Roivant posts wider-than-expected loss as lower revenue offsets pipeline milestones and strong balance sheet position.
Stock Earnings Results
May 20, 2026
Table of Contents
May 20, 2026
Roivant Sciences Ltd. (NASDAQ: ROIV) reported fiscal fourth-quarter 2026 results with a wider-than-expected loss and lower revenue, even as the company highlighted major clinical milestones, a large Moderna settlement, and a strong cash position.
Roivant is a biopharmaceutical company that builds and develops drug-focused subsidiaries, known as “Vants,” across immunology, dermatology, pulmonary disease, and other therapeutic areas.
The company reported a loss of $0.46 per share, wider than estimates for a loss of $0.38, representing a negative 21.1% earnings surprise. Revenue came in at $2.52 million, below estimates of $2.76 million, with revenue down 66.7%.
Roivant highlighted preliminary results from IMVT-1402 in difficult-to-treat rheumatoid arthritis.
At Week 16, the therapy showed ACR20, ACR50, and ACR70 response rates of 72.7%, 54.5%, and 35.8%, respectively. Roivant said further updates on this program are expected in the second half of calendar 2026.
Brepocitinib received FDA Breakthrough Therapy Designation for the treatment of cutaneous sarcoidosis based on positive Phase 2 data.
Roivant also said a commercial launch of brepocitinib in dermatomyositis is expected by the end of September 2026, with topline Phase 3 data in non-infectious uveitis expected in the second half of 2026.
Roivant announced a $2.25 billion global settlement with Moderna, ending all pending U.S. and international patent-infringement litigation between Genevant, Arbutus, and Moderna.
Under the settlement, Moderna will pay Genevant and Arbutus $950 million in July 2026, with an additional $1.3 billion contingent on resolution of Moderna’s Section 1498 appeal in favor of Genevant and Arbutus.
Roivant reported consolidated cash, cash equivalents, and marketable securities of $4.3 billion as of March 31, 2026.
Management said this supports cash runway into profitability, giving the company funding flexibility as it advances multiple clinical programs.
Research and development expenses rose to $198.9 million for the quarter, compared with $145.2 million in the prior-year period.
The increase was mainly tied to program-specific costs, including higher spending for the anti-FcRn franchise and contractual costs related to the discontinuation of batoclimab.
Investors are likely to watch whether Roivant can convert its pipeline progress into approvals and commercial revenue.
The key areas are:
Roivant’s quarter was mixed.
The company has a strong cash position, major upcoming clinical catalysts, and a large settlement with Moderna. But the reported quarter still showed a wider loss, lower revenue, and rising development expenses. The stock reaction suggests investors focused on near-term financial pressure despite the pipeline and legal catalysts.
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