p strong Roivant Sciences Reports First Quarter 2024 Financial Results strongpp Roivant Sciences NA

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Roivant Sciences Reports First Quarter 2024 Financial Results

Roivant Sciences (NASDAQ: ROIV) has announced its financial outcomes for the first quarter ending June 30, 2024.

Key Financial Metrics

Metric Q1 2024 Actual Q1 2023 Actual YoY Change (%) Consensus Estimate
Total Revenue $31.5M $0M N/A $31.5M
Earnings Per Share (EPS) $0.13 $(0.38) N/A $(0.26)
Net Income (Loss) $57.5M $(327.8M) N/A N/A

Roivant's financial performance showed notable improvements with a net income of $57.5 million for Q1 2024 compared to a net loss of $327.8 million in Q1 2023. EPS was also positive at $0.13, surpassing the consensus estimate of $-0.26.

Segment Revenue Performance

Segment Q1 2024 Revenue Previous Guidance Actual vs Guidance
VTAMA $18.4M Not provided N/A

VTAMA, Roivant's notable product for psoriasis, generated impressive net product revenue of $18.4 million and has seen over 430,000 prescriptions written since its launch.

Comments from Company Officers

Matt Gline, CEO of Roivant, highlighted, "This continues to be a year of investing, building, and clinical execution for Roivant. We are entering a dense period of meaningful clinical data in the coming months, particularly for our anti-FcRN franchise."

Announced Dividends or Share Repurchase Program

Roivant executed a significant $648 million share repurchase in April 2024.

Forward Guidance

Roivant has provided significant forward guidance, including multiple upcoming clinical milestones across its portfolio: - Dermavant expects PDUFA action for VTAMA in atopic dermatitis in Q4 2024. - Immunovant plans to initiate several potentially registrational programs by March 31, 2025, with multiple ongoing studies.

Stock Price Movement

Following the earnings release, Roivant's stock price increased by 5.26%.

Roivant's Q1 2024 results reflect solid revenue performance and notable progress in clinical development, positioning the company for meaningful growth and innovation in the biopharmaceutical sector.

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