Immunovant, Inc. Q2 2027 Earnings Recap

Roivant’s shares rose 15.1% after the company reported $31 million in initial LISRAYA revenue and said its IMVT-1402 rheumatoid arthritis study met its Period 2 primary endpoint. The positive updates were tempered by management’s decision not to advance the Sjögren’s program, while it cautioned that the launch is early and September-quarter revenue benefited from pharmacy stocking.

Key Takeaways

• LISRAYA generated $31 million in net revenue during five weeks on the market; hundreds of patients were on paid drug at quarter-end, and management said some inventory held by specialty pharmacies had been dispensed after September 30.
• Management expects pharmacy inventory dynamics to be a modest headwind in the December quarter, but to become irrelevant next year; it said payer policies are still developing and vary in difficulty.
• IMVT-1402 met the primary endpoint in Period 2 of its RA study, a randomized-withdrawal phase testing maintenance of ACR20 response on 600 mg, 300 mg, or placebo.
• Roivant said it is unlikely to progress the Sjögren’s program, citing updates in the field; it plans to run the study out and learn from it.
• Management cited roughly 85,000 U.S. patients with RA who have struggled to get adequately treated, but said it will discuss the commercial opportunity at its December Investor Day.