Roivant Sciences Q2 2026: LISRAYA Launch Beats Expectations

Roivant reported $35.1 million in revenue for the fiscal second quarter ended September 30, 2026, far exceeding expectations. The gap is so wide because Wall Street had essentially penciled in a quarter with no meaningful product sales, and instead got the opening act of a commercial-stage company.

Nearly all of that revenue came from LISRAYA, the brand name for brepocitinib, which generated $31.0 million in net product sales in just five weeks following its August 2026 FDA approval for adult dermatomyositis. CEO Matt Gline called it a strong start and cited strong early patient and prescriber demand, underscoring that the launch is already reaching patients.

On the bottom line, GAAP EPS came in at a loss of $0.27, beating expectations for a $0.45 loss. The reported figure was weighed down by distributions tied to Genevant Sciences equity awards that participated in Moderna settlement proceeds, an item that added $0.13 to the per-share loss on its own, so the underlying operating picture was cleaner than the headline loss suggests.

Roivant's pipeline added more fuel to the quarter. IMVT-1402 at the 600 mg dose met the primary endpoint in Immunovant's study in difficult-to-treat late-line rheumatoid arthritis, though the 300 mg dose did not separate from placebo. Brepocitinib also met primary and all key secondary endpoints in the Phase 3 CLARITY-1 and CLARITY-2 trials in non-infectious uveitis, with Priovant planning an sNDA filing in the first half of calendar 2027.

Management backed its $4.2 billion in cash and marketable securities as sufficient to fund the company all the way to profitability. An Investor Day is scheduled for December 9, 2026, and the company separately noted that an additional $1.3 billion Moderna payment to Genevant remains contingent on the outcome of a Section 1498 appeal.