Roivant Sciences(US:ROIV)2025-02-10 15:16Financial Performance - Revenue for the three months ended December 31, 2024, was $9,018 thousand, down 42.3% from $15,562 thousand for the same period in 2023[28]. - Net income attributable to Roivant Sciences Ltd. for the three months ended December 31, 2024, was $169,381 thousand, a decrease of 96.7% compared to $5,096,184 thousand for the same period in 2023[28]. - The company reported a net loss from continuing operations of $208,945 thousand for the three months ended December 31, 2024, compared to a net income of $5,131,180 thousand for the same period in 2023[28]. - Comprehensive income attributable to Roivant Sciences Ltd. for the three months ended December 31, 2024, was $195,474 thousand, compared to $5,071,472 thousand for the same period in 2023[31]. - For the nine months ended December 31, 2024, the company reported a net loss of $104.4 million compared to a net income of $4.4 billion for the same period in 2023[38]. - The company reported a net loss attributable to Roivant Sciences Ltd. of $169.4 million for the three months ended December 31, 2024, compared to a net income of $5.1 billion for the same period in 2023[175]. - The company incurred a net loss from continuing operations of $477.4 million for the nine months ended December 31, 2024, compared to net income of approximately $4.6 billion for the same period in 2023[203]. Assets and Liabilities - Total current assets decreased from $6,731,828 thousand as of March 31, 2024, to $5,363,968 thousand as of December 31, 2024, a decline of approximately 20.3%[26]. - Total liabilities decreased significantly from $773,953 thousand as of March 31, 2024, to $256,375 thousand as of December 31, 2024, a reduction of approximately 66.9%[26]. - The company’s total assets decreased from $7,222,482 thousand as of March 31, 2024, to $5,792,345 thousand as of December 31, 2024, a decline of approximately 19.8%[26]. - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities of approximately $5.1 billion and retained earnings of $460.4 million[203]. Cash Flow and Investments - Cash and cash equivalents decreased from $6,494,953 thousand as of March 31, 2024, to $1,990,683 thousand as of December 31, 2024, a decline of about 69.4%[26]. - The company incurred a net cash used in operating activities of $666.9 million for the nine months ended December 31, 2024, compared to $656.8 million for the same period in 2023[38]. - The company reported a net cash used in investing activities of $2.84 billion for the nine months ended December 31, 2024, compared to a net cash provided by investing activities of $5.2 billion in 2023[38]. - Cash flow from investing activities changed to a net cash used of approximately $2.8 billion for the nine months ended December 31, 2024, from net cash provided of approximately $5.2 billion for the same period in 2023, primarily due to purchases of marketable securities[221]. Shareholder Equity and Repurchase Programs - As of September 30, 2024, total shareholders' equity stands at $5,580,042, a decrease from $6,448,529 on June 30, 2024, reflecting a net loss of $279,924 during the quarter[34]. - The company repurchased 71,251,083 common shares for $648,385, and an additional 9,023,658 shares for $106,054 in the latest reporting period[34]. - The share repurchase program allows for repurchases of common shares up to $1.5 billion, with approximately $648.4 million spent to repurchase 71,251,083 shares from Sumitomo Pharma Co., Ltd.[101]. Research and Development - Research and development expenses accrued as of December 31, 2024, totaled $53.5 million, an increase from $37.7 million as of March 31, 2024[97]. - Research and development expenses increased by $33.4 million to $141.6 million for the three months ended December 31, 2024, compared to $108.1 million for the same period in 2023, mainly due to increased program-specific costs[180]. - Research and development expenses increased by $72.8 million to $405.2 million for the nine months ended December 31, 2024, compared to $332.4 million for the same period in 2023[183]. Discontinued Operations - The company completed the acquisition of Dermavant Sciences Ltd. by Organon in October 2024, classifying its results as discontinued operations[51]. - For the three months ended December 31, 2024, the net revenue from discontinued operations was $3.5 million, a decrease of 83.8% compared to $21.6 million in the same period of 2023[90]. - The company reported a loss from discontinued operations, net of tax, of $327.0 million for the three months ended December 31, 2024, compared to a loss of $58.5 million in the same period in 2023[90]. - For the nine months ended December 31, 2024, income from discontinued operations was $373.0 million, compared to a loss of $227.6 million for the same period in 2023, indicating a change of $600.6 million[201][202]. Accounting and Financial Reporting - The management's discussion and analysis is based on unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP[223]. - The preparation of financial statements requires estimates, judgments, and assumptions that affect reported amounts of assets and liabilities[223]. - Actual results may differ from estimates under different assumptions or conditions, indicating the inherent uncertainty in financial reporting[223]. - Critical accounting policies involve subjective estimates and judgments likely to materially impact financial condition and results of operations[224].