Roivant Sciences Ltd. (ROIV)

Price$34.93Cached quoteAs of 2026-09-06 00:31 UTC

AI: Overvalued

Price checkThe shares look overvalued because visible assets cover far less than today’s market value.

At the observed market price, Roivant’s 722.7 million June shares imply equity value of about $26.3 billion. June cash and marketable securities were $3.84 billion. Adding roughly $584 million of the initial Moderna payment that could remain after planned distributions to non-Roivant Genevant holders, about $4.70 billion for Roivant’s fully diluted Immunovant stake, and roughly $445 million of Arbutus and Datavant investments gives about $9.6 billion of visible value. The remaining $16.7 billion must come from drug success and other optionality, leaving little classic value-investor margin of safety. SEC+2StockAnalysis.com+2

Big pictureRoivant has ample cash, but its core business still spends heavily before producing steady sales.

Earnings are not yet durable. Revenue was just $8.3 million in the year ended March 2026 against $1.29 billion of operating expenses, and operating cash flow was negative $750 million. The large March 2024 profit was transaction-driven: operating cash flow that year was still negative $765 million. Latest-quarter operating cash flow was negative $271 million. Because capital spending is tiny, free cash flow—cash left after running and investing—is nearly as negative. The offset is liquidity: June cash and marketable securities were $3.84 billion versus $385 million of total liabilities. Value moves more with trial and approval cycles than economic cycles. SEC

Business strengthIts strongest assets are scientifically promising, yet buybacks have not fully prevented shareholder dilution.

Roivant has created valuable assets and has used cash aggressively. It spent $1.29 billion on buybacks in the prior year and another $209 million in the latest quarter, when 7.3 million shares were repurchased. But stock-based compensation was $346 million in the year ended March 2026, and shares outstanding still rose from 696 million to 720 million that year and to 723 million by June. Its 52% fully diluted Immunovant ownership alone is worth roughly $4.7 billion at Immunovant’s recent market value, supporting the bull case, but dilution weakens per-share compounding. SEC+1

What could change the storyApproval and strong launches could justify the premium, while failed trials would expose limited downside protection.

The premium can work if several near-term programs succeed, especially brepocitinib’s expected dermatomyositis launch, late-stage uveitis results, Immunovant’s autoimmune programs, and mosliciguat. Roivant owns only about 65% of Priovant on a fully diluted basis, and brepocitinib also owes Pfizer sub-teens royalties, so headline sales will not all accrue to Roivant. A simple residual-value test says roughly $16–17 billion of today’s equity value depends on these less-visible assets. Strong approvals and multi-billion-dollar sales could close that gap; trial failures or a weak launch would make the current valuation hard to defend. SEC+2SEC+2

AI: News

Launch timetable heldRoivant kept brepocitinib’s planned first launch on schedule while several important trial-result dates remained unchanged.

On August 6, Roivant said brepocitinib commercial preparations remained on track for a possible dermatomyositis launch by the end of September. It also kept second-half timing for uveitis, cutaneous lupus and mosliciguat trial results, and reported $3.9 billion of cash and marketable securities before the July settlement receipt. Shares rose about 1.5% that day and another 3.5% the next session; the timing is consistent with a positive reaction, but does not prove the update caused it. investor.roivant.com+1

Moderna cash receivedGenevant received its first Moderna settlement payment, adding real cash while a larger second payment stayed uncertain.

On July 16, Arbutus confirmed receipt of about $178 million from Moderna, while Roivant’s later filing showed Genevant had received $771.6 million on July 8. Genevant expects to distribute up to $188 million to non-Roivant holders and award recipients. The companies also opened new Pfizer and BioNTech patent actions across 21 jurisdictions. Roivant shares fell about 2.8% that day; attribution is uncertain. The event matters because a receivable became cash while separate litigation upside remained alive. investor.roivant.com+2SEC+2

Pipeline update jolted sharesNew autoimmune trial data and settlement accounting produced a major earnings surprise, and shares jumped sharply.

On May 20, Roivant reported that 72.7% of patients in an Immunovant rheumatoid arthritis study met the 20% improvement benchmark, 54.5% met 50%, and 35.8% met 70%. The update also highlighted brepocitinib’s launch plan and the Moderna settlement. A financial-news report said Roivant shares surged nearly 14% intraday after the release, linking the move to the earnings surprise and clinical updates. That reaction shows how strongly the stock can reprice around pipeline evidence and one-time transaction gains. investor.roivant.com+1

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

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2025

Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$8.3M	$29.1M	$32.7M	$31.5M	$55.3M	$23.8M
Research & development	$681.8M	$550.4M	$439.9M	$454.1M	$483.0M	$236.6M
Operating expenses	$1.29B	$1.14B	$884.1M	$938.3M	$1.41B	$1.09B
Operating income	−$515.1M	−$1.00B	$4.50B	−$906.8M	−$1.35B	−$1.07B
Operating margin	−6,235.69%	−3,453.32%	13,746.93%	−2,875.87%	−2,444.82%	−4,500.52%
EBITDA	−$511.7M	−$989.2M	$4.52B	−$887.9M	−$1.35B	—
EBITDA margin	−6,195.16%	−3,404.89%	13,814.29%	−2,816.07%	−2,434.09%	—
Net income	−$299.8M	−$172.0M	$4.35B	−$1.01B	−$845.3M	−$809.2M
Net profit margin	−3,629.19%	−591.96%	13,294.18%	−3,200.22%	−1,528.89%	−3,400.86%
Basic EPSper basic share	-$0.43	-$0.24	$5.55	-$1.42	-$1.26	-$1.28
Diluted EPSper diluted share	-$0.54	-$0.24	$5.23	-$1.42	-$1.26	-$1.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.21%of listed shares

FMR LLC81.02M shares · Jun 30, 2026

View holders

Top 20 reported holders of ROIV
Holder	% owned
FMR LLC	11.21%81.02M shares
BlackRock, Inc.	6.67%48.24M shares
MORGAN STANLEY	5.89%42.59M shares
QVT Financial LP	3.28%23.72M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.06%22.12M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.99%21.64M shares
GOLDMAN SACHS GROUP INC	2.57%18.56M shares
STATE STREET CORP	2.46%17.8M shares
UBS Group AG	2.42%17.47M shares
Gline Matthew	≈2.32%16.74M shares
Assenagon Asset Management S.A.	2.31%16.73M shares
MANCHESTER KEITH S	2.14%15.44M shares
FARALLON CAPITAL MANAGEMENT, L.L.C.	1.98%14.31M shares
Gold Daniel Allen	1.89%13.69M shares
Torti Frank	≈1.88%13.58M shares
GEODE CAPITAL MANAGEMENT, LLC	1.62%11.67M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.43%10.35M shares
Two Seas Capital LP	1.17%8.48M shares
PERCEPTIVE ADVISORS LLC	1.12%8.09M shares
Patient Square Capital LP	1.11%8.02M shares

Percentages use 722.67M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$50.0K disclosed value

Sells (SEC code S)149$1.08B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4	MANCHESTER KEITH SDirector	SellCommon Shares	200.0K	$35.45	$7.09M	1.75M
Jun 30, 2026Form 4	MANCHESTER KEITH SDirector	SellCommon Shares · indirect	12.4K	$35.28	$436.8K	13.69M
Jun 30, 2026Form 4	Gold Daniel AllenDirector	SellCommon Shares · indirect	12.4K	$35.28	$436.8K	13.69M
Jun 30, 2026Form 4	QVT Financial LPOther	SellCommon Shares · indirect	12.4K	$35.28	$436.8K	13.69M
Jun 29, 2026Form 4	MANCHESTER KEITH SDirector	SellCommon Shares · indirect	600.0K	$34.59	$20.75M	13.70M