| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 2.00 | 27.4% | 77.8% |
| Total Income | 2.00 | 27.4% | 77.8% |
| Expenditure | 341.15 | 10.8% | 20.4% |
| PBT | -290.37 | 82.6% | 23.8% |
| Net Profit | -265.89 | 134.2% | 257.0% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.38 | 123.5% | 265.2% |
Roivant Announces Positive Phase 2 Brepocitinib Results and Reports Q3 2025 Financials
04 May 2026 · 4 May, 1:21 am
Summary
Roivant announced positive Phase 2 results for brepocitinib in cutaneous sarcoidosis (CS) and reported its financial results for the third quarter ended December 31, 2025. The company's consolidated cash, cash equivalents, restricted cash and marketable securities were $4.5 billion as of December 31, 2025. Research and development expenses increased to $165.4 million, while general and administrative expenses also increased to $175.1 million. Loss from continuing operations, net of tax was $313.7 million for the three months ended December 31, 2025.
Key Highlights
- 1
Roivant reported consolidated cash, cash equivalents, restricted cash and marketable securities of $4.5 billion as of December 31, 2025, supporting cash runway into profitability.
- 2
Research and development expenses increased by $23.8 million to $165.4 million for the three months ended December 31, 2025, compared to $141.6 million for the three months ended December 31, 2024.
- 3
General and administrative expenses increased by $33.5 million to $175.1 million for the three months ended December 31, 2025, compared to $141.5 million for the three months ended December 31, 2024.
- 4
Loss from continuing operations, net of tax was $313.7 million for the three months ended December 31, 2025, compared to $208.9 million for the three months ended December 31, 2024.
- 5
The New Drug Application (NDA) was submitted to the FDA for brepocitinib in dermatomyositis (DM).
- 6
Priovant plans to progress CS to a pivotal program with a Phase 3 study starting in calendar year 2026 following engagement with the FDA, representing the third indication with a pivotal program for brepocitinib.
Management Comments
Matt Gline
"2025 was a transformative year for Roivant, driven by the quality of our clinical execution and its resulting data. We are entering 2026 with early momentum across our late stage pipeline with ambitions of another groundbreaking year. The positive data for brepocitinib in CS represents a breakthrough for the field, generating clinically meaningful outcomes for patients in need in the first ever positive placebo-controlled trial for any therapy in CS." "Together with this data, I’m proud of our continued execution elsewhere in our pipeline, including with today's announcement of the NDA filing for brepocitinib in dermatomyositis and the completion of enrollment in multiple large studies setting the stage for the year ahead."
Dr. Misha Rosenbach
“The BEACON study is a watershed moment for the sarcoidosis field, and most importantly, for our patients,” said Dr. Misha Rosenbach, MD, Professor of Dermatology and Rheumatology and Director of the Cutaneous Sarcoidosis Program at the Hospital of the University of Pennsylvania. “This is an incredible milestone for a historically neglected disease – the study drug showed a clear difference in patients who received the medication compared to placebo, both from the patient and the physician perspective, and appeared to be well tolerated. This is the sort of data you dream of seeing when you look at trial results – and I would call this a transformational moment for sarcoidosis.”
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