Slides
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Financial Results and Business Update for the Quarter Ended June 30 , 2026 roivant August 6 , 2026
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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, the anticipated timing, costs, design, conduct and results of our ongoing and planned preclinical studies and clinical trials for our product candidates, any commercial potential of our product candidates following applicable regulatory approvals, and the outcome of any pending litigation are forward -looking statements. 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. 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 and uncertainties, including, but not limited to, those risks set forth in the sections captioned “Risk Factors” and “Cautionary Note Regarding 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. Non-GAAP Financial Information This presentation includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Additional information regarding non-GAAP financial measures can be found on slide 18 and in our earnings release furnished with our Current Report on Form 8 -K dated August 6, 2026. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by U.S. GAAP, have no standardized meaning prescribed by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. 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 Agenda Pipeline and Business Updates Financial Update Q&A 3
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For investor audiences only 4Note: 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. Roivant’s Priorities for CY2026 Prepare for brepocitinib launch Progress IMVT-1402 development across multiple pivotal studies Convert multiple PoC studies across 3 products into pivotal programs For investor audiences only Execute on LNP litigation Add to existing pipeline
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For investor audiences only 5Note: 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. DM: dermatomyositis; CS: cutaneous sarcoidosis; D2T RA: difficult-to-treat rheumatoid arthritis; LPP: lichen planopilaris Roivant’s Priorities for CY2026: Progress Across All Key Goals Brepocitinib launch in DM expected by end of September IMVT-1402 showed meaningful response rates in D2T RA patients First patients enrolled in brepocitinib CS Ph3 study in 3Q following positive Ph2 results in 1Q Received upfront payment from MRNA; filed international proceedings against PFE Added LPP as 4 th brepocitinib indication For investor audiences only
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For investor audiences only 6 2H 2026: Catalyst-Rich Period Ahead Across All Pipeline Programs 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. DM: dermatomyositis; CS: cutaneous sarcoidosis; NIU: non-infectious uveitis; PH-ILD: pulmonary hypertension with interstitial lung disease; PoC: proof-of-concept; CLE: cutaneous lupus erythematosus Brepocitinib launch in DM Topline data from brepocitinib Ph3 study in NIU Topline data from mosliciguat Ph2 study in PH-ILD By end of September 2026 2H 2026 2H 2026 Topline data from IMVT-1402 PoC study in CLE 2H 2026 IMVT-1402 D2T RA program updates 2H 2026
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Pipeline and Business Updates
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For investor audiences only 8 Cutaneous Sarcoidosis: High Urgency to Treat Given Poor Cosmesis and Potential to Cause Irreversible Damage Unlike many inflammatory skin diseases (e.g., plaque psoriasis, eczema, alopecia areata), untreated cutaneous sarcoidosis can rapidly cause permanent scarring or even cartilaginous destruction Images adapted from Fernandez-Faith and McDonnell, Clinics in Dermatol (2007) Plaque cutaneous sarcoidosis affecting significant body surface area Lupus pernio (papular and plaque cutaneous sarcoidosis) Plaque cutaneous sarcoidosis resulting in scarring alopecia
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For investor audiences only Phase 2 BEACON Data Provide Compelling Evidence of Clinical Benefit 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. *P < 0.05; ** P < 0.0001 1. A 5-point delta in CSAMI-A is considered clinically meaningful CSAMI-A: Cutaneous Sarcoidosis Activity and Morphology Instrument-Activity Score; MCID: minimal clinically important difference; IGA: investigator’s global assessment 9 Brepocitinib 45 mg (N=13) Brepocitinib 15 mg (N=11) Placebo (N=7) -30 -25 -20 -15 -10 -5 0 0 4 8 12 16 Mean Change from Baseline (± SE) Study Week -22.2 -22.3 -0.7 MCID * * * ** 0% 20% 40% 60% 80% 0 4 8 12 16 Percentage of Participants Study Week 55% 0% 69%* Mean CSAMI-A Change from Baseline1 45 mg vs. Placebo at Week 16: ∆ 69%; P=0.0047 45 mg vs. Placebo at Week 16: ∆ 21.6; P<0.0001 Achievement of IGA 0/1 and ≥ 2-Point Reduction * * 100% 73% 14% 45 mg vs. Placebo: ∆ 86%; P=0.0002 Achievement of CSAMI-A ≥ 10-point Reduction at Week 16 Achievement of CSAMI-A < 5 (Functional Remission) at Week 16 45 mg vs. Placebo: ∆ 62%; P=0.0147 62% 46% 0%
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For investor audiences only 10 Cutaneous Sarcoidosis Alone Includes Eligible Population of ~40K Patients 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. 1. Foundation for Sarcoidosis Research 2. Haimovic, et al., J Am Acad Dermatol (2012) 3. Altmeyer et al., Altmeyers Encycl (2025) ~40K CS patients in the US1,2 ~16K have minimal to no activity in other organs ~24K have other organ involvement affecting treatment decisions (principally lung and/or eye)3 No approved therapies for pulmonary sarcoidosis, and none in late-stage clinical development Brepocitinib Has the Potential to Become the On-Label Therapy of Choice for All Sarcoidosis Patients With Any Cutaneous Disease
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For investor audiences only First Patients Enrolled; Topline Data Expected 2028 11 BEACON+: Phase 3 Study for Brepocitinib in Cutaneous Sarcoidosis Enrolling at ~70 sites globally 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. Note: Additional inclusion and exclusion criteria not listed on slide Note: Additional primary and secondary endpoint details not listed on slide CS: cutaneous sarcoidosis; QD: daily; CFB: change from baseline; CSAMI: Cutaneous Sarcoidosis Activity and Morphology Instrument All references are to calendar years N=140 Adults with active CS Placebo Brepocitinib 45 mg QD Primary Endpoint: CSAMI-A ≥ 50% Response 3:2 Randomization 16Week 0 Steroid taper: Mandatory corticosteroid taper to 0 mg/day from Week 2 to Week 8
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For investor audiences only 12 ALPINE: Phase 2b/3 Trial of Brepocitinib in Lichen Planopilaris 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. IGA: Investigator’s Global Assessment; OLE: Open-Label Extension Brepocitinib 45 mg QD (N=36) N = 72 Adults with active, moderate-to- severe LPP Phase 2b (Part 1)Screening 24-week double-blind period + 28-week OLE 24-week double-blind period + 28-week OLE • Phase 2b Primary Endpoint: Safety & Tolerability • Efficacy Endpoints (Week 24): • IGA 0/1 + 2-point reduction • Trichoscopy • Individual LPP symptom assessmentsPlacebo QD (N=36) Phase 3 Pivotal (Part 2) Brepocitinib 45 mg QD (N=TBD) Placebo QD (N=TBD) N = approx. 270 Sample size reestimation after Ph2b Adults with active, moderate-to- severe LPP 1:1 Randomization 3:2 Randomization Enrollment Progressing Well
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For investor audiences only Brepocitinib in DM: Well-Positioned to Launch the First Novel Oral Therapy 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. 1. Analysis by Roivant/Priovant using closed claims data from Inovalon. Analysis includes patients with DM with continuous enrollment from 2019-2024. 2. Christopher-Stine et al., BMC Rheumatology (2025) *Measured at Week 52 **Measured at Week 4 13 Ph3 Study Achieved Statistical Significance on All 10 Endpoints Mean TIS* ∆CDASI-A* ∆DMOMS* TIS40 Response* ∆HAQ-DI* ∆CDASI-A** TIS60 Response* Time to Consecutive TIS40* TIS40+ ≤2.5mg OCS* CDASI-A 40% Response* Commercial Launch Plans On Track Expect to launch by end of September following priority review Commercial and patient support teams built, trained and ready to deploy All pre-launch preparations remain on schedule DM Remains a Tough Disease; High Unmet Need Nearly 2/3 of treated DM patients receive ≥2 therapies 1 62% of patients dissatisfied with current treatments 2 ~40-70K Addressable Patient Population
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For investor audiences only Lichen Planopilaris Ph2b/3 Initiated Brepocitinib Poised For Long-Term Value Across 4 Indications With Continuous Catalyst Flow Expected Through 2028 Dermatomyositis NDA Filed Cutaneous Sarcoidosis Positive Ph2 Topline Data Non-Infectious Uveitis Ph3 Topline Data (2H 2026) Dermatomyositis Potential NDA Approval ~70K Patients (DM) ~140K Patients (DM + NIU) ~280K Patients (DM + NIU + CS + LPP) Non-Infectious Uveitis Potential sNDA Approval Cutaneous Sarcoidosis Ph3 Ongoing Cutaneous Sarcoidosis Potential sNDA Approval Late 2026 / Early 2027 Late 2027 / Early 2028 2028+ On track to launch brepocitinib in DM by the end of September 2026 + Potential Additional Indications Illustrates ~10K patients. 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. 14 Lichen Planopilaris Ph2b/3 Ongoing Lichen Planopilaris Potential sNDA Approval Cutaneous Sarcoidosis Ph3 Initiated
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For investor audiences only Moderna Upfront Payment Received and International Proceedings Against Pfizer/BioNTech Initiated in July 2026 1. Total settlement amount includes, in addition to the $950M received in July 2026, a $1.3BN payment contingent upon a favorable resolution of MRNA’s Section 1498 appeal. For more information about the settlement with Moderna and related payments, please refer to our Form 10-K filed with the SEC on May 20, 2026 2. UPC: Unified Patent Court. The UPC actions seek relief for: Austria, Belgium, Bulgaria, Denmark, Estonia, Finland, France, Germany, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia, Spain, and Sweden. 15 Genevant and Arbutus continue to advance litigation against Pfizer and BioNTech: three international lawsuits (Canada and UPC2) filed in July 2026 Moderna Pfizer/BioNTech $1.3BN Contingent payment upon favorable Section 1498 appellate ruling1 $2.25BN Potential aggregate settlement value1 $950M Upfront payment received July 2026
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Financial Update
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For investor audiences only 17 Key Financial Items • R&D expense of $202M; adjusted R&D expense of $193M (non-GAAP) • G&A expense of $166M; adjusted G&A expense of $91M (non-GAAP) • Net loss of $291M; adjusted net loss of $244M (non- GAAP) Select Income Statement and Non-GAAP Metrics for the Three Months Ended June 30, 2026 • Cash, cash equivalents, restricted cash and marketable securities of $3.9BN as of June 30, 20261 • Excludes $772M received from Moderna in July 2026 • 722,323,015 common shares issued and outstanding as of July 31, 2026 • 7,305,646 common shares repurchased for $209M in the 3 months ended June 30, 2026 2 Select Balance Sheet Metrics at June 30, 2026 1. Includes $12M in restricted cash. 2. As of June 30, 2026, includes 413,183 common shares with trade dates in June 2026 that settled in July 2026. For a reconciliation of each non-GAAP financial metric to the comparable GAAP financial metric, please see slide 18.
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For investor audiences only Non-GAAP Disclosures (1) Represents non-cash share-based compensation expense. (2) Represents non-cash depreciation and amortization expense. (3) As a result of the global settlement with Moderna entered in March 2026, the Company recognized a gain for Genevant’s expected portion of a non-contingent, non-creditable and non-refundable payment to be made by Moderna to Genevant and Arbutus during the year ended March 31, 2026. The Company recognized an additional gain during the three months ended June 30, 2026, reflecting the final allocation to Genevant once litigation costs incurred were finalized. Notes to non-GAAP financial measures: Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited, in thousands) 18 Three Months Ended June 30, Note 2026 2025 Research and development expenses $ 202,016 $ 152,919 Adjustments: Share-based compensation (1) 8,721 11,099 Depreciation and amortization (2) 346 786 Adjusted research and development expenses (Non-GAAP) $ 192,949 $ 141,034 Three Months Ended June 30, Note 2026 2025 General and administrative expenses $ 165,527 $ 134,019 Adjustments: Share-based compensation (1) 74,621 71,079 Depreciation and amortization (2) 254 312 Adjusted general and administrative expenses (Non-GAAP) $ 90,652 $ 62,628 (4) Represents the unrealized (gain) loss on equity investments in unconsolidated entities that are accounted for at fair value with changes in value reported in earnings. (5) Represents the change in fair value of liability instruments, which is non-cash and primarily includes the loss relating to the measurement and recognition of fair value on a recurring basis of certain liabilities. (6) Represents the estimated tax effect of the adjustments. Three Months Ended June 30, Note 2026 2025 Net loss $ (290,606) $ (273,911) Adjustments: Research and development: Share-based compensation (1) 8,721 11,099 Depreciation and amortization (2) 346 786 General and administrative: Share-based compensation (1) 74,621 71,079 Depreciation and amortization (2) 254 312 Gain on litigation settlement (3) (392) — Other: Change in fair value of investments (4) (36,637) 19,125 Change in fair value of liability instruments (5) — 2,329 Estimated income tax impact from adjustments (6) — (943) Adjusted net loss (Non-GAAP) $ (243,693) $ (170,124)
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For investor audiences only Program Vant Catalyst Expected Timing Roivant pipeline growth New mid/late-stage in-licensing announcements Ongoing Brepocitinib FDA decision on brepocitinib in dermatomyositis 3Q 2026 Mosliciguat Topline data from Phase 2 trial in pulmonary hypertension associated with interstitial lung disease 2H 2026 Brepocitinib Topline data from Phase 3 trials in non-infectious uveitis 2H 2026 IMVT-1402 Topline data from Phase 2 trial in cutaneous lupus erythematosus 2H 2026 IMVT-1402 Further updates from difficult-to-treat rheumatoid arthritis program 2H 2026 IMVT-1402 Topline data from potentially registrational trials in Graves’ disease 2027 IMVT-1402 Topline data from potentially registrational trial in myasthenia gravis 2027 IMVT-1402 Topline data from potentially registrational trial in Sjögren’s disease 2028 IMVT-1402 Topline data from potentially registrational trial in chronic inflammatory demyelinating polyneuropathy 2028 Brepocitinib Topline data from Phase 3 trial in cutaneous sarcoidosis 2028 Brepocitinib Topline data from Phase 2b/3 trial in lichen planopilaris TBC Rich Catalyst Calendar 19Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are 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 20 By the 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. Green outline and check indicate successful execution. 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* 9+ Pivotal Study Readouts 3+ POC Study Readouts Across 3+ Indications PH-ILD CLE Across 7+ Indications brepocitinib IMVT-1402 GD MG NIUDM 3+ Commercial Launches brepocitinib IMVT-1402 mosliciguat brepocitinib IMVT-1402 GD NIUDM CS NIU CIDPMGCS SjD D2T RAGD
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For investor audiences only 21 Phase 1 Phase 2 Registrational Approved Brepocitinib DM NIU CS LPP IMVT-1402 D2T RA GD MG CIDP SjD CLE Mosliciguat PH-ILD High-Value Pipeline, Delivering Series of Near-Term Catalysts 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 PDUFA date 3Q 2026 Topline data 2H 2026 Topline data 2028 Further updates 2H 2026 Topline data 2027 Topline data 2027 Topline data 2028 Topline data 2028 Topline data 2H 2026 Topline data 2H 2026 Phase 2b/3 FPFV 1Q 2026
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Thank you.