Slides
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J.P. Morgan Healthcare Conference January 12, 2026 If You Didn’t Buy Roivant in 2025, Now Is the Time
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For investor audiences only Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, potential uses of cash and capital allocation, research and development plans, profitability, the anticipated timing, costs, design, conduct and results of our ongoing and planned preclinical studies and clinical trials for our product candidates and any commercial potential of our product candidates are forward-looking statements. These forward-looking statements are based upon our current expectations and beliefs as of the date of this presentation and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward -looking statements. Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements. These forward-looking statements may be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the sections captioned “Risk Factors” and “Forward-Looking Statements” of our filings with the U.S. Securities and Exchange Commission, available at www.sec.gov and investor.roivant.com. We operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this presentation, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward -looking statements, whether as a result of new information, future events or otherwise. Disclaimer This presentation is intended for the investor community only; it is not intended to promote the product candidates referenced herein or otherwise influence healthcare prescribing decisions. 2
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For investor audiences only 3 Where We Are Roivant’s next decade will look materially different from its last: now simplified to a “traditional development and commercialization” company with a near- term commercial launch Executing on our existing portfolio is the highest priority for us Multiple “pipeline-in-a- product” opportunities uniquely position us to shape our own destiny Successful clinical execution has accelerated 3 topline readouts For investor audiences only All while maintaining our unique culture, dynamism and focus on shareholder value creation
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For investor audiences only Strong Execution in 2025 Sets Foundation for Next Era of Growth Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, marketable securities, and other current assets as of September 30, 2025. Does not include $200M in non-ROIV gross proceeds from Immunovant’s December 2025 offering 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing expected in early 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 4 Progressed potentially registrational trials in GD, MG, CIDP, D2T RA and SjD; POC trial in CLE Efficient clinical execution accelerated expected D2T RA topline readout to 2026; CLE initial results also expected 2026 Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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For investor audiences only 2026: Another Catalyst-Rich Year for Roivant For investor audiences only LNP litigation jury trial in US Moderna case in 1Q 2026 Mosliciguat PH-ILD Ph2b topline data in 2H 2026 Brepocitinib NIU Ph3 topline data in 2H 2026 Brepocitinib DM NDA filing planned for early 2026 Topline data in PoC studies for brepocitinib in CS in 1H 2026 and IMVT-1402 in CLE in 2026 IMVT-1402 D2T RA potentially registrational topline data in 2026 Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years 5
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For investor audiences only 6 10+ Year Track Record of Disciplined Execution and Value Creation for Patients, Partners and Shareholders 1. Consolidated cash, cash equivalents, marketable securities, and other current assets as of September 30, 2025. Does not include $200M in non-ROIV gross proceeds from Immunovant’s December 2025 offering 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves 3. FDA approval and trial figures include Vants transferred to Sumitomo Pharma in December 2019, as well as Dermavant, which was acquired by Organon in October 2024 4. 148.6M shares were purchased for $1.5BN at an average price of $10.09 as of December 31, 2025 Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years Significant Financial Strength Proven Performance & Strong Pipeline Focus on Capital Efficiency 8 FDA Approvals3 12 Positive Phase 3 Studies3 3 Commercial Launches Over the Next 3 Years >$10BN in Exits to Pharma $4.4BN cash & equivalents1; funded into profitability2 Repurchased $1.5BN at ~$104; additional $500M authorized
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For investor audiences only 7 What Makes Roivant Unique Entrepreneurial mindset with aligned incentives Lean, dynamic and agile organization Homegrown leadership – unique mix of expertise Talent, Organization & Culture Creative Product Development Brepocitinib Identifying rare I&I as our opportunity IMVT-1402 Identifying and pioneering Graves’ disease development Mosliciguat Pivoting initial program to PH-ILD from PAH Focus on Execution Executed the longest and biggest DM study in just ~3 years in a challenging-to- enroll indication Execution of multiple other studies including CS, NIU, D2T RA, all expected to report ahead of schedule
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For investor audiences only 8 Over the Next 36 Months (by End of CY 2028), Roivant Will Execute on… Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years NDA: new drug application; BLA: biologics license application; DM: dermatomyositis; NIU: non-infectious uveitis; GD: Graves’ disease; MG: myasthenia gravis; CIDP: chronic inflammatory demyelinating polyneuropathy; SjD: Sjögren's disease; D2T RA: difficult-to-treat rheumatoid arthritis; PH-ILD: pulmonary hypertension with interstitial lung disease; CLE: cutaneous lupus erythematosus; CS: cutaneous sarcoidosis *May be supplementary filings, depending on drug/indication 4+ NDA/BLA Filings* 8+ Pivotal Study Readouts 3+ POC Study Readouts Across 3+ Indications PH-ILD CS CLE Across 6+ Indications NIU GD MG CIDP SjD D2T RA brepocitinib IMVT-1402 GD MG NIUDM 3+ Commercial Launches brepocitinib IMVT-1402 mosliciguat brepocitinib IMVT-1402 GD NIUDM
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For investor audiences only 9 Roivant’s Commercial Opportunity Is Rooted in High-Value, Tractable Indications Note: All drugs are investigational and subject to regulatory approvals DM: dermatomyositis; NIU: non-infectious uveitis; CS: cutaneous sarcoidosis; GD: Graves’ disease; CIDP: chronic inflammatory demyelinating polyneuropathy; D2T RA: difficult-to-treat rheumatoid arthritis; CLE: cutaneous lupus erythematosus; MG: myasthenia gravis; SjD: Sjögren's disease; PH-ILD: pulmonary hypertension with interstitial lung disease Ultra-Orphan Indications “Large Pharma” Indications “Sweet Spot” Indications: Orphan-Sized + Focused Commercial Model DM NIU CS GD CIDP D2T RA CLE MG SjD PH-ILD
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For investor audiences only Select success stories from each era 10 We Are at a Unique Time in the Evolution of the Biotech Industry Note: All trademarks are property of their respective owners Genesis: <2000 • Strategic Partnering: Licensing replaces pure acquisition • Launch Success: ~40% of launch stocks outperformed by 25% ("Own the Launch") • New Leaders: A "graduating class" of standalone biopharmas Select milestones and themes driving industry fundamentals and value creation NBI • Science Boom: Genomic sequencing, mRNA, & cell therapy • Launch Struggles: ~40% of launch stocks underperformed by >50% ("Short the Launch") • M&A Reliance: Investors relied on buyouts for returns • Industry Birth: Creation of modern biotech • Disruption: Shift away from chemical-based pharma • Early Consolidation: The first wave of M&A Discovery Phase: 2000 - 2020 Execution Phase: 2020+
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For investor audiences only 11 M&A for $10BN+ Biotechs Remains Limited Rapid Rise & Influence of China Biopharma Sector ThemesCapital Markets Remain Fickle Roivant’s portfolio of unique, differentiated products provides insulation against regulatory & reimbursement dynamics Roivant’s cash balance supports runway into profitability Roivant’s multiple near- term launches and pivotal readouts support value inflection opportunities Roivant differentiates via creative development strategies with late-stage trials underway Confluence of Intrinsic and External Factors Creates Opportunity for Roivant’s Differential Value Creation in Biopharma Ecosystem
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For investor audiences only 12 Significant Upside and Value Creation Across Recent Launches 1. Table represents change from post readout/pre-approval relative to today, as of December 9, 2025 2. Historical and current consensus revenue estimates sourced from Bloomberg Selected Paradigm- Shifting Pivotal Readouts Efgartigimod in gMG ADAPT study Vutrisiran in ATTR-CM HELIOS-B study Brensocatib in NCFB ASPEN study ∆ in 2029 Consensus Rev. Estimate2 ∆ in Share Price ∆ in Market Cap +90% +204% $14BN $55BN +87% +75% $30BN $55BN + 88% +190% $11BN $42BN ARGX ALNY INSM Rapid adoption New therapeutic options + better diagnostics grows identified prevalence Significant unmet medical need supports market access Post readout, pre-approval to today 1
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For investor audiences only 13 Roivant Capitalized to Profitability With $4.4BN Cash Balance to Advance Current Priorities and Fund Selective Capital Allocation Opportunities1 1. Consolidated cash, cash equivalents, marketable securities, and other current assets as of September 30, 2025. Does not include $200M in non-ROIV gross proceeds from Immunovant’s December 2025 offering Invest in Current Pipeline & Launches 10+ disclosed indications in mid- late-stage development Invest in New Opportunities ~$2BN available for late-stage development and high value creation opportunities Return Excess Capital to Shareholders $1.5BN buyback completed and additional $500M authorized + + Roivant-Led Immunovant Financing in December 2025 Generated Gross Proceeds to Immunovant of Approximately $550M, Extending Immunovant’s Cash Runway to the Launch of IMVT-1402 in Graves’ Disease
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For investor audiences only 14 Roivant’s Priorities for the Next 12 Months… Prepare for brepocitinib launch Progress IMVT-1402 development across multiple pivotal studies Convert multiple PoC studies across 3 products into pivotal programs Execute on LNP litigation Add to existing pipeline For investor audiences only
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For investor audiences only 15 … To Fully Capitalize on an Exciting Next Decade Represents non-probability adjusted peak sales across all announced indications. Graph is an approximate illustration of peak sales opportunity and is not drawn to scale time $ in billions Potential for growth across all programs Mosliciguat 1 announced indication IMVT-1402 6 announced indications Brepocitinib 3 announced indications
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For investor audiences only Rich Catalyst Calendar Over the Next 36 Months Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years. 2026 Pivotal / Potentially Registrational / Launch Proof of Concept / Other 1H 2026 Topline data in TED 2027 2028 2H 2026 Topline data in PH-ILD 1Q 2026 Jury trial in US MRNA case 2026 Topline data in D2T RA 2026 Initial results in CLE First hearings in ex- US MRNA cases 2H 2026 Topline data in NIU 2027 Topline data in GD Topline data in MG 2028 Topline data in SjD Topline data in CIDP GD Launch FcRn franchise brepocitinib mosliciguat LNP litigation KEY 1H 2026 Topline data in CS Early 2028 NIU Launch Early 2027 DM Launch 2027+ Future POC study readouts in undisclosed indications and future BD 16 Early 2026 NDA filing in DM
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Thank you.
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Appendix
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For investor audiences only 19 Brepocitinib program is focused on indications with biology suited for dual JAK1/TYK2 inhibition and significant unmet need NDA filing for brepocitinib in DM expected in early 2026; preparations underway for potential commercial launch in DM in early 2027 No approved therapies and risk of permanent cutaneous damage highlight unmet need in CS; topline data from Phase 2 BEACON study expected to read out 1H 2026 ahead of prior guidance (2H 2026) NIU treatment paradigm enables potential for new therapeutic uptake across market segments; topline data from Phase 3 CLARITY study expected to read out 2H 2026 ahead of prior guidance (1H 2027) DM standard of care leaves patients poorly controlled, dissatisfied, and exposed to high steroid burden, underscoring the need for new treatments Highlights: Brepocitinib NIU: non-infectious uveitis; CS: cutaneous sarcoidosis; DM: dermatomyositis Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years For investor audiences only
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For investor audiences only 20 IMVT-1402 drives deep dose-dependent reductions of pathogenic IgG autoantibodies; expected to reach best-in-class IgG reductions of ~80%, unmatched by current anti-FcRn competitors Pipeline-in-a-product potential; approved anti-FcRns antibodies have generated ~$7BN in cumulative revenue in MG and CIDP within 4 years of launch with additional indications expected1 Massive opportunity in uncontrolled Graves’ disease; generated disease-modifying PoC data and expect potentially registrational data in 2027 with multi-year lead and best-in-class efficacy Significant evidence across late-stage clinical trials shows deeper IgG reductions are correlated with better efficacy across 8 different indications to date IMVT-1402 is expected to be first- and best-in-class in GD, D2T RA, and CLE; best-in-class in MG, CIDP, and SjD; D2T RA topline readout now expected in 2026 as well as initial results in CLE Highlights: IMVT-1402 GD: Graves’ disease; SjD: Sjogren’s disease; D2T RA: difficult-to-treat rheumatoid arthritis; CIDP: Chronic inflammatory demyelinating polyneuropathy; MG: Myasthenia gravis; CLE: Cutaneous lupus erythematosus Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years 1. Data from Evaluate and company filings For investor audiences only
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For investor audiences only 21 PH-ILD represents an area of intense unmet medical need with only one approved mechanism (two therapies) and an estimated 200,000 patients across the US and Europe Topline data from ongoing Phase 2 study ( PHocus) is expected in 2H 2026 – 120 patient study with the potential to define a new standard of care in PH-ILD Mosliciguat with a differentiated mechanism of action – inhaled soluble guanylate cyclase (sGC) activator – is potentially the first non-treprostinil treatment option for PH-ILD patients Parallels to PAH market with combination therapies present across the disease spectrum; however, PH-ILD expected to be larger commercial opportunity with competition limited to inhaled mechanisms Among the best PVR reductions seen to date with convenient once-daily dosing and favorable safety profile across 170 healthy volunteers and PH patients – approved drugs have shown PVR reductions translate to clinical efficacy Highlights: Mosliciguat For investor audiences only PH-ILD: Pulmonary hypertension associated with interstitial lung disease Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years
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For investor audiences only 22 We believe that both the Moderna COVID-19 vaccine (SPIKEVAX) and Pfizer/BioNTech’s COVID-19 vaccine (COMIRNATY) infringe multiple Genevant/Arbutus LNP patents In the ex-US Moderna litigation, initial court hearings and rulings are expected in 2026 Markman rulings (claim construction) have been issued in both US cases – viewed by Genevant generally to be favorable Global COVID-19 vaccine sales since launch have been ~$145BN between Moderna and Pfizer/BioNTech In the US Moderna litigation, a jury trial has been scheduled for March 2026. Awaiting court scheduling in the Pfizer/BioNTech litigation Highlights: LNP Litigation For investor audiences only Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements