Arvinas Reports Third Quarter 2019 Financial Results and Provides Corporate Update

Arvinas Reports Third Quarter 2019 Financial Results and Provides Corporate Update

NEW HAVEN, Conn. November 4, 2019 Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biopharmaceutical company

creating a new class of drugs based on targeted protein degradation, today reported financial results for the third quarter of 2019 and provided a corporate update.

We recently became the first company to present clinical data on a targeted protein degrader, sharing initial data on our first two oncology programs.

In addition, we shared preclinical data demonstrating that brain-penetrant PROTAC protein degraders could degrade pathologic tau in vivo, further demonstrating the potential of our

PROTAC platform, said John Houston, Ph.D., Chief Executive Officer of Arvinas. We look forward to the continued progress of our lead programs and pipeline, and ultimately to

making a difference in the lives of patients.

Business Highlights and Recent Developments

Anticipated Milestones and Expectations

Based on its current operating plan, Arvinas expects its cash, cash equivalents, and marketable securities will be sufficient to fund its planned

operating expenses and capital expenditure requirements into the second half of 2021.

Financial Highlights

Cash, Cash Equivalents, and Marketable Securities Position: As of September 30, 2019, cash, cash equivalents, and marketable securities were $190.5

million as compared to $187.8 million as of December 31, 2018. The increase in cash, cash equivalents and marketable securities of $2.7 million in the first nine months of 2019 primarily related to aggregate proceeds of $51.5 million from

a collaboration and license agreement with Bayer and the issuance of common stock to Bayer, partially offset by the purchase of lab equipment and leasehold improvements of $4.5 million and cash used to fund operations of $49.7 million.

Research and Development Expenses: Research and development expenses were $16.6 million for the quarter ended September 30, 2019, as compared to

$13.1 million for the quarter ended September 30, 2018. The increase in research and development expenses for the quarter primarily related to expenses associated with our ongoing Phase 1 clinical trial of

ARV-110 and the initiation of our Phase 1 clinical trial of ARV-471 as well as increased personnel and other expenses related to our platform research and exploratory

General and Administrative Expenses: General and administrative expenses were $8.0 million for the quarter ended September 30,

2019, as compared to $4.3 million for the quarter ended September 30, 2018. The increase in general and administrative expenses for the quarter was primarily related to increased employee expenses and other compliance costs associated with becoming

a public company in the fourth quarter of 2018.

Revenues: Revenue was $30.1 million for the quarter ended September 30, 2019, as compared to $3.4

million for the quarter ended September 30, 2018. Revenue for the quarter ended September 30, 2019 included $24.7 million of revenue recognized from the Arvinas contribution of the license to the joint venture between Bayer and Arvinas to pursue the

PROTAC technology in agricultural applications (the Joint Venture ). The remaining revenue of $5.4 million for the quarter was generated from the license and rights to

technology fees and research and development activities related to the collaboration and license agreement with Bayer that was initiated in July 2019, the collaboration and license agreement with Pfizer that was initiated in January 2018, and the

amended and restated option, license and collaboration agreement with Genentech that was initiated in November 2017.

Loss from Equity Method

Investment: Loss from equity method investment for the quarter ended September 30, 2019 was $24.7 million, which related to the loss from the equity method investment in the Joint Venture. The loss was generated from the Joint

Venture s expensing the values associated with the contributed intellectual property from the Joint Venture partners.

Net Loss: Net loss was

$17.7 million for the quarter ended September 30, 2019, as compared to $13.4 million for the quarter ended September 30, 2018. The increased revenue that related to the Joint Venture was offset by the loss from equity method

investment in the Joint Venture for the quarter ended September 30, 2019 and as such, the increase in net loss for the quarter was primarily due to increased research and development expenses and increased general and administrative expenses.

ARV-110 is an orally-bioavailable PROTAC protein degrader

designed to selectively target and degrade the androgen receptor (AR). ARV-110 is being developed as a potential treatment for men with

metastatic castration-resistant prostate cancer (mCRPC). Arvinas Phase 1 trial of ARV-110 will assess its safety, tolerability, and pharmacokinetics,

and will also include measures of anti-tumor activity and pharmacodynamic readouts as secondary endpoints.

ARV-110 has demonstrated activity in preclinical models of AR mutation or overexpression, both common mechanisms of

resistance to currently available AR-targeted therapies.

ARV-471 is a PROTAC protein degrader designed to

specifically target and degrade the estrogen receptor (ER) for the treatment of women with metastatic breast cancer. Arvinas Phase 1 trial of ARV-471 will assess its safety, tolerability, and

pharmacokinetics, and will also include measures of anti-tumor activity and pharmacodynamic readouts as secondary endpoints.

In preclinical studies, ARV-471 demonstrated near-complete ER degradation in tumor cells, induced robust tumor shrinkage when dosed as a single agent in multiple ER-driven xenograft models, and

showed superior anti-tumor activity as a single agent and in combination with a CDK4/6 inhibitor when compared to a standard of care agent, fulvestrant (as a single agent and in combination with a CDK4/6 inhibitor).

Arvinas is a clinical-stage

biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies that degrade disease-causing proteins. Arvinas

uses its proprietary technology platform to engineer proteolysis targeting chimeras, or PROTAC targeted protein degraders, that are designed to harness the body s own natural protein

disposal system to selectively and efficiently degrade and remove disease-causing proteins. The company has two clinical-stage programs: ARV-110 for the treatment of patients with metastatic castrate-resistant

prostate cancer; and ARV-471 for the treatment of patients with ER+/HER2- locally advanced or metastatic breast cancer. For more information, visit www.arvinas.com.

Forward-Looking Statements

This press release contains

forward-looking statements that involve substantial risks and uncertainties, including statements regarding the development and regulatory status of our product candidates, such as the timing of our clinical trials for

ARV-110 and ARV-471 and data from those clinical trials, the potential advantages and therapeutic potential of our product candidates, and the sufficiency of cash

resources. All statements, other than statements of historical facts, contained in this press release, including statements regarding our strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. The

words anticipate, believe, estimate, expect, intend, may, might, plan, predict, project, target,

potential, will, would, could, should, continue, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain

these identifying words.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should

not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make as a result of various risks and

uncertainties, including but not limited to:

whether we will be able to successfully conduct Phase 1 clinical trials for ARV-110 and ARV-471, complete other

clinical trials for our product candidates on our expected timelines, or at all, each party s ability to perform its obligations under the Bayer collaboration and/or the joint venture, whether our cash resources will be sufficient to fund our

foreseeable and unforeseeable operating expenses and capital expenditure requirements on our expected timeline and other important factors discussed in the Risk Factors sections contained in our quarterly and annual reports on file with

the Securities and Exchange Commission. The forward-looking statements contained in this press release reflect our current views with respect to future events, and we assume no obligation to update any forward-looking statements except as required

by applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this release.

Contacts for Arvinas

Will O Connor, Stern Investor Relations

Cory Tromblee, ScientPR

Consolidated Statement of Operations (Unaudited)

Consolidated Balance Sheet (Unaudited)