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.

 •  7/26/2024 Letter Continued (Full PDF)
 •  8/7/2023 ROIV Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  ROIV Benford's Law Stock Score = 93

ROIV Shareholder/Stockholder Letter Transcript:

2023
Annual Report

Dear Roivant Shareholders,
Ten years ago, Roivant was founded on the premise that inefficiencies in the biopharma industry can
potentially lead to substantial return on investment through approaching drug development with the
same principles with which a value investor approaches investing. We aimed to unlock these returns
by acquiring drugs and making development decisions on a value-maximizing, capital-efficient basis.
Reflecting on the last twelve months and on our 10th anniversary as a company, we are every bit as
committed to this mission today as we were in 2014.
In many ways this past year     and in particular, through the development and sale of our Telavant
subsidiary and RVT-3101    captured the founding spirit of Roivant unlike any other period in our
company   s history. Following the acquisition of RVT-3101 at the end of 2022, we announced positive
Phase 2b data in ulcerative colitis, built a Vant focused on delivering a compelling IBD therapy to
patients, and then sold it to Roche for $7.25B. True to our mission and to the culture of Roivant, we
approached this opportunity with a value-first mindset, maximizing value for our shareholders and, I
believe, for the patients who stand to benefit in the future from Roche   s continued development of this
drug. Today, I am tremendously proud of the outcomes that this decision created for you, for the
company, for our partners, and above all, for these patients.
In addition to RVT-3101, we extended our strong track record of meaningful clinical data over the
past year, including positive data from the second Phase 3 study of VTAMA in atopic dermatitis,
positive Phase 1 data and positive initial Phase 2 data in Graves    Disease for IMVT-1402, and positive
Phase 2 data for brepocitinib in non-infectious uveitis (NIU), where we generated arguably the
strongest efficacy data in NIU observed to date. In total, we had 7 positive Phase 2 or 3 readouts in
2023     an extraordinary hit rate for a company of our size and with our R&D spend. While there are
no guarantees in the world of clinical data, I want to acknowledge the role our team and our company
culture played in creating these outcomes. One thing I tell our team, as we reflect on these two
different kinds of successes     transactional, financial success on the one hand and scientific
progress for patients on the other     is that our field is full of companies that live and die on their
own dogmas. They have profound commitments to specific ends     to furthering a given technology,
to studying a specific disease, to commercializing their own medicines no matter the cost along the
way. Roivant   s only dogma is that we have no dogma     we go where the science and our sense of
value jointly lead us.
Finally, a few words on the year to come: These are unprecedented and tremendously exciting times
for the company. On the pipeline expansion front, we are in a uniquely capital-rich position with access
to some of the most interesting partnerships and technologies that exist in our field. Within our existing
pipeline, we plan to initiate 4-5 potentially registrational programs at Immunovant and a Phase 3
pivotal trial of brepocitinib in NIU, with several significant clinical readouts along the way. We are
grateful for your continued support and enthusiasm for these milestones to come.
We are creating value for patients, and we are doing work that matters. We have built a great
company, and I am so excited for the next ten years.
Matt Gline
| Chief Executive Officer



 7/26/2024 Letter Continued (Full PDF)