.”
SEC filing →As of 2025
Sole-source dependency
- single/sole-source critical components & materialsmedium
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.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“As of September 30, 2025, the Company recorded $ 696.8 million in revenue from Sarepta and $ 6.8 million in accounts receivable.”
Cited →Takeda Pharmaceutical Company Ltd.
“Outside the United States, Takeda received an exclusive license to commercialize fazirsiran and will lead the global commercialization strategy, while the Company will be eligible to receive tiered royalties of 20% to 25% on net sales.”
Cited →
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