Skip to content
AnalystLens

Roivant Sciences 8-K Report, Financial Results (Feb 13, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 13, 2024
Period End
February 13, 2024
Security
ROIV
In the record · 2021–202610-K510-Q168-K82

ROIV filed 5 annual reports (10-K), 16 quarterly reports (10-Q) and 82 current reports (8-K) between 2021 and 2026.

  1. Leadership change8-K · Jun ’22Jun ’22
  2. Leadership change8-K · Aug ’23Aug ’23
  3. Material agreement8-K · Mar ’26Mar ’26

01—Abstract

Summary

Summary of the 8-K filed February 13, 2024. Cited figures are marked; the original filing is the authoritative source.

Roivant Sciences Ltd. (Nasdaq: ROIV) reported financial results for the fiscal third quarter ended December 31, 2023, in a press release furnished as Exhibit 99.1 under Item 2.02.

The headline driver was the closing of the sale of Telavant to Roche in December 2023. The company recorded a gain on sale of Telavant net assets of $5,348,410 thousanda (about $5.3 billion) and reported net income of approximately $5.1 billion for the quarter, compared with a net loss of $384.9 million a year earlier. Net income per diluted share was $6.03.

Excluding the one-time gain and other non-GAAP adjustments, the company reported a non-GAAP net loss of $174.9 millionb, compared with $297.5 million in the prior-year quarter. Operationally, VTAMA cream 1% generated net product revenue of $20.7 million for the quarter, up from $9.2 million a year earlier, and cumulative prescriptions passed 300,000. Research and development expenses were $123.7 million and selling, general and administrative expenses were $197.3 million, the latter including a special one-time cash retention bonus that the filing cites as a driver of higher personnel costs.

Consolidated cash, cash equivalents and restricted cash was $6.7 billionc at December 31, 2023, which management said supports cash runway into profitability. The release also outlined near-term catalysts, including the planned VTAMA atopic dermatitis sNDA submission, brepocitinib topline Phase 2 data in non-infectious uveitis, batoclimab readouts in Graves' disease and other indications, and the discontinuation of the RVT-2001 program at Hemavant.

02—Key points

Key Highlights

  1. Gain on sale of Telavant net assets of $5,348,410 thousand, following the December 2023 sale of Telavant to Roche for an upfront payment of approximately $7.1 billion plus an additional $150 million milestone payment.
  2. Net income of approximately $5.1 billion for the quarter, versus a net loss of $384.9 million in the prior-year quarter; diluted EPS of $6.03.
  3. Non-GAAP net loss of $174.9 million for the quarter, compared with $297.5 million a year earlier.
  4. VTAMA net product revenue of $20.7 million for the quarter, versus $9.2 million in the prior-year quarter, with over 300,000 prescriptions written since launch.
  5. Research and development expenses of $123.7 million, roughly flat year over year, while SG&A rose to $197.3 million, driven by a special one-time cash retention bonus.
  6. Consolidated cash, cash equivalents and restricted cash of $6.7 billion at December 31, 2023.
  7. Upcoming milestones include the VTAMA atopic dermatitis sNDA submission, brepocitinib non-infectious uveitis topline data, and batoclimab Phase 3 data in myasthenia gravis and thyroid eye disease in 2024–2025.

03—Questions

Frequently Asked Questions

  1. What drove the large net income this quarter?

    The main driver was a gain on sale of Telavant net assets of $5,348,410 thousand, recognized after Roivant sold its entire equity interest in Telavant to Roche in December 2023. The company received approximately $5.2 billion in cash for its pro rata portion of the consideration.

  2. How did VTAMA perform?

    VTAMA cream, 1% generated net product revenue of $20.7 million for the quarter ended December 31, 2023, up from $9.2 million in the prior-year quarter. The filing states a 28.5% gross-to-net yield for the quarter and coverage for 137 million US commercial lives.

  3. Is the company's underlying operating loss improving?

    On a non-GAAP basis, the net loss narrowed to $174.9 million from $297.5 million a year earlier. However, GAAP SG&A increased to $197.3 million, partly due to a one-time cash retention bonus, and non-GAAP SG&A rose to $148.4 million from $115.9 million.

  4. What is the company's cash position and what are the key upcoming catalysts?

    Consolidated cash, cash equivalents and restricted cash was $6.7 billion at December 31, 2023. Upcoming catalysts include the VTAMA atopic dermatitis sNDA submission planned for the first quarter of calendar 2024, Priovant's brepocitinib Phase 2 topline data in non-infectious uveitis expected in the first quarter of 2024, and Immunovant's batoclimab CIDP Phase 2b initial results expected in the second or third quarter of 2024.

04—Continue

← View all 8-K filings