Revenue growth remains highly volatile, evidenced by a 66.7% year-over-year decline in 2025Q4 as the firm transitions away from legacy collaboration streams toward a model burdened by $198.9 million in quarterly R&D expenditures.
| Sales/Revenue | 8.26M | 29.05M | 32.71M | 31.53M | 55.29M | 23.8M | 67.69M |
| Revenue Growth % | -71.57% | -11.19% | 3.75% | -42.97% | 132.34% | -64.85% | - |
| Cost of Goods Sold | 1.28M | 911K | 1.6M | 3.03M | 8.97M | 2.06M | 1.13M |
| COGS % of Revenue | 15.56% | 3.14% | 4.89% | 9.62% | 16.22% | 8.64% | 1.67% |
| Gross Profit | 6.97M | 28.14M | 31.11M | 28.5M | 46.32M | 21.74M | 66.56M |
| Gross Margin % | 84.44% | 96.86% | 95.11% | 90.38% | 83.78% | 91.36% | 98.33% |
| Gross Profit Growth % | -75.22% | -9.55% | 9.19% | -38.48% | 113.08% | -67.34% | - |
| Operating Expenses | 1.29B | 1.14B | 856.04M | 837.51M | 1.26B | 1.09B | 598.98M |
| OpEx % of Revenue | 15645.01% | 3930.14% | 2616.83% | 2656.23% | 2275.56% | 4591.87% | 884.9% |
| Selling, General & Admin | 610.47M | 591.41M | 416.13M | 383.45M | 775.03M | 259.88M | 335.77M |
| SG&A % of Revenue | 7390.63% | 2035.62% | 1272.07% | 1216.14% | 1401.86% | 1092.15% | 496.04% |
| Research & Development | 681.81M | 550.41M | 439.91M | 454.06M | 483.04M | 236.63M | 263.22M |
| R&D % of Revenue | 8254.38% | 1894.51% | 1344.75% | 1440.1% | 873.7% | 994.44% | 388.86% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 596.13M | 0 |
| Operating Income | -1.29B | -1.11B | -824.93M | -809.01M | -1.21B | -1.07B | -532.42M |
| Operating Margin % | -15560.57% | -3833.27% | -2521.71% | -2565.85% | -2191.78% | -4500.52% | -786.58% |
| Operating Income Growth % | -15.41% | -35% | -1.97% | 33.24% | -13.15% | -101.14% | - |
| EBITDA | -1.28B | -1.1B | -802.89M | -790.16M | -1.21B | -895.74M | -553.3M |
| EBITDA Margin % | -15520.04% | -3784.84% | -2454.35% | -2506.05% | -2181.05% | -3764.4% | -817.42% |
| EBITDA Growth % | -16.58% | -36.96% | -1.61% | 34.47% | -34.62% | -61.89% | - |
| D&A (Non-Cash Add-back) | 3.35M | 14.07M | 22.04M | 18.86M | 5.93M | 0 | 0 |
| EBIT | -1.29B | -1.11B | -824.93M | -809.01M | -916.71M | -895.74M | -553.3M |
| Net Interest Income | 178.11M | 258.38M | 111.65M | 4.22M | -6.67M | -1.39M | 10.31M |
| Interest Income | 178.11M | 258.38M | 146.43M | 32.18M | 369K | 1.42M | 17.99M |
| Interest Expense | 0 | 0 | 34.78M | 27.97M | 7.04M | 2.81M | 7.68M |
| Other Income/Expense | 1.02B | 432.09M | 5.39B | -75.98M | 288M | 172.35M | -28.56M |
| Pretax Income | -264.58M | -681.59M | 4.57B | -884.99M | -923.75M | -898.55M | -560.99M |
| Pretax Margin % | -3203.12% | -2346.02% | 13963.43% | -2806.82% | -1670.85% | -3776.2% | -828.77% |
| Income Tax | 133.33M | 48.17M | 21.5M | 4.08M | 369K | 1.69M | 7.12M |
| Effective Tax Rate % | -50.39% | -7.07% | 0.47% | -0.46% | -0.04% | -0.19% | -1.27% |
| Net Income | -299.77M | -171.98M | 4.35B | -1.01B | -845.26M | -809.23M | 1.2B |
| Net Margin % | -3629.19% | -591.96% | 13294.18% | -3200.22% | -1528.89% | -3400.86% | 1773.57% |
| Net Income Growth % | -74.3% | -103.95% | 531% | -19.37% | -4.45% | -167.41% | - |
| Net Income (Continuing) | -397.91M | -729.76M | 4.55B | -889.07M | -924.12M | -900.23M | -568.11M |
| Discontinued Operations | 0 | 373.03M | -315.15M | -226.39M | 0 | 0 | 1.72B |
| Minority Interest | 765.04M | 499.59M | 479.95M | 449.82M | 404.49M | 264.22M | 76.53M |
| EPS (Diluted) | -0.43 | -0.24 | 5.23 | -1.42 | -1.26 | -1.18 | 1.75 |
| EPS Growth % | -79.17% | -104.59% | 468.31% | -12.7% | -6.78% | -167.43% | - |
| EPS (Basic) | -0.43 | -0.24 | 5.55 | -1.42 | -1.26 | -1.18 | 1.75 |
| Diluted Shares Outstanding | 693.86M | 725.4M | 831.05M | 712.79M | 669.75M | 684.79M | 684.79M |
| Basic Shares Outstanding | 693.86M | 725.4M | 783.25M | 712.79M | 669.75M | 684.79M | 684.79M |
| Dividend Payout Ratio | - | - | 0.14% | - | - | - | - |
Binary Clinical Trial Outcomes
As reported in recent financial filings, Roivant's revenue has experienced a significant 66.7% year-over-year decline in 2025Q4, reflecting a shift away from legacy collaboration-heavy streams toward a model reliant on sporadic milestone payments and the nascent, yet slow, commercial adoption of its dermatology product, VTAMA.
The top-line contraction highlights the inherent difficulty in transitioning from a deal-driven asset-recycling engine to a sustainable commercial pharmaceutical entity. Investors should monitor whether the current revenue base can stabilize as the company pivots toward independent commercialization, as the current trajectory appears heavily dependent on non-recurring events rather than consistent product demand.
Based on the company's latest income statement, R&D expenditures remain the primary cost driver, consistently exceeding $150 million per quarter, which underscores a strategic commitment to pipeline advancement that currently dwarfs the company's limited commercial revenue generation and contributes to persistent operating losses.
The high fixed-cost structure is a direct consequence of managing multiple late-stage clinical trials across various 'Vant' subsidiaries simultaneously. This expense discipline suggests that management is prioritizing long-term asset value creation over near-term operational efficiency, a strategy that warrants further investigation into the sustainability of such high burn rates without additional divestitures.
According to historical income statements, Roivant's net income is frequently skewed by non-operating gains, such as the 2023Q3 period where a massive divestiture event resulted in a $5.1 billion profit, masking the underlying operational reality of a business that is otherwise consistently cash-flow negative.
The presence of these lumpy, non-recurring gains makes standard earnings-based valuation metrics largely irrelevant for assessing the company's core health. Analysts should focus on the underlying operating burn and the timing of future asset recycling events, as these are the true determinants of the company's financial viability rather than the reported net income figures.
While the 'hub-and-spoke' model has proven effective at asset arbitrage, the slow commercial ramp of VTAMA, as evidenced by stagnant quarterly revenue figures, suggests that the company may struggle to replicate its deal-making success when tasked with the operational complexities of independent pharmaceutical product commercialization.
Short-sellers may focus on the potential for margin compression and the risk that the company's decentralized structure lacks the necessary scale to compete effectively in crowded therapeutic markets. The reliance on future divestitures to fund ongoing R&D creates a structural dependency that could prove problematic if the clinical pipeline fails to deliver high-value exit opportunities.
Quick answers to the most common questions about buying ROIV stock.
For fiscal year 2025, Roivant Sciences Ltd. (ROIV) reported total revenue of $8.3M. This represents a 87.8% decline compared to $67.7M in 2019.
Roivant Sciences Ltd. (ROIV) reported a net loss of $299.8M for the fiscal year ending 2025.
Roivant Sciences Ltd. (ROIV) reported an operating income of $-1285.3M, resulting in an operating profit margin of -15560.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Roivant Sciences Ltd. (ROIV) generated $7.0M in gross profit for the year, representing a gross profit margin of 84.4%. This demonstrates the company's core pricing power and production efficiency.