Roivant Sciences (ROIV) TD Cowen 45th Annual Healthcare Conference summary

Key data updates and clinical development

• Upcoming data from Immunovant in CIDP and gMG expected this month, with focus on dose response and absolute improvement in MG-ADL and other clinical scores.

• Emphasis on Graves' disease as a high-priority indication, with pivotal studies ongoing and potential to define the market.

• Six INDs are open for 1402, with studies in MG, CIDP, RA, and Graves', and additional indications like TED and Sjögren’s under consideration.

• Dermatomyositis (DM) phase III study for brepocitinib fully enrolled, with data expected in the second half of the year and plans for rapid commercialization if positive.

• Brepocitinib positioned as a leading JAK inhibitor with multiple late-stage programs and expansion into new indications like cutaneous sarcoid.

Market positioning and strategic priorities

• Focus on indications where the company can be first or close to first in class, aiming to define new markets and maximize commercial potential.

• MG remains competitive with established drugs, so resource prioritization is shifting toward less crowded indications.

• DM and related FcRn markets are expected to sustain high price points, with commercial preparation underway for brepocitinib.

• The company is prepared to commercialize brepocitinib in DM, leveraging experience from previous launches and aiming to build a commercial franchise.

• Ongoing IP litigation related to LNP technology, with major cases against Pfizer and Moderna progressing in the US and internationally.

Business development and financial strategy

• Maintains a disciplined approach to business development, favoring late-stage, low upfront deals with big pharma and avoiding large M&A.

• Current cash balance is $5.2 billion, enabling opportunistic deal-making but with continued focus on economic discipline.

• Evaluates biotech acquisition opportunities based on economic rationale, considering both market cap and board willingness.

• Confident in the biological rationale for deeper IgG suppression, supported by data across multiple indications and studies.

• Will prioritize indications and future studies based on clinical data outcomes, especially in MG, and is open to head-to-head studies if warranted.