Roivant Sciences (ROIV) reports higher-than-expected FQ1 loss

August 14, 2023 7:30 AM EDT

Roivant Sciences Ltd. (NASDAQ: ROIV) has released its financial results for the first quarter, falling short of analyst expectations.

The company reported an earnings per share (EPS) of ($0.38), which is $0.10 worse than what analysts had predicted at ($0.28). Revenue for the quarter reached $21.62 million, lower than the consensus estimate of $24.77M.

“This was an incredibly busy quarter with multiple clinical readouts and trial initiations. We reported positive data from the chronic period of the Phase 2b study of RVT-3101 in ulcerative colitis, in addition to positive data from the ADORING 1 trial evaluating VTAMA in patients as young as 2 years old with moderate-to-severe atopic dermatitis,” said Matt Gline, CEO.

“We also initiated two separate trials, the TAHOE Phase 2 study of RVT-3101 in Crohn’s disease and the Phase 1 study of IMVT-1402 in healthy volunteers. We’re incredibly excited about the progress we’ve made in this quarter alone and look forward to announcing additional clinical results in the upcoming months. On the commercial side, we saw another three months of continued product revenue growth for the company from VTAMA sales.”

Roivant also reported a decrease in cash, cash equivalents, and restricted cash holdings, which now stand at $1.45 billion. This represents a 26% decrease compared to the same period last year.

By Senad Karaahmetovic

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