On this page of StockholderLetter.com we present the latest annual shareholder letter from Roivant Sciences Ltd. — ticker symbol ROIV. Reading current and past ROIV letters to shareholders can bring important insights into the investment thesis.
Annual Report 2024
Dear Shareholders, From a distance, this past year may have looked like a relatively quiet one, with fewer dramatic pipeline shifts and headline-making deals for us versus 2023. But 2024 was an extraordinarily busy and productive year for Roivant. It was a building year a year marked by progress in generating meaningful clinical data and working to maintain a disciplined approach designed to enable future years of plentiful harvest. Since our last annual report, we have laid important groundwork across Roivant and the Vants: At Immunovant, we announced positive late-stage data for batoclimab in myasthenia gravis and chronic inflammatory demyelinating polyneuropathy and positive Phase 2a data for Graves disease, charting an accelerated development path for our lead compound IMVT-1402 in these indications. We also announced three additional indications for IMVT-1402, as well as key leadership changes at Immunovant, including the announcement of Eric Venker, one of Roivant s own (formerly Roivant COO), as Immunovant CEO. At Priovant, after having generated what is arguably the strongest efficacy data to date in non-infectious uveitis (NIU), we progressed brepocitinib into the Phase 3 trial in that indication, and announced a proof of concept study in cutaneous sarcoid, now brepoctinib s third indication in development. We are busy wrapping up our Phase 3 trial in dermatomyositis. The results of that dermatomyositis trial, expected in the second half of this year, may catapult us once again into becoming a commercial organization, and the teams at Roivant and Priovant have been actively preparing for that potential outcome. At Pulmovant, we unveiled mosliciguat, a potential first-in-class and best-in-category inhaled soluble guanylate cyclase activator for pulmonary hypertension associated with interstitial lung disease (PH-ILD). On the back of the program announcement, we rapidly initiated a Phase 2 trial, which is on track for a readout in the second half of 2026. At Roivant, we have been setting the stage for various opportunities in the upcoming year. First, we sold Dermavant to Organon last year in a transaction with an aggregate value of up to $1.2 billion. The benefits of partnering VTAMA were twofold: 1) Organon expands the reach of this treatment to serve more patients in need, and 2) our team regained crucial bandwidth to continue focusing on the highest value drivers in our business, including our key pipeline programs and the evaluation of new opportunities. We also continue to make meaningful progress on Genevant s IP litigation, with favorable developments in the case and with international claims brought forward in 30 countries. We look forward to defending our patents in the trial against Moderna. And finally, we kept a steady hand on our strong cash balance. Roivant repurchased $1.3 billion of our own shares as of the end of the fiscal year, reducing outstanding shares by 14% over 12 months. These strategic share buybacks, in addition to disciplined capital allocation across the Vants, continue to allow us to take full advantage of attractive acquisition opportunities in the current market and ensure the durability of our enterprise for years to come. If we are right about the upcoming dermatomyositis readout and our careful preparations go as planned, we are looking at an incredible 36 months ahead: two potential commercial launches for brepocitinib, five registrational readouts for IMVT-1402, the potential for a positive outcome from the IP litigation, and plenty of room to continue acquiring more high-quality programs. In short, we have an incredibly fruitful period ahead of us. Thank you for your continued support of Roivant this year. We owe much of our progress to you our shareholders, to our employees, and to the patients and providers who have entrusted us with their care. Thank you. We are ready for exciting times ahead! Matt Gline | Chief Executive Officer
 • shareholder letter icon 7/29/2025 Letter Continued (Full PDF)
 • stockholder letter icon 8/7/2023 ROIV Stockholder Letter
 • stockholder letter icon 7/26/2024 ROIV Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon ROIV Benford's Law Stock Score = 78


ROIV Shareholder/Stockholder Letter Transcript:

Annual Report
2024

Dear Shareholders,
From a distance, this past year may have looked like a relatively quiet one, with fewer dramatic pipeline shifts and
headline-making deals for us versus 2023. But 2024 was an extraordinarily busy and productive year for Roivant. It
was a building year     a year marked by progress in generating meaningful clinical data and working to maintain a
disciplined approach designed to enable future years of plentiful harvest.
Since our last annual report, we have laid important groundwork across Roivant and the Vants:
At Immunovant, we announced positive late-stage data for batoclimab in myasthenia gravis and chronic inflammatory
demyelinating polyneuropathy and positive Phase 2a data for Graves    disease, charting an accelerated development
path for our lead compound IMVT-1402 in these indications. We also announced three additional indications for
IMVT-1402, as well as key leadership changes at Immunovant, including the announcement of Eric Venker, one of
Roivant   s own (formerly Roivant COO), as Immunovant CEO.
At Priovant, after having generated what is arguably the strongest efficacy data to date in non-infectious uveitis (NIU),
we progressed brepocitinib into the Phase 3 trial in that indication, and announced a proof of concept study in
cutaneous sarcoid, now brepoctinib   s third indication in development. We are busy wrapping up our Phase 3 trial in
dermatomyositis. The results of that dermatomyositis trial, expected in the second half of this year, may catapult us
once again into becoming a commercial organization, and the teams at Roivant and Priovant have been actively
preparing for that potential outcome.
At Pulmovant, we unveiled mosliciguat, a potential first-in-class and best-in-category inhaled soluble guanylate
cyclase activator for pulmonary hypertension associated with interstitial lung disease (PH-ILD). On the back of the
program announcement, we rapidly initiated a Phase 2 trial, which is on track for a readout in the second half of 2026.
At Roivant, we have been setting the stage for various opportunities in the upcoming year. First, we sold Dermavant
to Organon last year in a transaction with an aggregate value of up to $1.2 billion. The benefits of partnering VTAMA
were twofold: 1) Organon expands the reach of this treatment to serve more patients in need, and 2) our team
regained crucial bandwidth to continue focusing on the highest value drivers in our business, including our key
pipeline programs and the evaluation of new opportunities.
We also continue to make meaningful progress on Genevant   s IP litigation, with favorable developments in the case
and with international claims brought forward in 30 countries. We look forward to defending our patents in the trial
against Moderna.
And finally, we kept a steady hand on our strong cash balance. Roivant repurchased $1.3 billion of our own shares as
of the end of the fiscal year, reducing outstanding shares by 14% over 12 months. These strategic share buybacks, in
addition to disciplined capital allocation across the Vants, continue to allow us to take full advantage of attractive
acquisition opportunities in the current market and ensure the durability of our enterprise for years to come.
If we are right about the upcoming dermatomyositis readout and our careful preparations go as planned, we are
looking at an incredible 36 months ahead: two potential commercial launches for brepocitinib, five registrational
readouts for IMVT-1402, the potential for a positive outcome from the IP litigation, and plenty of room to continue
acquiring more high-quality programs. In short, we have an incredibly fruitful period ahead of us.
Thank you for your continued support of Roivant this year. We owe much of our progress to you our shareholders, to
our employees, and to the patients and providers who have entrusted us with their care. Thank you. We are ready for
exciting times ahead!
Matt Gline
| Chief Executive Officer



shareholder letter icon 7/29/2025 Letter Continued (Full PDF)
 

ROIV Stockholder/Shareholder Letter (Roivant Sciences Ltd.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.