The latest fourth quarter update from Roivant Sciences (NASDAQ: ROIV) reflected weaker business conditions and softer financial performance across key operating metrics.
The company recorded adjusted loss of $0.27 per share in the latest quarter, outperforming analyst estimates of loss of $0.35 per share by $0.08.
The firm announced quarterly sales of $2.52 million, trailing consensus estimates by $1.30 million versus expectations of $3.82 million.
The quarterly earnings and revenue both declined from the same quarter last year, with earnings falling 22.7 percent and revenue decreasing 66.7 percent.
Matt Gline, CEO of Roivant, commented, “The positive Period 1 data from the IMVT-1402 trial in D2T RA demonstrate exciting potential for a new, differentiated mechanism to treat RA patients who have failed multiple prior therapies.”
“Receiving Breakthrough Therapy Designation from the FDA for brepocitinib in cutaneous sarcoidosis underscores the potentially meaningful opportunity that program could represent for patients in need.” He added.
