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Roivant Sciences (ROIV) FY2025 results: revenue $8 million, down 71.6% on the year

Roivant Sciences Ltd. (ROIV) reported revenue of $8 million for fiscal 2025, the year ended 31 March 2026, down 71.6% on the year before. Net income was -$300 million, and diluted earnings per share $-0.54. The figures are the company's own, from the 10-K it filed with the SEC on 20 May 2026.

Revenue
$8 million
-71.6% on the year
FY2020FY2025
Operating margin
-6235.7%
-3453.3% a year earlier
FY2020FY2025
Net income
-$300 million
FY2020FY2025
Diluted EPS
-$0.54
FY2020FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new, 5 kept.

  • Quarter swung to income: Income from continuing operations was $355.7 million for the quarter, compared with a $252.4 million loss a year earlier.
  • Week 16 response rates reported: In the D2T RA Period 1 trial, Week 16 ACR20, ACR50 and ACR70 response rates were 72.7%, 54.5% and 35.8%, with 165 of 170 patients evaluable.
  • Sarcoidosis Phase 2 BEACON result: In the Phase 2 BEACON study, brepocitinib 45 mg improved mean CSAMI-A by 22.3 points at Week 16, against 0.7 points for placebo.
  • Settlement gain recorded at $770.2M: The company recorded a $770.2 million gain on litigation settlement for the quarter and fiscal year, equal to Genevant’s expected portion of the Moderna payment.
  • R&D up on program spend: R&D rose $131.4 million to $681.8 million for the year, led by $101.1 million of program costs: anti-FcRn $79.1 million, mosliciguat $16.3 million, brepocitinib $15.1 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Roivant is a biopharmaceutical company that develops medicines through subsidiaries it calls Vants, each of which develops and commercializes particular medicines or technologies. It also incubates discovery-stage companies and health technology startups. It was registered as an exempted limited company in Bermuda in 2014 under the name Valor Biotechnology and took the name Roivant Sciences in November 2014, and its principal executive offices are in London. Its fiscal year ends March 31.

Roivant Sciences Ltd., the 10-K for 2026

Roivant is a biopharmaceutical company that develops medicines through subsidiaries it calls Vants, each of which develops and commercializes particular medicines or technologies. It also incubates discovery-stage companies and health technology startups. It was registered as an exempted limited company in Bermuda in 2014 under the name Valor Biotechnology and took the name Roivant Sciences in November 2014, and its principal executive offices are in London. Its fiscal year ends March 31.

Pipeline

Priovant is developing brepocitinib, an oral small molecule inhibitor of JAK1 and TYK2, for dermatomyositis, non-infectious uveitis, cutaneous sarcoidosis and lichen planopilaris. At the time of the filing the FDA had accepted its New Drug Application in dermatomyositis with Priority Review and a target action date in the third quarter of calendar 2026, and the company expected a commercial launch by the end of September 2026. Immunovant is developing IMVT-1402, a fully human monoclonal antibody targeting FcRn, for IgG-mediated autoimmune diseases including Graves' disease, difficult-to-treat rheumatoid arthritis, Sjögren's disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and cutaneous lupus erythematosus. In April 2026 two Phase 3 studies of batoclimab in thyroid eye disease did not meet their primary endpoint, and it discontinued batoclimab across all indications to focus on IMVT-1402. Pulmovant is developing mosliciguat, a once-daily inhaled sGC activator, for pulmonary hypertension associated with interstitial lung disease.

Genevant and patent litigation

Genevant is a nucleic acid delivery company with a lipid nanoparticle (LNP) platform and a ligand conjugate platform, and it partners with other pharmaceutical and biotechnology companies. The filing states that Genevant and Arbutus reached a global settlement with Moderna ending all pending U.S. and international patent-infringement litigation they had filed against it, and that their patent lawsuit against Pfizer and BioNTech over their COVID-19 vaccine was still before the U.S. District Court for the District of New Jersey at the time of the filing.

Ownership

At March 31, 2026 Roivant owned 72% of Priovant, 56% of Immunovant, 97% of Pulmovant, 83% of Genevant, 94% of Covant and 20% of Arbutus on a basic basis; Immunovant and Arbutus are publicly traded. It also holds interests in Proxima, PsiThera and Datavant and the right to future milestones and royalties from the 2024 sale of Dermavant to Organon.

People

At March 31, 2026 the company and its subsidiaries had approximately 721 full-time employees, including 659 in the U.S.

From Roivant's annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 20 May 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue8.329.132.7-71.6%
Research and development682550440+23.9%
Selling, general and administrativen/an/a687
Operating income-515-1,0034,497
Operating margin-6235.7%-3453.3%13746.9%
Interest expensen/an/a34.8
Pre-tax income-265-6824,568
Income tax13348.221.5+176.8%
Effective tax raten/an/a0.5%
Net income-300-1724,349
Net margin-3629.2%-592.0%13294.2%
Diluted EPS-$0.54-$0.24$5.23
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow-750-839-765
Capital expenditure8.24.61.4+78.5%
Free cash flow-759-844-767
Free cash flow margin-9183.5%-2905.2%-2343.6%
Cash from investing-682-1,7665,204
Cash from financing134-1,220419
Depreciation and amortisation3.314.122.0-76.2%
Share-based compensation346289200+19.8%
Buybacksn/a1,2930.0
Diluted shares, weighted694m725m831m-4.3%
Shares outstanding at period end720m696m807m+3.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,5274,6885,969-3.4%
Non-controlling interest765500480+53.1%
Debt0.00.0431
Operating lease liabilities96.390.345.0+6.6%
Other liabilities320159298+100.7%
Total liabilities and equity5,7095,4377,222+5.0%
Fixed assets12.012.115.3-0.6%
Intangible assetsn/an/a138
Investments2,8732,1710.0+32.3%
Cash and equivalents1,4192,7156,495-47.7%
Receivablesn/an/a53.5
Inventoryn/an/a35.3
Other assets1,405538486+161.1%
Total assets5,7095,4377,222+5.0%

10-K for the year ended 31 March 2026, filed 20 May 2026: the filing.