Shares of Arvinas Holding Company LLC (ARVN) plummeted 6.44% in pre-market trading on Wednesday following the release of its second-quarter financial results and a major leadership change announcement.

The clinical-stage biotechnology company reported Q2 revenue of $22.4 million, falling significantly short of the consensus estimate of $34.42 million. This represents a substantial drop from the previous year, primarily due to the completion of its agreement with Novartis. Despite the revenue miss, Arvinas posted a smaller-than-expected loss per share of $0.84, compared to the consensus estimate of $0.89.

Adding to investor concerns, Arvinas announced that its CEO, President, and Chairperson, John Houston, Ph.D., plans to retire from his executive roles. While Houston will remain as the Chairperson of the Board of Directors, the company has initiated a search for a new CEO. This leadership transition appears to have further unsettled investors, contributing to the stock's sharp decline.