Arrowhead Pharmaceuticals Inc. (ARWR) put up an impressive performance Wednesday, with shares climbing over 23% after the company delivered fourth-quarter results that handily beat Wall Street expectations.

The Numbers Tell the Story

Arrowhead reported an adjusted loss of 18 cents per share, beating the consensus estimate calling for a 29-cent loss. More impressively, revenue came in at $256.47 million, crushing analyst expectations of $175.86 million.

But the real story here isn't just about beating estimates. It's about the string of major wins the company racked up during the fiscal year.

A Breakthrough Year

The company landed FDA approval for REDEMPLO, marking its first commercial medicine and the first FDA-approved siRNA therapy for adults with familial chylomicronemia syndrome. Patients can self-administer the treatment at home, and Phase 3 trials showed an 80% reduction in triglycerides.

On the deal front, Arrowhead struck a global licensing and collaboration agreement with Novartis for ARO-SNCA, pulling in a $200 million upfront payment with potential for up to $2 billion more in milestone payments and tiered royalties. Add to that another $300 million in milestone payments from Sarepta Therapeutics related to ARO-DM1 progress.

The company also advanced multiple clinical programs, filed new regulatory submissions for RNAi therapies targeting cardiovascular and neurological disorders, and dosed the first patient in a Phase 3 trial of zodasiran for homozygous familial hypercholesterolemia. Meanwhile, Arrowhead expanded its commercial infrastructure, launched patient support for REDEMPLO, and bought back shares from Sarepta.

Analyst Response

Morgan Stanley analyst Michael Ulz maintained an Equal Weight rating on Arrowhead while bumping his price target from $45 to $48.

At last check, Arrowhead shares were trading 23.12% higher at $57.57.