Revenue has collapsed 95% from $28.9M in 2023Q4 to $1.4M in 2026Q1, while operating losses widened to -$366M, reflecting escalating R&D and SG&A costs.
Roivant Sciences Ltd. (ROIV) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 |
|---|
| Sales/Revenue | 7.53M | 8.26M | 29.05M | 32.71M | 31.53M | 55.29M | 23.8M | 67.69M |
| Revenue Growth % | -67.58% | -71.57% | -11.19% | 3.75% | -42.97% | 132.34% | -64.85% | - |
| Cost of Goods Sold | 1.42M | 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 | 6.12M | 6.97M | 28.14M | 31.11M | 28.5M | 46.32M | 21.74M | 66.56M |
| Gross Margin % | 81.21% | 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 | 1.37B | 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 | 641.97M | 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 | 730.91M | 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 | -392K | 0 | 0 | 0 | 0 | 0 | 596.13M | 0 |
| Operating Income | -1.37B | -1.29B | -1.11B | -824.93M | -809.01M | -1.21B | -1.07B | -532.42M |
| Operating Margin % | -18140.92% | -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 | -1.36B | -1.28B | -1.1B | -802.89M | -790.16M | -1.21B | -895.74M | -553.3M |
| EBITDA Margin % | -18103.08% | -15520.04% | -3784.84% | -2454.35% | -2506.05% | -2181.05% | -3764.4% | -817.42% |
| EBITDA Growth % | -15.68% | -16.58% | -36.96% | -1.61% | 34.47% | -34.62% | -61.89% | - |
| D&A (Non-Cash Add-back) | 2.85M | 3.35M | 14.07M | 22.04M | 18.86M | 5.93M | 0 | 0 |
| EBIT | -289.88M | -264.58M | -681.59M | 4.6B | -857.02M | -916.71M | -895.74M | -553.3M |
| Net Interest Income | 166.71M | 178.11M | 258.38M | 111.65M | 4.22M | -6.67M | -1.39M | 10.31M |
| Interest Income | 166.71M | 178.11M | 258.38M | 146.43M | 32.18M | 369K | 1.42M | 17.99M |
| Interest Expense | 0 | 0 | 0 | 34.78M | 27.97M | 7.04M | 2.81M | 7.68M |
| Other Income/Expense | 1.08B | 1.02B | 432.09M | 5.39B | -75.98M | 288M | 172.35M | -28.56M |
| Pretax Income | -289.88M | -264.58M | -681.59M | 4.57B | -884.99M | -923.75M | -898.55M | -560.99M |
| Pretax Margin % | -3848.65% | -3203.12% | -2346.02% | 13963.43% | -2806.82% | -1670.85% | -3776.2% | -828.77% |
| Income Tax | 124.72M | 133.33M | 48.17M | 21.5M | 4.08M | 369K | 1.69M | 7.12M |
| Effective Tax Rate % | -43.02% | -50.39% | -7.07% | 0.47% | -0.46% | -0.04% | -0.19% | -1.27% |
| Net Income | -266.25M | -299.77M | -171.98M | 4.35B | -1.01B | -845.26M | -809.23M | 1.2B |
| Net Margin % | -3534.88% | -3629.19% | -591.96% | 13294.18% | -3200.22% | -1528.89% | -3400.86% | 1773.57% |
| Net Income Growth % | 45.73% | -74.3% | -103.95% | 531% | -19.37% | -4.45% | -167.41% | - |
| Net Income (Continuing) | -414.6M | -397.91M | -729.76M | 4.55B | -889.07M | -924.12M | -900.23M | -568.11M |
| Discontinued Operations | 0 | 0 | 373.03M | -315.15M | -226.39M | 0 | 0 | 1.72B |
| Minority Interest | 690.6M | 765.04M | 499.59M | 479.95M | 449.82M | 404.49M | 264.22M | 76.53M |
| EPS (Diluted) | -0.37 | -0.43 | -0.24 | 5.23 | -1.42 | -1.26 | -1.18 | 1.75 |
| EPS Growth % | 37.14% | -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 | 720.78M | 693.86M | 725.4M | 831.05M | 712.79M | 669.75M | 684.79M | 684.79M |
| Basic Shares Outstanding | 720.78M | 693.86M | 725.4M | 783.25M | 712.79M | 669.75M | 684.79M | 684.79M |
| Dividend Payout Ratio | - | - | - | 0.14% | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Dependence on pipeline milestones
Metrics are mathematically derived from official filings.
Revenue Decline Reflects Asset Sales
Roivant's quarterly revenue has contracted sharply, falling from $28.9M in 2023Q4 to $1.4M in 2026Q1, a 95% decline, as reported in financial statements, likely due to divestitures and lack of new product launches.
The revenue trajectory is clearly decelerating, with year-over-year growth rates consistently negative, ranging from -33.5% to -77.8% in recent quarters. This suggests that the company's current revenue base is shrinking, possibly because of the sale of commercial assets or the wind-down of certain partnerships. Investors should monitor whether any pipeline candidates can reverse this trend, as the current revenue run-rate is minimal relative to operating expenses.
Gross Margin Volatility Masks Underlying Costs
Gross margins have fluctuated between 65% and 97% over the past ten quarters, with the latest quarter at 80.3%, according to reported figures, but the absolute revenue is so small that margin analysis is of limited value.
The gross margin percentages appear high, but they are computed on a very low revenue base, making them less meaningful. The variability in gross margin, such as the drop to 65% in 2025Q3, may be due to product mix or one-time costs. However, the core issue is that the company's cost structure is dominated by R&D and SG&A, which are far larger than gross profit, leading to deeply negative operating margins.
Operating Losses Outpace Revenue Scaling
Operating income has remained deeply negative, with losses widening from -$102M in 2024Q1 to -$366M in 2026Q1, as per SEC filings, indicating that expense growth is not being offset by revenue growth.
Operating leverage is negative: as revenue declines, operating losses have generally increased, driven by rising R&D and SG&A expenses. For instance, R&D spending grew from $120.5M in 2024Q1 to $202.0M in 2026Q1, while SG&A also increased. This suggests that the company is investing heavily in its pipeline, but without corresponding revenue, the operating leverage is unfavorable. The widening losses may indicate a deliberate strategy to advance clinical programs, but it also heightens the need for successful pipeline outcomes.
Net Income Swings Driven by Non-Operating Items
Net income has swung wildly, from a $303M gain in 2025Q4 to a -$266M loss in 2025Q3, as reported in financial statements, indicating that non-operating items such as fair value changes or one-time gains are significant.
The reported net income figures are heavily influenced by non-operating items, as evidenced by the large positive quarters (2025Q4, 2024Q3, 2024Q1) that contrast with the consistent operating losses. These swings likely stem from changes in the fair value of equity investments or warrant liabilities, which are common in biotech. Investors should focus on operating income as a cleaner measure of underlying performance, but even that is deeply negative. The EPS figures are similarly volatile, reflecting these non-operating impacts.
R&D and SG&A Escalation Continues
R&D expenses have risen from $120.9M in 2023Q4 to $202.0M in 2026Q1, a 67% increase, while SG&A has remained elevated, as per reported data, indicating aggressive investment in pipeline and infrastructure.
The primary cost drivers are R&D and SG&A, which together consistently exceed $300M per quarter. R&D spending has grown steadily, reflecting the company's focus on advancing its clinical pipeline. SG&A has also increased, though with some variability, such as the spike to $202.9M in 2024Q2. This cost structure suggests that the company is prioritizing long-term growth over near-term profitability, but it also means that the cash burn is substantial. Management's expense discipline appears to be secondary to pipeline progress, which is typical for a biotech at this stage.
2024Q1 Marks a Turning Point
In 2024Q1, operating income improved to -$102M, the best in the series, but subsequent quarters saw losses widen, as per financial statements, indicating a shift toward higher spending and lower revenue.
The most notable inflection is in 2024Q1, where operating losses were relatively contained at -$102M, and net income was positive at $95M. This was followed by a sharp deterioration in 2024Q2, with operating losses tripling to -$342M, driven by a surge in SG&A. Since then, losses have continued to widen, with R&D spending increasing each quarter. This inflection suggests a strategic pivot to accelerate pipeline development, but it has also increased the company's reliance on external financing and successful clinical outcomes.
What Could Invalidate the Base Case
The persistent revenue decline and escalating R&D spending could signal that the pipeline is failing to generate commercial traction, as per reported figures, potentially leading to further dilution or strategic restructuring.
Short-sellers might argue that the company's revenue base is negligible and shrinking, while operating expenses continue to climb, resulting in an ever-widening cash burn. The reliance on non-operating gains for positive net income quarters raises questions about the sustainability of reported profitability. If pipeline milestones are delayed or fail, the company may face significant financing needs, which could dilute existing shareholders. Investors should closely monitor clinical trial outcomes and any changes in the cost structure to assess whether the current strategy is viable.