[8-K] Arvinas, Inc Reports Material Event

Rhea-AI Filing Summary

Sumitomo Mitsui Financial Group, Inc. (SMFG) has furnished a Form 6-K to notify investors of the filing of its FY 2024/2025 Form 20-F and to provide headline IFRS results for the year ended 31 March 2025. The submission incorporates the full Form 20-F by reference and presents condensed consolidated financial statements and key risk language.

Balance sheet highlights (IFRS)

• Total assets rose 3.9% to ¥292.2 trn, driven mainly by a 55.9% increase in reverse repo assets (¥22.1 trn) and a 2.9% expansion in loans and advances to ¥125.2 trn.
• Customer deposits climbed 4.4% to ¥190.0 trn and now finance 69.0% of the balance sheet (vs. 64.7% a year earlier).
• Total liabilities grew 4.0% to ¥275.7 trn; borrowings declined 21.2% to ¥12.7 trn, partially offset by a 37.8% jump in repos to ¥27.8 trn.
• Total equity inched up 1.3% to ¥16.49 trn, although “other reserves” fell 10% to ¥3.66 trn.

Income-statement highlights (IFRS)

• Interest income increased 13.0% to ¥6.72 trn while interest expense grew only 3.7%, lifting net interest income 33% to ¥2.51 trn.
• Fee & commission income advanced 11.0% to ¥1.63 trn; net fee income improved 6.5% to ¥1.32 trn.
• Trading swung from a ¥349.5 bn gain to a ¥186.7 bn loss; valuation gains at FV-through-P&L contracted 87%.
• Impairment charges doubled to ¥411.3 bn and, together with a 8.4% rise in operating expenses, pressured profitability.
• Profit before tax dropped 45.9% to ¥654.3 bn; net profit declined 42.3% to ¥516.4 bn.
• Basic EPS fell to ¥122.40 from ¥219.04 (-44%).

Shareholder implications

• Robust deposit and loan growth and a steep rise in net interest income signal tailwinds from higher global rates.
• Nevertheless, a sharp deterioration in trading performance, credit costs, and operating expenses resulted in materially lower earnings and EPS, outweighing balance-sheet expansion.
• Management cautions that forward-looking statements are subject to macroeconomic, market-valuation and credit-cost risks, and no guidance was provided in this filing.

Investors should consult the full Form 20-F for segment disclosures, capital ratios, and detailed risk factors.

Positive

• Net interest income increased 33% YoY, benefiting from higher rates and strong deposit dynamics.
• Total assets grew 3.9%, with loans up 2.9% and deposits up 4.4%, indicating continued franchise growth.
• Total equity rose 1.3% to ¥16.49 trn, supporting capital adequacy.
• Borrowings fell 21.2%, signalling lower wholesale funding dependence.

Negative

• Net profit fell 42.3% YoY to ¥516 bn, materially weakening return metrics.
• Earnings per share dropped 44% to ¥122.40.
• Trading operations swung to a ¥186 bn loss from a prior-year gain.
• Impairment charges on financial assets doubled to ¥411 bn, highlighting credit-quality pressure.
• Operating expenses increased 8.4%, compressing operating leverage.
• Profit before tax declined 46%, signalling broader profitability challenges.

Insights

Banking Equity Analyst

TL;DR – Strong NII growth offset by trading loss & credit costs, cutting FY25 profit 42%; overall negative but capital remains solid.

SMFG’s FY 2025 IFRS snapshot shows classic rate-cycle dynamics: deposits repriced slowly, pushing net interest income up 33%. Yet the group could not translate this into bottom-line growth. Trading turned loss-making (-¥186 bn vs +¥350 bn) amid volatile markets and likely JGB positioning. Impairments doubled to ¥411 bn, hinting at credit normalization after pandemic lows. Operating expenses rose 8.4%, eroding efficiency. Consequently, PBT nearly halved to ¥654 bn and EPS fell 44% to ¥122.4. Balance-sheet expansion (assets +3.9%) and CET1 details are absent here but equity increased modestly. Taken together, fundamentals deteriorated year-on-year, a negative signal for equity holders despite higher NII. Investors will focus on whether trading and credit costs stabilize and whether SMFG can extract further margin upside in FY 2026.

Credit Risk Specialist

TL;DR – Asset quality pressure evident; higher impairments and trading losses moderately weaken credit profile but leverage remains manageable.

The doubling of impairment charges to ¥411 bn suggests rising non-performing exposures or more conservative provisioning—both worth monitoring as the Japanese economy slows and overseas books mature. However, loans grew only 3%, indicating controlled risk appetite. Deposit growth outpaced loan growth, improving funding mix. Equity/assets stayed above 5.6%, providing a cushion. The shift to larger repo balances raises short-term funding reliance but is offset by reduced wholesale borrowings (-21%). Overall, the filing signals slightly weaker earnings-based buffers yet capital and liquidity appear intact; I view the credit impact as neutral to slightly negative.

0001655759FALSE00016557592025-06-252025-06-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 8-K

__________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2025

__________________

Arvinas, Inc.

(Exact name of registrant as specified in its charter)

__________________

Delaware			001-38672			47-2566120
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

5 Science Park 395 Winchester Ave. New Haven, Connecticut			06511
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (203) 535-1456

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share

ARVN

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment

of Principal Officers.

(b)

On June 27, 2025, John Young notified Arvinas, Inc. (the “Company”) of his decision to resign from the Company’s Board of Directors (the “Board”) and the Compensation Committee of the Board, effective June 30, 2025. Mr. Young's decision to resign from the Board was not due to a disagreement on any matter related to the Company’s operations, policies or practices.

Item 5.07. Submission of Matters to a Vote of Security Holders.

At the annual meeting of stockholders of the Company held on June 25, 2025 (the “2025 Annual Meeting”), the Company’s stockholders voted on the following proposals:

1. The following nominees were elected to the Board as Class I directors for terms expiring at the 2028 annual meeting of stockholders.

						For						Withheld						Broker Non-Votes
Linda Bain						40,537,500						12,344,284						7,510,892
John Houston, Ph.D.						41,078,364						11,803,420						7,510,892
Laurie Smaldone Alsup, M.D.						42,326,574						10,555,210						7,510,892

2. A non-binding, advisory proposal on the compensation of the Company’s named executive officers was approved.

For:						39,539,338
Against:						13,240,969
Abstain:						101,477
Broker Non-Votes:						7,510,892

3. The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2025 was ratified.

For:						58,006,476
Against:						2,312,679
Abstain:						73,521

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ARVINAS, INC.
Date: June 30, 2025			By:			/s/ Andrew Saik
						Chief Financial Officer

FAQ

How did SMFG's net profit perform in FY 2025?

Net profit declined 42.3% to ¥516.4 billion for the year ended 31 March 2025.

What happened to SMFG's earnings per share (EPS)?

Basic EPS fell from ¥219.04 to ¥122.40, a 44% year-on-year drop.

Did SMFG grow its loan and deposit books?

Yes. Loans increased 2.9% to ¥125.2 trn, while deposits rose 4.4% to ¥190.0 trn.

What caused the decline in SMFG's profitability?

Key drivers were a ¥186 bn trading loss, doubling of impairment charges, and higher operating expenses.

Where can investors access SMFG's full Form 20-F?

The report is available on SMFG’s investor website and via the SEC’s EDGAR system.

Has SMFG's equity position changed materially?

Total equity rose 1.3% to ¥16.49 trn, despite a 10% decline in other reserves.