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Sep 30, 2025
Roivant Sciences Q2 2026 Earnings Report
Roivant Sciences reported its Q2 2026 results, posting a net loss with lower revenues and higher R&D investment, while highlighting significant clinical progress.
Key Takeaways
Roivant Sciences faced a challenging quarter with increased R&D expenses and a narrowed net loss. Revenue declined compared to the previous year, but strong pipeline momentum, particularly for brepocitinib and Immunovant’s programs, provided optimism.
Reported net loss of $113.5 million for the quarter
Revenue declined to $1.57 million from $4.48 million in Q2 FY25
R&D expenses rose due to expanded program and headcount
Strong Phase 3 results for brepocitinib in dermatomyositis with NDA filing planned for 1H 2026
Forward Guidance
Roivant expects major clinical and regulatory milestones across its subsidiaries in 2026 and 2027, including NDA filings and multiple topline data readouts.
Positive Outlook
- Brepocitinib NDA filing in dermatomyositis expected in 1H 2026
- Phase 3 data in non-infectious uveitis due in 1H 2027
- Proof-of-concept trial readout in cutaneous sarcoidosis in 2H 2026
- Immunovant expected to report TED Phase 3 results in 1H 2026
- Strong cash position of $4.4 billion to support operations into profitability
Challenges Ahead
- Revenue remained minimal and declined year-over-year
- Continued operating losses and high R&D spending
- High G&A expenses, albeit reduced from prior year
- No material revenue contribution from core pipeline assets yet
Historical Earnings Impact
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Avg. Return Before/After Earnings
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