Roivant Sciences (ROIV) Citigroup’s Biopharma Back to School Summit 2026 summary

Strategic and financial overview

• Market cap approaches $30 billion with $3.9 billion in cash, excluding a $700 million+ settlement from July.

• Over $1.7 billion returned to shareholders, with ongoing focus on disciplined capital allocation.

• Strong business development activity supported by robust cash reserves.

• Ongoing litigation and additional capital return initiatives are in progress.

Pipeline progress and clinical milestones

• Brepocitinib received first FDA approval (LISRAYA) for dermatomyositis, with broad label and no restrictions on concomitant use.

• Mosliciguat delivered best-in-class PVR reductions in PH-ILD, with phase III underway and expansion into other pulmonary hypertension subtypes considered.

• IMVT-1402 showed strong efficacy in difficult-to-treat RA, with further data and regulatory feedback expected this year.

• Additional late-stage indications for brepocitinib (NIU, CS, LPP) and IMVT-1402 (MG, Graves') are progressing, with pivotal data expected in the next year.

Market opportunities and competitive positioning

• LISRAYA launch in DM targets a large, underserved population, with slow and steady revenue build anticipated.

• Brepocitinib positioned as first-line or switch therapy across DM segments, supported by robust data and physician excitement.

• Mosliciguat's differentiated profile and strong efficacy open potential for use on top of other therapies and in multiple PH subtypes.

• Competitive landscape in DM is intensifying, but unique mechanism and largest DM study to date provide strong differentiation.