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Sep 30, 2023
Roivant Sciences Q2 2024 Earnings Report
Reported financial results for the second quarter ended September 30, 2023 and provided a business update.
Key Takeaways
Roivant Sciences reported its Q2 2024 financial results, highlighted by the sale of Telavant to Roche for $7.1 billion upfront and a $150 million milestone payment. VTAMA net product revenue reached $18.4 million, and the company's cash position was approximately $1.4 billion at the end of September. The company is anticipating key data readouts from clinical programs.
Roivant entered into a definitive agreement with Roche for the sale of Telavant for $7.1B upfront and a milestone payment of $150M.
IMVT-1402 SC doses achieved peak Immunoglobulin G (IgG) reductions similar to batoclimab.
VTAMA® (tapinarof) cream, 1% net product revenue was $18.4M for the quarter ended September 30, 2023.
Roivant reported cash, cash equivalents and restricted cash of approximately $1.4B at September 30, 2023.
Forward Guidance
Roivant anticipates several major milestones in the near term. Immunovant expects additional IMVT-1402 data from the 600 mg multiple-ascending dose cohort in November 2023. Priovant plans to announce topline results from the potentially registrational trial evaluating brepocitinib for the treatment of patients with systemic lupus erythematosus (SLE) in the fourth quarter of calendar year 2023. Dermavant plans to submit its sNDA for VTAMA in atopic dermatitis to the FDA in the first quarter of calendar year 2024.
Positive Outlook
- Immunovant expects additional IMVT-1402 data from the 600 mg multiple-ascending dose cohort in November 2023.
- Top-line data from the Phase 3 clinical trial in MG are expected in the second half of calendar year 2024.
- For the Phase 3 program in TED, top-line data are expected in the first half of calendar year 2025.
- Initial results from period 1 of the Phase 2B clinical trial in CIDP in the first half of calendar year 2024, and initial Phase 2 proof-of-concept data in Graves’ disease by the end of calendar year 2023.
- Priovant plans to announce topline results from the potentially registrational trial evaluating brepocitinib for the treatment of patients with systemic lupus erythematosus (SLE) in the fourth quarter of calendar year 2023.
Challenges Ahead
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