Roivant — Q2 2026 Earnings Summary

Financial Performance:

• Consolidated product revenue, net was $31.0 million for the three months ended September 30, 2026, compared to $0 in the same period in 2025, driven by LISRAYA sales in its first 5 weeks of launch.
• Total net revenues were $35.1 million for the quarter, including $4.2 million in license, milestone, and other revenue, compared to $1.6 million in the prior year period.
• Research and development (R&D) expenses decreased to $145.7 million for the quarter, down from $164.6 million in the prior year period.
• Selling, general and administrative (SG&A) expenses increased to $154.1 million for the quarter, up from $143.1 million in the prior year period.
• Loss from continuing operations, net of tax, was $153.0 million for the quarter, compared to $166.0 million in the prior year period.
• Net loss attributable to Roivant Sciences Ltd. was $191.6 million for the quarter, compared to $113.5 million in the prior year period.
• Adjusted loss from continuing operations, net of tax (Non-GAAP), was $133.4 million for the quarter, compared to $187.8 million in the prior year period.
• Consolidated cash, cash equivalents, and marketable securities totaled $4.2 billion as of September 30, 2026.
• Roivant repurchased 2.1 million common shares for approximately $72.5 million during the quarter.

Guidance and Future Outlook:

• Priovant intends to file a supplemental New Drug Application (sNDA) for brepocitinib in non-infectious uveitis (NIU) in the first half of calendar year 2027.
• Roivant expects topline data from the Phase 3 study in cutaneous sarcoidosis in calendar year 2028.
• Immunovant plans to meet with the FDA later in 2026 to determine the path forward for the registrational program of IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA).
• Immunovant expects to report topline data for IMVT-1402 in Graves' disease and myasthenia gravis in calendar year 2027.
• Immunovant expects topline data for IMVT-1402 in chronic inflammatory demyelinating polyneuropathy (CIDP) in calendar year 2028.
• The Phase 3 PHrontier study of mosliciguat in pulmonary hypertension associated with interstitial lung disease (PH-ILD) has been initiated with enrollment underway.

Business Segments and Product Lines:

• Priovant: LISRAYA (brepocitinib) generated $31.0 million in net product revenue in its first 5 weeks of commercial availability following FDA approval in August 2026. Brepocitinib met primary and all key secondary endpoints in Phase 3 CLARITY-1 and CLARITY-2 trials for NIU, with 62% of patients achieving steroid-free quiescence at Week 48 compared to 20% on placebo.
• Immunovant: IMVT-1402 600 mg met the primary endpoint of ACR20 response at Week 28 (92.5% vs. 75.6% placebo, p=0.0139) in the Period 2 analysis of the D2T RA trial. IMVT-1402 will not be advanced further in Sjögren's disease (SjD) beyond the ongoing Phase 2 trial due to the evolving landscape. Clinical development timelines for IMVT-1402 in Graves' disease, myasthenia gravis, and CIDP remain on track.
• Pulmovant: Mosliciguat demonstrated positive topline data in the Phase 2 PHocus study for PH-ILD, meeting the primary endpoint with a -56.3% placebo-adjusted reduction in pulmonary vascular resistance (PVR) at Week 16. Secondary endpoints included a +35.2-meter improvement in six-minute walk distance and a -53.2% reduction in NT-proBNP.
• Genevant: Received $950 million from Moderna in July 2026 as the initial payment under a global $2.25 billion patent infringement settlement. An additional $1.3 billion payment is contingent upon a favorable resolution of Moderna's Section 1498 appeal.

Market and Competitive Landscape:

• Brepocitinib data suggests potential to be the most effective systemic, non-steroid treatment option for NIU, with a median time to treatment failure greater than 48 weeks compared to approximately 12 weeks for placebo.
• Mosliciguat achieved the highest ever reported PVR reduction in any randomized controlled PH trial and demonstrated a lower proportion of patients experiencing cough compared to placebo (12.1% vs. 18.2%).
• The Pfizer/BioNTech litigation case remains ongoing.

Risks and Challenges:

• The additional $1.3 billion payment from the Moderna settlement is contingent upon a favorable resolution of Moderna's Section 1498 appeal.
• The company faces risks related to the evolving SjD landscape, which has led to the decision not to advance IMVT-1402 further in that indication.
• Forward-looking statements regarding clinical trial results, regulatory approvals, and commercial potential are subject to risks and uncertainties that could cause actual results to differ materially.

Management Commentary and Tone:

• CEO Matt Gline described the quarter as a "major transition" with LISRAYA commercially available and off to a "strong start."
• Management expressed excitement regarding clinical progress, specifically noting IMVT-1402's success in D2T RA and brepocitinib's data in NIU.
• CEO Gline stated he was "happier with the execution of our team in every domain."

Other Key Points:

• Roivant will host a live conference call and webcast on November 9, 2026, and an Investor Day on December 9, 2026.
• Net loss attributable to Roivant for the quarter included $95.9 million related to distributions on outstanding restricted stock units and options of Genevant Sciences Ltd. from the Moderna settlement proceeds.
• The litigation settlement receivable on the balance sheet was $0 as of September 30, 2026, down from $770.2 million as of March 31, 2026.
• Total shareholders' equity was $4.6 billion as of September 30, 2026, compared to $5.3 billion as of March 31, 2026.