Loading...
•
Dec 31, 2023
Roivant Sciences Q3 2024 Earnings Report
Roivant reported financial results and provided a business update.
Key Takeaways
Roivant reported a net income of $5.1 billion for the quarter ended December 31, 2023, driven by the sale of Telavant to Roche for $7.1 billion. VTAMA net product revenue was $20.7 million. The company's consolidated cash, cash equivalents, and restricted cash stood at $6.7 billion as of December 31, 2023.
Roivant completed the sale of Telavant to Roche for $7.1B with an additional $150M in cash payable upon the completion of a near-term milestone.
Batoclimab produced positive results in Graves’ disease with response rates meaningfully exceeding 50% in the initial cohort of an ongoing 24-week Phase 2 trial.
VTAMA® (tapinarof) cream, 1% net product revenue was $20.7M for the quarter ended December 31, 2023, with over 300,000 prescriptions written by approximately 14,000 unique prescribers since launch.
Roivant reported its consolidated cash, cash equivalents and restricted cash of $6.7B at December 31, 2023, supporting cash runway into profitability.
Forward Guidance
Roivant anticipates multiple clinical data readouts and catalysts in 2024, with a focus on expanding the clinical pipeline.
Positive Outlook
- Immunovant expects initial results from period 1 of the Phase 2b clinical trial of batoclimab in CIDP in the second or third quarter of calendar year 2024.
- Top-line data from the Phase 3 clinical trials of batoclimab in MG and TED are on track and expected in the second half of calendar year 2024 and the first half of calendar year 2025, respectively.
- Immunovant plans to initiate 4-5 potentially registrational programs for IMVT-1402 by March 31, 2025 and plans to initiate trials in 10 indications by March 31, 2026.
- Priovant expects to announce topline results from the Phase 2 POC study in non-infectious uveitis (NIU) in the first quarter of calendar year 2024.
- Dermavant plans to submit its sNDA for VTAMA in atopic dermatitis to the FDA in the first quarter of calendar year 2024.
Challenges Ahead
- Hemavant discontinued the development of RVT-2001 after an interim data analysis from the Phase 1/2 study.
- Potential delays in clinical trial timelines.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...