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what it is
Roivant develops drugs and startups for immune diseases, then tries to turn one approval into more.
how it gets paid
Last year Roivant Sciences made $29M in revenue.
why growth slowed
Revenue fell 11.2% last year. $6M is the cleanest read on the quarter.
what just happened
Quarterly revenue reached $6M, while EPS landed at -$0.88.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
2.2% return on capital — nothing to write home about
-$0.75 fy2024 eps est
$29M fy2024 rev est
n/a operating margin
xvary composite: 60/100 — average
What they do
Roivant develops drugs and startups for immune diseases, then tries to turn one approval into more.
Roivant has 750 employees and one approved product, VTAMA. You are not buying a broad drug machine. You are buying a concentrated bet, and concentration is the point when annual revenue is only $29M.
How they make money
$29M
annual revenue · revenue declined -11.2% last year
total revenue
$29M
11.2%
The products that matter
subsidiary launch platform
Vant Platform
$2M quarterly product revenue
It is the operating model behind the whole company, but the numbers here are still small: just $2M in product revenue last quarter against a $20B equity story.
platform bet
priority review pipeline asset
Brepocitinib (Priovant)
near-term regulatory catalyst
Its NDA is under FDA priority review, and with only $2M in quarterly product revenue across the company, this filing matters more than anything already being sold.
pipeline hinge
existing commercial base
Current product revenue
$13.31M trailing revenue
This is the number that keeps the valuation debate honest. A $20B market cap against $13.31M in trailing revenue leaves almost no room for commercial delays.
reality check
Key numbers
$29M
annual revenue
That is tiny next to a ~$20B market cap. You are paying for what the pipeline might become.
11.2%
revenue change
Sales fell vs. prior year. That is a rough setup when the story already leans on future drugs.
$6M
latest quarter
Quarterly sales are still small. One product miss matters a lot when the base is this thin.
0.88
quarterly EPS
Losses are still the norm. The market is paying for clinical progress, not current profit.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $98M (0% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ROIV right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Quarterly revenue reached $6M, while EPS landed at -$0.88.
Revenue was up 187% vs. prior year, but the base was still only $6M. EPS stayed negative, so spending on trials and launch work is still the main story.
$6M
revenue
$0.88
eps
+187%
revenue vs. last year
revenue
$6M is the cleanest read on the quarter. You got growth, but the base is still tiny.
source: company earnings report, 2026
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What could go wrong
The top risk here is brepocitinib failing to become a meaningful commercial asset while the rest of the business is still only generating $2M a quarter in product revenue.
med
Pipeline concentration
Brepocitinib is under FDA priority review and has become the obvious near-term focal point. When the company only reports $2M in quarterly product revenue, one program can dominate the whole equity story.
If that review disappoints, the market is left staring at a $20B valuation with very little current commercial support.
med
Revenue base is too small and too volatile
Quarterly revenue fell to $2.0M from $9.0M a year ago, and annual revenue declined 76.7%. That is not the profile of a business that has already found durable commercial footing.
A company can survive tiny revenue. A $20B valuation has a harder time justifying it.
med
Platform economics are still theoretical
Return on equity is -19.14% and return on capital is 2.2%. The Vant structure may be clever, but this snapshot does not show a repeatable commercial engine yet.
If the platform cannot produce positive returns from shareholder capital, the premium for the model starts to look aspirational instead of earned.
At roughly $20B against $13.31M in trailing revenue, you are paying for future approvals, future launches, and future scale all at once. If even one of those slips, valuation does the talking.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
brepocitinib FDA review outcome
This is the closest thing ROIV has to a make-the-story-real event. A win helps justify the platform premium. A miss resets the conversation fast.
metric
whether product revenue can recover above $9M
The latest quarter printed $2.0M versus $9.0M a year earlier. Getting back above that older level would at least show the commercial base is not disappearing.
capital allocation
$1B buyback execution
Management has authorized repurchases. If they buy aggressively at this valuation, they are signaling confidence that the pipeline is worth more than the current quote.
legal
final impact of the $2.25B Moderna settlement
On a company with only $13.31M in trailing revenue, litigation and settlement terms are not side notes. They can move the balance-sheet conversation on their own.
Analyst rankings
overall view
60 / 100
xvary composite. In human-speak, this screens as average because the upside story is big but the current numbers are still thin.
volatility
1.3 beta
The stock tends to move more than the market. You should expect sharper reactions around earnings, filings, and regulatory events.
stability
20 / 100
Price stability is low. That fits the business profile: small revenue base, large valuation, and catalyst-heavy expectations.
source: institutional data
Institutional activity
institutional ownership data for ROIV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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