Roivant Sciences Reports $75.1M Net Product Revenue

Roivant (NASDAQ: ROIV) has reported its financial results for the fourth quarter and fiscal year ended March 31, 2024, and provided a business update. The company's net product revenue for Vtama, approved for psoriasis, was $75.1 million for the fiscal year ended March 31, 2024, with over 385,000 prescriptions written by over 15,300 unique prescribers since launch. Additionally, Roivant renegotiated Dermavant’s debt obligations, reducing potential cash payments due by over $300 million in the aggregate, with approximately $225 million of this reduction expected to be achieved over the next three fiscal years.

In terms of the company's cash position, Roivant reported its consolidated cash, cash equivalents, and restricted cash of $6.6 billion at March 31, 2024, supporting cash runway into profitability. The company also has $852 million in share repurchase authorization available following the repurchase of Sumitomo’s entire stake at $9.10 per share for $648 million, which reduced outstanding shares by 9%.

In terms of research and development expenses, R&D expenses decreased by $11.0 million to $120.9 million for the three months ended March 31, 2024, compared to $131.9 million for the three months ended March 31, 2023. For the year ended March 31, 2024, R&D expenses decreased by $23.5 million to $501.7 million, compared to $525.2 million for the year ended March 31, 2023. Non-GAAP R&D expenses were $109.7 million for the three months ended March 31, 2024, compared to $126.0 million for the three months ended March 31, 2023. Non-GAAP R&D expenses were $462.6 million for the year ended March 31, 2024, compared to $489.2 million for the year ended March 31, 2023.

Selling, general and administrative expenses increased by $44.1 million to $169.6 million for the three months ended March 31, 2024, compared to $125.5 million for the three months ended March 31, 2023. For the year ended March 31, 2024, selling, general and administrative expenses increased by $86.9 million to $687.4 million, compared to $600.5 million for the year ended March 31, 2023. Non-GAAP SG&A expenses were $131.3 million for the three months ended March 31, 2024, compared to $102.6 million for the three months ended March 31, 2023. Non-GAAP SG&A expenses were $514.8 million for the year ended March 31, 2024, compared to $407.6 million for the year ended March 31, 2023.

In terms of income (loss) from continuing operations, the company reported a loss from continuing operations of $182.5 million for the three months ended March 31, 2024, compared to $175.4 million for the three months ended March 31, 2023. However, income from continuing operations was approximately $4.2 billion for the year ended March 31, 2024, compared to a loss from continuing operations of $1.2 billion for the year ended March 31, 2023. On a non-GAAP basis, income from continuing operations was $799.9 million for the year ended March 31, 2024, compared to $924.3 million for the year ended March 31, 2023.

As a result of these announcements, the company's shares have moved -2.7% on the market, and are now trading at a price of $10.44. If you want to know more, read the company's complete 8-K report here.

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