Arrowhead Pharmaceuticals' stock plummeted 5.88% during intraday trading on Thursday, following the release of its first-quarter financial results.

The biopharmaceutical company reported revenue of $264.033 million for the quarter, falling short of the IBES estimate of $270.1 million. This revenue miss occurred despite the company achieving a more than 100-fold increase in revenue compared to the same period last year.

Operating expenses for the quarter were reported at $223.224 million. While the company highlighted significant business developments including product approvals and a substantial upfront payment from Novartis, investors reacted negatively to the revenue shortfall against analyst expectations.