How did Roivant perform financially in fiscal 2025?

Roivant reported a loss from continuing operations, net of tax, of $729.8 million for the year ended March 31, 2025, compared with income from continuing operations of approximately $4.5 billion in fiscal 2024, which benefited from the Telavant sale gain. Including $373.0 million of income from discontinued operations, net loss attributable to Roivant Sciences Ltd. was $172.0 million.

What is driving the increase in operating expenses?

Research and development expenses increased $110.5 million to $550.4 million, primarily due to higher program-specific costs, personnel expenses at Immunovant and share-based compensation. General and administrative expenses increased $175.3 million to $591.4 million, mainly from share-based compensation and personnel costs tied to long-term equity and one-time cash retention awards.

How much cash does Roivant have and what has it done with capital?

As of March 31, 2025, Roivant had approximately $4.9 billion of cash, cash equivalents, restricted cash and marketable securities. It repurchased $1.3 billion of its shares, reducing outstanding shares by 14% from March 31, 2024, and management stated this supports cash runway into profitability.

What are the key upcoming pipeline catalysts?

Brepocitinib's VALOR Phase 3 topline data in dermatomyositis is expected in the second half of calendar 2025, and an investor event is scheduled for June 17, 2025. Topline data from the Phase 3 NIU study is expected in the first half of calendar 2027, and Phase 2 cutaneous sarcoidosis data in the second half of calendar 2026. Immunovant expects batoclimab six-month remission data in Graves' disease in summer 2025.

What happened with Immunovant and the Genevant litigation?

In April 2025, Immunovant appointed Eric Venker, M.D. as CEO and Tiago Girao as CFO, with Roivant increasing operational involvement and oversight. Genevant and Arbutus filed five international lawsuits in March 2025 in Canada, Japan, Switzerland and the UPC against Moderna, targeting alleged infringing activities in 30 countries; first trials in these jurisdictions are expected in calendar 2026.

ROIV 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 29, 2025. Cited figures are marked; the original filing is the authoritative source.

Roivant Sciences Ltd. (Nasdaq: ROIV) reported financial results for the fourth quarter and fiscal year ended March 31, 2025, and provided a business update in this Form 8-K furnished under Item 2.02 (Exhibit 99.1 press release).

For the fiscal year, the company reported a loss from continuing operations, net of tax, of $729.8 million^a, compared with income from continuing operations of approximately $4.5 billion in the prior year, which included the Telavant sale gain. Income from discontinued operations, net of tax, was $373.0 million, reflecting the gain on the sale of its Dermavant interest to Organon in October 2024. Research and development expenses rose to $550.4 million and general and administrative expenses rose to $591.4 million for the year, driven largely by Immunovant personnel costs and share-based compensation.

Consolidated cash, cash equivalents, restricted cash and marketable securities totaled approximately $4.9 billion^b at March 31, 2025. Capital allocation was a notable theme: Roivant repurchased $1.3 billion of its shares as of March 31, 2025, reducing outstanding shares by 14% from March 31, 2024. Management said the cash position supports cash runway into profitability.

On the pipeline, the company highlighted the brepocitinib VALOR Phase 3 study in dermatomyositis, which is fully enrolled with topline data expected in the second half of calendar 2025, and an investor event on June 17, 2025. Immunovant is advancing IMVT-1402 across six indications under a new leadership team, and Genevant and Arbutus have expanded LNP patent litigation against Moderna internationally.

02—Key points

Key Highlights

Fiscal year 2025 loss from continuing operations, net of tax, of $729.8 million, versus income of approximately $4.5 billion in fiscal 2024; loss per share of $0.75.
Income from discontinued operations of $373.0 million for the year, reflecting the gain on sale of the Dermavant interest to Organon in October 2024.
Cash, cash equivalents, restricted cash and marketable securities of approximately $4.9 billion at March 31, 2025.
Share repurchases of $1.3 billion as of March 31, 2025, reducing outstanding shares by 14% from March 31, 2024.
R&D expenses of $550.4 million for the year, up from $439.9 million, led by anti-FcRn franchise program costs of $91.1 million higher.
G&A expenses of $591.4 million for the year, up $175.3 million, mainly from share-based compensation and retention awards under the 2024 Senior Executive Compensation Program.
Brepocitinib VALOR Phase 3 in dermatomyositis is fully enrolled, with topline data expected in the second half of calendar 2025; investor event set for June 17, 2025.

03—Questions

Frequently Asked Questions

How did Roivant perform financially in fiscal 2025?
Roivant reported a loss from continuing operations, net of tax, of $729.8 million for the year ended March 31, 2025, compared with income from continuing operations of approximately $4.5 billion in fiscal 2024, which benefited from the Telavant sale gain. Including $373.0 million of income from discontinued operations, net loss attributable to Roivant Sciences Ltd. was $172.0 million.
What is driving the increase in operating expenses?
Research and development expenses increased $110.5 million to $550.4 million, primarily due to higher program-specific costs, personnel expenses at Immunovant and share-based compensation. General and administrative expenses increased $175.3 million to $591.4 million, mainly from share-based compensation and personnel costs tied to long-term equity and one-time cash retention awards.
How much cash does Roivant have and what has it done with capital?
As of March 31, 2025, Roivant had approximately $4.9 billion of cash, cash equivalents, restricted cash and marketable securities. It repurchased $1.3 billion of its shares, reducing outstanding shares by 14% from March 31, 2024, and management stated this supports cash runway into profitability.
What are the key upcoming pipeline catalysts?
Brepocitinib's VALOR Phase 3 topline data in dermatomyositis is expected in the second half of calendar 2025, and an investor event is scheduled for June 17, 2025. Topline data from the Phase 3 NIU study is expected in the first half of calendar 2027, and Phase 2 cutaneous sarcoidosis data in the second half of calendar 2026. Immunovant expects batoclimab six-month remission data in Graves' disease in summer 2025.
What happened with Immunovant and the Genevant litigation?
In April 2025, Immunovant appointed Eric Venker, M.D. as CEO and Tiago Girao as CFO, with Roivant increasing operational involvement and oversight. Genevant and Arbutus filed five international lawsuits in March 2025 in Canada, Japan, Switzerland and the UPC against Moderna, targeting alleged infringing activities in 30 countries; first trials in these jurisdictions are expected in calendar 2026.

04—Continue

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