p strong Roivant Sciences Reports First Quarter 2024 Financial Results strongpp Roivant Sciences NA
Intellectia.AI1970-01-01
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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