Roivant Sciences(US:ROIV)2024-05-30 11:15Financial Performance - Roivant reported consolidated cash, cash equivalents, and restricted cash of approximately $6.6 billion as of March 31, 2024, supporting a cash runway into profitability[10]. - Net product revenue for VTAMA, approved for psoriasis, was $75.1 million for the fiscal year ended March 31, 2024, with over 385,000 prescriptions written by over 15,300 unique prescribers since launch[3]. - Roivant's loss from continuing operations was $182.5 million for the three months ended March 31, 2024, compared to a loss of $175.4 million for the same period in 2023[25]. - Non-GAAP loss from continuing operations was $188.1 million for the three months ended March 31, 2024, compared to $189.4 million for the same period in 2023[25]. - The net loss attributable to Roivant Sciences Ltd. for Q1 2024 was $151,115 thousand, compared to a loss of $33,617 thousand in Q1 2023[30]. - Total revenue for the year ended March 31, 2024, was $124,795 thousand, significantly higher than $61,280 thousand for the year ended March 31, 2023, reflecting a growth of 104%[30]. Expenses - Research and development expenses decreased by $11.0 million to $120.9 million for the three months ended March 31, 2024, compared to $131.9 million for the same period in 2023[12]. - Selling, general and administrative expenses increased by $44.1 million to $169.6 million for the three months ended March 31, 2024, compared to $125.5 million for the same period in 2023[20]. - Operating expenses for Q1 2024 totaled $294,930 thousand, compared to $261,542 thousand in Q1 2023, an increase of 13%[30]. - Adjusted loss from continuing operations, net of tax (Non-GAAP) for Q1 2024 was $188,137 thousand, slightly down from $189,432 thousand in Q1 2023[32]. - Research and development expenses for Q1 2024 were $120,902 thousand, a decrease from $131,857 thousand in Q1 2023, indicating a reduction of 8%[32]. - Selling, general and administrative expenses increased to $169,616 thousand in Q1 2024 from $125,510 thousand in Q1 2023, representing a rise of 35%[32]. Share Repurchase and Equity - The company completed the repurchase of all 71.3 million shares held by Sumitomo Pharma at a price of $9.10 per share, totaling approximately $648.4 million, reducing outstanding shares by about 9%[11]. - Roivant has $852 million in share repurchase authorization available following the repurchase of Sumitomo's stake[3]. Assets and Cash Position - Cash, cash equivalents, and restricted cash increased to $6,550,450 thousand in Q1 2024 from $1,692,115 thousand in Q1 2023, representing a growth of 286%[28]. - Total assets rose to $7,222,482 thousand in Q1 2024, up from $2,389,604 thousand in Q1 2023, marking an increase of 202%[28]. Product Development and Pipeline - Brepocitinib demonstrated the best Treatment Failure rates observed to date in studies for active non-infectious uveitis (NIU), with 29% and 44% of subjects meeting Treatment Failure criteria at different dosages[7]. - Roivant's pipeline includes VTAMA, a novel topical approved for psoriasis and in development for atopic dermatitis, along with other clinical stage molecules[39]. - The company is developing IMVT-1402 and batoclimab, fully human monoclonal antibodies targeting the neonatal Fc receptor for several autoimmune indications[39]. - Roivant also incubates discovery-stage companies and health technology startups that complement its biopharmaceutical business[39]. Future Events and Statements - The company plans to host a live conference call on May 30, 2024, to report its financial results for the fourth quarter and fiscal year ended March 31, 2024[37]. - The company plans to participate in the Jefferies Global Healthcare Conference on June 5, 2024, and the Goldman Sachs 45th Annual Global Healthcare Conference on June 10, 2024[40]. - Forward-looking statements include expectations regarding clinical and therapeutic potential of products and potential share repurchases[42]. - Actual results may differ materially from forward-looking statements due to various risks and uncertainties[43]. - Roivant emphasizes that it operates in a competitive and rapidly changing environment, which may introduce new risks[43]. - The company has no obligation to update forward-looking statements unless required by law[43]. Contact Information - Contact information for investor relations and media inquiries is provided for further communication[44].