Roivant posts lower-than-expected Q2 operating loss on LISRAYA launch, lower R&D expenses
ROIV•Roivant reported Q2 net revenue of $35.12 million, including $31 million in product revenue from LISRAYA’s first five weeks on the market. Income from operations was a loss of $268.05 million, beating the $336.33 million loss analysts expected.
1. Revenue and operating loss
Roivant reported Q2 net revenue of $35.12 million and a net loss of $137.21 million. Its $268.05 million operating loss was lower than the $336.33 million loss expected by analysts.
2. Launch and expenses
LISRAYA generated $31 million in net product revenue during its first five weeks on the market. CEO Matt Gline said revenue reflected early patient and prescriber demand. Selling, general and administrative expenses rose $11 million year over year, mainly due to launch costs, while research and development expenses fell $18.8 million, mainly because of lower personnel and program-specific costs.
3. Outlook and repurchases
Roivant said it had $4.2 billion in cash as of September 30, 2026, and expects its cash runway to extend into profitability. It plans to file a supplemental new drug application for brepocitinib in non-infectious uveitis in the first half of 2027, and repurchased 2.1 million shares for $72.5 million during the quarter.
