Roivant Sciences Ltd. Q2 FY2025 earnings call

• Discussed VALOR data for brepocitinib in dermatomyositis (DM) with positive results, NDA filing on track for first half of next year.
• Graves' disease trial data for batoclimab showed disease-modifying potential.
• Initiated registrational trials in various indications at Immunovant including Graves', myasthenia gravis, CIDP, etc.
• Favorable Markman ruling for Genevant in Pfizer case and progress in LNP litigation.
• Strong capital position with $4.4 billion in cash, no debt.
• Upcoming Investor Day on December 11, 2025.

No specific financial performance data by product segments with absolute terms and revenue contribution % provided in the transcript.

• NDA submission for brepocitinib in DM planned for first half of next year.
• Data readout from proof-of-concept study in cutaneous sarcoidosis (CS) next year.
• NIU study expected to read out in first half of 2027 around brepocitinib registration and launch in DM.
• TED study data to be reported with Graves' study data in first half of 2026.

• Evolving competitive landscape in thyroid eye disease (TED) and Graves' disease.
• Ongoing litigation risks including Moderna case trial scheduled for March 2026 and Pfizer case in discovery.

Q: Could you please comment on what we should be watching next with respect to Pfizer litigation?

A: It's tough to comment on ongoing litigation, but should watch for scheduling of the Pfizer case and progression.

Q: How do you feel about argenx stepping into Graves' and whether that has any impact on your strategy of 1402?

A: Imitation is flattery, competitive landscape is exciting, and we feel good about our high-dose batoclimab profile in Graves'.

Q: When thinking about the remission data in Graves', is there any way to tease out the impact of starting on the high-dose batoclimab?

A: Deeper IgG reductions drive towards remission, and high dose of batoclimab drives significant IgG suppression.

Q: On Pulmovant, how confident are you about the translatability from PAH to PH-ILD?

A: Cautiously optimistic, but wait for Phase IIb data in second half of next year.

Q: On brepo, have you thought of Sjögren's as an indication?

A: We've thought exhaustively about indications for brepo, and there are exciting opportunities beyond discussed ones.