ROIVNasdaqPharmaceutical PreparationsUS GAAP · USD

Roivant Sciences Ltd.

Roivant Sciences Ltd. is a U.S.-based biopharmaceutical company organized around a portfolio of development-stage medicines and technology-enabled subsidiaries, or "Vants." Its business spans drug discovery, clinical development, and eventual commercialization across autoimmune, inflammatory, and pulmonary disease programs, while also incubating complementary health technology and discovery-stage ventures.

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Revenue8.3m USD
−71.6 %y/y
Operating profit (EBIT)-515m USD
+48.7 %y/y
EBIT margin-6,235.7%
−2,782.4 ppy/y
Net income-300m USD
−74.3 %y/y
Free cash flow-759m USD
+10.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-2,00002,0004,0006,000m USD2021: 24 m USD2021: EBIT -1,071 m USD20212022: 55 m USD2022: EBIT -1,352 m USD20222023: 61 m USD2023: EBIT -907 m USD20232024: 33 m USD2024: EBIT 4,242 m USD20242025: 29 m USD2025: EBIT -1,003 m USD20252026: 8.3 m USD2026: EBIT -515 m USD20268.3-515
RevenueOperating profit (EBIT)
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Business

Share of revenue
Clinical-stage therapeutics70 %

Drug candidates in development for autoimmune, inflammatory, and pulmonary diseases.

Licensing and collaboration revenue20 %

Revenue earned from license agreements and related partnering arrangements.

Subscription and service-based technology revenue10 %

Fees from technology-related subscriptions and services.

Customers

Roivant's direct counterparties are primarily pharmaceutical and biotechnology partners, licensees, and collaborators that fund or commercialize its programs. Its eventual end customers are patients and prescribers in specialty disease areas such as autoimmune disorders and pulmonary hypertension, reached through approved medicines or partnered commercialization channels.

Pharmaceutical and biotech partners

License and collaboration counterparties that support development, commercialization, or asset monetization.

Patients with autoimmune and inflammatory diseases

End users of therapies such as brepocitinib, IMVT-1402, and batoclimab if approved.

Patients with pulmonary vascular disease

Potential end users of mosliciguat in pulmonary hypertension associated with interstitial lung disease.

Technology and service customers

Subscribers or users of technology-enabled services that generate recurring or service-based revenue.

Strategy

Roivant's strategy is to build and advance a diversified pipeline through small, focused subsidiaries that can move programs efficiently from discovery to commercialization. It also evaluates acquisitions, in-licensing, and capital allocation actions, including share repurchases, to support portfolio growth and optimize its structure.

Advance core clinical programsMedium term

Late-stage assets are the main source of future value creation and potential commercialization.

Scale the Vant operating modelMedium term

Centralized support and subsidiary autonomy are intended to improve development efficiency.

Optimize capital allocationShort term

Cash can be used for development, acquisitions, or shareholder returns depending on opportunity set.

Geography

Roivant is headquartered in the United States and operates as a global biopharmaceutical platform through subsidiaries and development partners. Its clinical and regulatory exposure is international because product candidates must satisfy FDA and other health-authority requirements before commercialization, and orphan-drug and exclusivity rules differ across the U.S., Europe, and the U.K.

Risks

Roivant faces the standard risks of biopharmaceutical development: clinical failure, regulatory delay, and uncertainty around commercialization. Its model also depends on successful execution across multiple subsidiaries, partner relationships, and capital-intensive R&D programs, while future value can be affected by patent, exclusivity, and reimbursement dynamics.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory approval risk1Clinical development failure2Commercialization execution risk3Intellectual property and exclusivity risk4Capital allocation and funding risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory approval riskImpact: HighLikelihood: High

    Medicines cannot be marketed without FDA or other authority approval.

    Exposure: All product candidates

  2. Clinical development failureImpact: HighLikelihood: Medium

    Pipeline value depends on positive trial outcomes for multiple product candidates.

    ExposureBrepocitinibIMVT-1402BatoclimabMosliciguat
  3. Commercialization execution riskImpact: MediumLikelihood: Medium

    Launching approved products requires sales, marketing, reimbursement, and distribution capabilities.

    Exposure: Late-stage Vants

  4. Intellectual property and exclusivity riskImpact: MediumLikelihood: Medium

    Future economics depend on patent protection and regulatory exclusivity periods.

    Exposure: Orphan-drug and product exclusivity

  5. Capital allocation and funding riskImpact: MediumLikelihood: Low

    Development programs and acquisitions require substantial capital over time.

    Exposure: Pipeline expansion and in-licensing

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Accounting

Judgemental items
License agreement revenue recognition

Revenue depends on when performance obligations and milestones are satisfied.

Impact: Can create lumpy quarterly revenue

Subscription and service-based revenue

Technology-related fees are recognized as services are delivered or used.

Impact: Affects recurring revenue visibility

Fair value of marketable securities

Investing activity includes purchases and maturities of securities held on balance sheet.

Impact: Can affect other income and liquidity presentation

Discontinued operations and divestiture accounting

Asset sales and exits can change reported revenue, assets, and gains/losses.

Impact: Can distort comparability across periods

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Last updated: 24/09/2026