Here are 1-3 brief analogies to describe Roivant Sciences:

• Alphabet for biotech companies: Similar to how Alphabet oversees various "Other Bets" (like Waymo or Verily) as semi-independent entities, Roivant creates and manages multiple "vants" (subsidiary companies) each focused on developing specific drug candidates.

• IAC (InterActiveCorp) for drug development startups: Like IAC, which is known for building and spinning off numerous internet and media companies (such as Match Group or Vimeo), Roivant builds specialized biotech startups around individual drug assets, often with the goal of later public listing or sale.

• VTAMA (tapinarof) cream: A topical medication approved for the treatment of plaque psoriasis in adults, and currently being investigated for atopic dermatitis.

Roivant Sciences (ROIV) is a unique biopharmaceutical company that operates through a "vant" model, creating and developing numerous subsidiary companies (known as "vants") focused on specific drug candidates or therapeutic areas. Its primary business involves discovering, developing, and commercializing new medicines, often through these standalone entities.

Given this business model, Roivant Sciences does not sell primarily to individuals. Instead, its major "customers" or strategic partners are other pharmaceutical companies and healthcare entities that acquire its subsidiaries, license its drug candidates, or enter into significant collaboration agreements. These transactions represent Roivant's primary revenue drivers from other companies.

Based on its strategic transactions and partnerships, Roivant's major customers/partners include:

• Sumitomo Pharma Co., Ltd. (TYO: 4506): Acquired Myovant Sciences, one of Roivant's most prominent "vants," which developed and commercialized products like Orgovyx and Myfembree. This acquisition represented a significant transaction and revenue source for Roivant.
• Pfizer Inc. (NYSE: PFE): Roivant and Pfizer entered into a collaboration agreement for the development and commercialization of an oral PDE4 inhibitor (now known as RVVT-1358) for dermatological conditions. Pfizer made significant upfront payments and an equity investment in Roivant as part of this partnership. Pfizer also acquired certain legacy assets from Roivant.
• Other pharmaceutical companies and institutional investors that participate in various licensing deals, partnerships, or equity investments in Roivant's "vants" or the parent company itself, though these may vary over time and might not be consistently disclosed as "customers" in the traditional sense.

Matt Gline, Chief Executive Officer
Matt Gline joined Roivant in March 2016 and assumed the role of Chief Executive Officer in January 2021, having previously served as Chief Financial Officer. Prior to joining Roivant, he was a Vice President at Goldman Sachs, Fixed Income Digital Structuring, focusing on technology and data strategy from April 2014 to March 2016. He co-founded Fourthree, a risk analytics technology and consulting company, and also served as a Vice President at Barclays, Enterprise Risk Management Advisory, from 2008 to 2012. Mr. Gline earned his A.B. in Physics from Harvard College and knew Roivant's founder, Vivek Ramaswamy, from their time at Harvard.

Richard Pulik, Chief Financial Officer
Richard Pulik has served as Chief Financial Officer of Roivant Sciences since September 2021. He brings over twenty years of industry experience, including his previous role as the Global Head of Business Development & Licensing and Portfolio Management, Oncology at Novartis, where he was also a member of Novartis's Innovation Management Board and the Novartis Oncology Leadership Team. Mr. Pulik joined Novartis in 2012 as a Senior Director, Mergers & Acquisitions in Basel, Switzerland. Earlier in his career, he gained experience in investment banking and mergers & acquisitions at Bank of America/Merrill Lynch and UBS Investment Bank, holding a background in finance and economics from The Wharton School and University of Pennsylvania.

Vivek Ramaswamy, Founder
Vivek Ramaswamy founded Roivant Sciences in 2014, with a vision to apply technology to drug development and build subsidiary life sciences companies. He served as CEO until 2021 and stepped down from the company's board of directors in February 2023 to focus on his U.S. presidential campaign. Ramaswamy's business model involved acquiring and developing overlooked pharmaceuticals. He co-founded StudentBusinesses.com, which was acquired in 2009. He also worked at the hedge fund QVT Financial from 2007 to 2014. In 2020, a pivotal moment for Roivant and Ramaswamy's wealth came when Sumitomo Dainippon purchased a portfolio of five Roivant drugs and a 10% company stake for $3 billion. In 2022, he co-founded the investment firm Strive Asset Management.

Mayukh Sukhatme, MD, President and Chief Investment Officer
Mayukh Sukhatme is President and Chief Investment Officer of Roivant, and also serves on its Board of Directors. He joined Roivant in 2015 and is responsible for identifying, performing diligence on, devising development strategies for, and transacting on new therapeutic programs. Dr. Sukhatme also helps guide Roivant's capital allocation decisions across its biopharmaceutical subsidiary companies, having previously served as President of Roivant Pharma and Chief Business Officer.

Frank Torti, MD, Vant Chair
Frank Torti is the Vant Chair at Roivant Sciences. In this role, Dr. Torti serves as Chairman, Executive Chairman, or CEO of the public and private biopharmaceutical companies (Vants) at Roivant, overseeing their businesses. He joined Roivant in 2018 from New Enterprise Associates (NEA), one of the largest venture capital firms globally, where he was a partner. Dr. Torti was the founding CEO and Chairman of Telavant from its inception until its sale to Roche for $7.25 billion. Throughout his career, he has been involved in over $22 billion in capital formation through fundraising, partnerships, and corporate acquisitions, and has seen companies he was involved with complete approximately twenty initial public offerings and M&A transactions.

The emergence and advanced clinical development of competing TL1A inhibitors poses a significant emerging threat to Roivant Sciences. Roivant's key asset, RVT-3101 (partnered with Pfizer), is a TL1A antibody targeting inflammatory bowel diseases (IBD). Several other companies are developing competing TL1A inhibitors, most notably Merck with PRA023 (acquired through Prometheus Biosciences), which is also in late-stage clinical trials for IBD. The success of these competing TL1A inhibitors, potentially demonstrating superior efficacy, safety, or delivery profiles, or achieving faster market entry, could directly erode the market share and commercial potential of RVT-3101, which is a cornerstone of Roivant's near-term value proposition.

Roivant Sciences (ROIV) is a clinical-stage biopharmaceutical company with a pipeline of investigational drugs. While the company does not currently have its own approved products generating significant sales, it is developing therapies for various conditions. Below are the addressable market sizes for the diseases targeted by Roivant's main pipeline products:

• IMVT-1402 (Immunovant):
  • Graves' Disease: The global market size was valued at approximately USD 403.48 million in 2024 and is projected to reach USD 582.64 million by 2032. North America dominates the global market. Other estimates for the global market include USD 430.6 million in 2025, expected to reach USD 606.4 million by 2032, and USD 641.22 million in 2024, projected to reach USD 1.01 billion by 2032.
  • Myasthenia Gravis: The global myasthenia gravis treatment market size was USD 1.40 billion in 2023 and is projected to grow to USD 2.75 billion by 2032. North America held a 49.29% share of the global market in 2023. The market across the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) is projected to grow from $6.1 billion in 2024 to $10.5 billion in 2034.
  • Chronic Inflammatory Demyelinating Polyneuropathy (CIDP): The global CIDP treatment market size was valued at USD 1.2 billion in 2023 and is projected to reach USD 2.5 billion by 2032. Another source indicates the global market was valued at USD 1.87 billion in 2024 and is expected to reach USD 3.33 billion by 2032. North America was the largest region in the CIDP market in 2024.
  • Difficult-to-Treat Rheumatoid Arthritis: null
  • Sjögren's Disease: The global Sjögren's syndrome market was valued at USD 168.8 million in 2023 and is expected to reach USD 226.0 million by 2034. Other estimates for the global market include US$201.70 million in 2023, expected to reach US$277.82 million by 2033, and USD 234.6 million in 2022, expected to reach USD 308.4 million in 2030. The U.S. Sjögren's Syndrome Market is estimated to be valued at USD 64.8 billion in 2025 and is anticipated to reach USD 83.4 billion by 2035.
  • Cutaneous Lupus Erythematosus (CLE): The global cutaneous lupus erythematosus market size was valued at USD 2.93 billion in 2024 and is projected to reach USD 7.90 billion by 2032. Another report indicates the global market size was USD 227.2 million in 2023, expected to reach USD 373.7 million by 2034. The 7 major markets (US, EU4, UK, and Japan) reached a value of USD 237.8 million in 2024 and are expected to reach USD 385.5 million by 2035. North America dominates the market.
  • Thyroid Eye Disease (TED): The global Thyroid Eye Disease market size was valued at USD 2.15 billion in 2024 and is projected to reach USD 2.97 billion by 2029. Other estimates for the global market include USD 2.26 billion in 2024, predicted to reach USD 4.02 billion by 2034, and USD 4.94 billion in 2025, projected to reach USD 7.55 billion by 2030. North America was the largest region in the TED market in 2024.
• Batoclimab (Immunovant):
  • Myasthenia Gravis: (See above under IMVT-1402)
  • Graves' Disease: (See above under IMVT-1402)
• Brepocitinib (Priovant):
  • Dermatomyositis: The global dermatomyositis market size was valued at USD 573.4 million in 2024 and is estimated to reach USD 931.57 million by 2033. Other estimates for the global market include approximately USD 1.2 billion in 2023, projected to reach USD 2.3 billion by 2032. The 7 major markets (US, EU4, UK, and Japan) reached a value of USD 199.4 million in 2024 and are expected to reach USD 290.0 million by 2035.
  • Non-Infectious Uveitis: The global non-infectious uveitis market was valued at USD 1.8 billion in 2024 and is projected to reach USD 3.2 billion by 2034. Another source indicates the global market size was USD 2.15 billion in 2024 and is projected to reach USD 4.59 billion by 2032. North America holds the largest market share, accounting for 42.1% of the global market in 2024.
  • Cutaneous Sarcoidosis: Market size for cutaneous sarcoidosis specifically was not found. However, non-infectious uveitis can be associated with sarcoidosis.
• Mosliciguat (Pulmovant):
  • Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD): The PH-ILD market across the top 7 markets (US, EU4, UK, and Japan) reached a value of USD 1.14 billion in 2024 and is expected to reach USD 1.74 billion by 2035. Another report indicates the PH-ILD market was valued at around USD 3 billion in 2024 and is expected to expand through 2034.

Roivant Sciences (ROIV) is anticipated to drive future revenue growth over the next two to three years primarily through the advancement and commercialization of its diverse pipeline of drug candidates. These key drivers include:

• Launch and Commercialization of Brepocitinib: Roivant expects to file a New Drug Application (NDA) for brepocitinib in the first half of 2026, particularly for indications such as dermatomyositis, non-infectious uveitis, and cutaneous sarcoidosis. Analysts project significant sales for brepocitinib across these indications by 2035.

• Advancement and Potential Approval of Batoclimab/IMVT-1402: This drug candidate is in development for several IgG-mediated autoimmune conditions, with results for batoclimab in Thyroid Eye Disease (TED) anticipated in the first half of 2026. This product is also expected to be a substantial revenue contributor in the future.

• Progress and Potential Commercialization of Mosliciguat: Mosliciguat, an inhaled sGC activator for pulmonary hypertension associated with interstitial lung disease (PH-ILD), is another key pipeline asset. Topline results from its Phase 2 study are expected in the second half of 2026, paving the way for further development and potential market entry. Analysts foresee considerable sales potential for mosliciguat in PH-ILD.

• Strategic Development through "Vants": Roivant's operational model involves creating nimble subsidiaries, or "Vants," to develop and commercialize medicines and technologies. This strategy facilitates the efficient progression of multiple drug candidates and broader pipeline expansion, ensuring a continuous stream of potential new product launches that will contribute to long-term revenue.

Share Repurchases

• Roivant Sciences completed a $1.5 billion share repurchase program in June 2025.
• An additional $500 million share repurchase program was approved by the board of directors in June 2025.
• The $1.5 billion program included the repurchase of 71,251,083 shares from Sumitomo for approximately $648.4 million, contributing to a reduction of outstanding shares by over 15% from March 31, 2024.

Share Issuance

• In September 2023, Roivant offered 19,600,685 common shares, resulting in estimated net proceeds of approximately $200.1 million.
• A February 2022 prospectus supplement noted the potential offer and sale by securityholders of up to 595,134,445 common shares, including 22,000,000 common shares issued in PIPE Financing.
• Common shares outstanding were 695,491,615 as of November 3, 2025, reflecting changes from various capital allocation activities.

Inbound Investments

• In the final quarter of 2023, Roivant Sciences sold its stake in Telavant to Roche in a deal valued at $5.3 billion (mentioned as $7.1 billion in another source), providing a significant capital influx to the company.

Outbound Investments

• Roivant Sciences has made 9 investments across sectors such as Genomics, Healthcare IT, and Infectious Diseases, with notable investments in companies like Immunovant, Datavant, and Arbutus Bio.
• The company's most recent investment was a Series A round in Lokavant on December 7, 2022.
• Annual long-term investments were $290 million in 2021, $326 million in 2022, $304 million in 2023, $248 million in 2024, and $303 million in 2025.

Capital Expenditures

• Investment in biopharmaceutical product development entails substantial upfront capital expenditures and significant risk.
• Research and development (R&D) expenses increased to $152.9 million for the three months ended June 30, 2025, compared to $120.5 million for the same period in 2024.
• For the quarter ended September 30, 2025, operating expenses, primarily driven by R&D ($164.568 million) and general and administrative expenses ($143.125 million), totaled $307.8 million. The primary focus of these expenditures is advancing Roivant's pipeline of potentially groundbreaking therapies.