Roivant Sciences Ltd

Roivant Sciences is a drug developer that had no products on the market as of March 31, 2026. It licenses or acquires experimental drugs from other companies and houses each in a subsidiary it calls a “Vant.” Each runs like a small biotech, while Roivant controls the money. On that date it owned 72% of Priovant, 56% of Immunovant and 97% of Pulmovant.

Its lead drug, Priovant's brepocitinib, is a pill that calms overactive immune signals. The FDA set a decision target of the third quarter of calendar 2026 for dermatomyositis, a rare muscle and skin disease; late-stage trials are running or planned in three more. Immunovant is testing IMVT-1402, an antibody meant to lower disease-causing antibodies, in six autoimmune diseases. Pulmovant's mosliciguat is an inhaled drug for high blood pressure in the lungs linked to interstitial lung disease.

In the year ended March 31, 2026, revenue was $8.3 million and the net loss $300 million. Besides future drug sales, Roivant can earn from Genevant's patents on lipid nanoparticles, which carry mRNA vaccines into cells. Moderna agreed to pay Genevant and partner Arbutus up to $2.25 billion to settle patent suits. Roivant may also receive payments from its 2024 sale of Dermavant to Organon. It reports no simple revenue split by segment or region.

• In Q1 FY2027 (ended Jun 30, 2026), revenue was $1.4M, down 33.5% from a year earlier, and net income was $-189.8M.
• For fiscal 2026, revenue was $8.3M (-71.6% year over year) with a -3629.2% net margin.

• Over FY2022–FY2026: $1.29B in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +8.1% from Sep 20, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Roivant Sciences Ltd’s market value went from $6.90B at the end of 2021 to $26.81B on Oct 28, 2026, about 3.9 times as much; since the end of 2025 it is up 78%.

Form 4 filings from 2025-10-31 to 2026-10-31 (24 read): 0 open-market purchases and 10 sales ($22.7M), 10 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in ROIV

1. Much rides on brepocitinib's FDA review. Brepocitinib for dermatomyositis had an FDA decision due in the third quarter of calendar 2026. A rejection, delay or limited approval would hold back revenue, and approval would not guarantee doctor or insurer uptake.
2. Trials can fail, as batoclimab's did. In April 2026, two late-stage (Phase 3) studies of batoclimab in thyroid eye disease missed their main goal, and Roivant dropped the drug. Results for IMVT-1402, mosliciguat and other brepocitinib trials could also disappoint.
3. Roivant owns only part of each Vant. As of March 31, 2026, Roivant owned 56% of Immunovant and 72% of Priovant, less once stock awards are counted. Outside shareholders share any gains, and many subsidiaries compete for money and staff.
4. Licensed drugs come with strings attached. Brepocitinib, IMVT-1402 and mosliciguat are licensed from Pfizer, HanAll and Bayer, which can collect royalties plus fees tied to approval and sales goals (up to $420 million for HanAll). Losing that deal would hurt IMVT-1402.
5. Heavy losses, with profit not assured. Roivant spent $759 million more cash than it took in during the year to March 31, 2026, and may never stay profitable. It held $3.8 billion of cash and investments at June 30, 2026.
6. Outside manufacturers and ties to Asia. Roivant relies on outside manufacturers, and some production, lab and trial work happens in Asia. Trade disputes or laws targeting biotech firms tied to certain foreign adversaries, such as the BIOSECURE Act, could disrupt supply.

• Oct 21, 2026 Investor presentation or announcement
• Sep 18, 2026 Shareholder vote results
• Sep 8, 2026 Investor presentation or announcement
• Aug 28, 2026 Other company announcement
• Aug 27, 2026 Investor presentation or announcement
• Aug 6, 2026 Quarterly results released
• May 20, 2026 Quarterly results released
• Apr 2, 2026 Quarterly results released; Investor presentation or announcement
• Mar 3, 2026 Major agreement signed; Investor presentation or announcement; Other company announcement
• Mar 3, 2026 Investor presentation or announcement

Roivant paid no dividends in fiscal years 2022 through 2026, so the stock has produced no income. Anyone needing cash from it would have to part with shares. The business also lacks spare cash: free cash flow (cash left after running costs and investment) was negative $759 million in the year to March 31, 2026. It has returned cash through share repurchases instead, spending $1.29 billion in the year to March 31, 2025. Even so, about 722 million shares were outstanding on July 31, 2026, roughly 8% more than in September 2021.

The price can swing sharply. In the 2022 bear market (a broad market slide), the shares fell 71.6% from January 3 to May 12, 2022, then took about eight months, until January 12, 2023, to recover. The stock's history is too short to show the 2008 or 2020 crashes. A single drug-development stock like this carries far more risk than a diversified fund.