Roivant Revenue Jumps to $35.121 Million as LISRAYA Commercial Sales Begin
Key Facts
Roivant Sciences on Nov. 9, 2026, reported results for its second fiscal quarter ended Sept. 30, posting net revenue of $35.121 million, compared with $1.571 million in the year-earlier period. Revenue topped analysts’ consensus of $3.74 million, according to Investing.com. The company remained loss-making, however, with a net loss attributable to it of $191.6 million, or $0.27 per share, according to its statement. Investing.com reported that the per-share loss was below analysts’ estimate of $0.37, a difference of $0.10 per share. The figures reflect the beginning of product revenue contributions to the company’s results, alongside the continued impact of expenses and distributions related to the Moderna settlement.
Most of the new revenue came from product sales, which totaled $30.969 million, while the company recorded $4.152 million from licensing, milestones and other sources. Roivant said LISRAYA generated net product revenue of $31.0 million in its first five weeks after U.S. Food and Drug Administration approval in August 2026. The company recorded no product revenue in the three months ended Sept. 30, 2025, making the LISRAYA launch the focus of the quarter’s shift in revenue mix. The period comparison shows total revenue rising from $1.571 million to $35.121 million. The commercial launch was accompanied by higher selling, general and administrative expenses, which the company said increased mainly because of LISRAYA launch costs.
Net loss attributable to Roivant was $191.6 million, compared with $113.5 million in the same period of 2025, and loss per share rose to $0.27 from $0.17. The company said the quarter’s loss included $95.9 million related to Genevant distributions from proceeds of the Moderna settlement, increasing loss per share by $0.13. By another measure, the after-tax loss from continuing operations narrowed to $153.0 million from $166.0 million. Adjusted loss from continuing operations also declined to $133.4 million, compared with $187.8 million a year earlier. The reported loss therefore differs from the performance of continuing operations, while $0.27 remains the per-share loss reported in the statements.
Research and development expenses fell by $18.8 million to $145.7 million, from $164.6 million in the year-earlier quarter. The company attributed the decline mainly to reductions of $7.4 million in personnel expenses, $6.4 million in program costs and $3.0 million in stock-based compensation. In contrast, selling, general and administrative expenses rose by $11.0 million to $154.1 million, from $143.1 million, as spending tied to the commercial launch of LISRAYA increased. The divergence places lower costs in some areas of development alongside the expenses of commercial expansion in the quarter’s spending picture. Roivant said it had $4.2 billion in cash, cash equivalents and marketable securities on Sept. 30, including the Moderna payment received in July, and that its liquidity supports it through to profitability.
Among developments in its drug programs, the company said brepocitinib met the primary endpoint and all key secondary endpoints in the Phase 3 CLARITY-1 and CLARITY-2 trials for non-infectious uveitis. Roivant aims to submit a supplemental application to the U.S. Food and Drug Administration in the first half of 2027. It also said IMVT-1402 at a 600 mg dose met the primary ACR20 endpoint at Week 28 in a trial for difficult-to-treat rheumatoid arthritis, with a response of 92.5% versus 75.6% for placebo and a statistical value of p=0.0139. The company said Immunovant plans to discuss the regulatory path with the agency later this year. In another program, Roivant announced positive topline Phase 2 results from the PHocus study of mosliciguat and said the Phase 3 PHrontier study had started and was enrolling participants.
The Moderna settlement remains an important factor in both the liquidity and loss picture. Roivant said Genevant and Arbutus received $950 million in July 2026 as an initial payment from a global patent settlement valued at $2.25 billion. It added that a further $1.3 billion depends on a favorable outcome in Moderna’s appeal under Section 1498. The company said oral arguments in the appeal were held on Nov. 5, 2026, while the Genevant and Arbutus case against Pfizer and BioNTech remains ongoing. During the three months ended Sept. 30, Roivant repurchased 2.1 million common shares for a total of about $72.5 million.
Roivant said it will hold its investor day in New York and virtually on Dec. 9, 2026. The event follows the quarterly results and updates to its clinical and commercial programs, while the company has set the first half of 2027 as its target for submitting the supplemental brepocitinib application. Trial results and progress on the regulatory path remain among the milestones the company has announced for the next phase. It also noted that enrollment continues in the Phase 3 PHrontier study. These dates link the commercial expansion that began with LISRAYA to the progress of drugs in development.