Roivant Sciences Ltd at H.C. Wainwright BioConnect Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Doug Tsao - HC Wainwright - Analyst : And maybe walk through the pricing strategy that you pursue, which puts you sort of at the upper end of branded topicals, although below opzelura, right? And also in that context, maybe an update on where you are from a contracting standpoint. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 02, 2023 / 5:00PM, ROIV.OQ - Roivant Sciences Ltd at H.C. Wainwright BioConnect Investor Conference I think when you launched the product, you sort of talked about -- perhaps at taking 18 months, you've made a lot of progress, and it seems like you might come in ahead of that in terms of getting your targeted covered lives.

Question: Doug Tsao - HC Wainwright - Analyst : And Richard, on when you are talking to payers, do they view in terms of VTAMA as sort of an off-ramp in terms of preventing patients advancing from topicals or sort of from steroids and then maybe vitamin A creams to then go into a much more expensive systemic biologic? And is that behind some of your early success and to the extent that you're sort of waiting people out or negotiating? Is that the point you're trying to drive home?

Question: Doug Tsao - HC Wainwright - Analyst : And Richard, you mentioned the atopic dermatitis opportunity. Based on the data from ADORING 1 or 2 --

Question: Doug Tsao - HC Wainwright - Analyst : They're coming in sort of reverse order. How do you see VTAMA being positioned and maybe provide some perspectives on how the opportunity in atopic dermatitis differs from the opportunity that you have in psoriasis?

Question: Doug Tsao - HC Wainwright - Analyst : And maybe Richard, I think, it would be helpful for people to understand from a framework. Maybe provide a quick highlight for people in terms of what we saw from ADORING 2 just so people can have some thought in terms of the context that we're talking about.

Question: Doug Tsao - HC Wainwright - Analyst : And when you think about the pursuit and the launch into with VTAMA, can that franchise get to profitability on its own on based on psoriasis? Or will that need the atopic dermatitis indication and how much additional commercial infrastructure will be needed for AD versus what you have already?

Question: Doug Tsao - HC Wainwright - Analyst : And maybe now turning a little bit to some of the pipeline, you've had some really positive data from the TL1A asset that you recently in-licensed from Pfizer with the TUSCANY studies in ulcerative colitis. So far, it had what might be characterized as sort of best-in-class efficacy amongst injectable biologics. Do you think that that's what's needed when you move into later-stage studies? I mean, it's not uncommon to see sort of a regression to the mean or sort of early Phase 2 data not necessarily translating to what you ultimately see in Phase 3. Is that -- do you think that -- should we expect some regression? And how do you think this drug needs -- how strong do you think that efficacy needs to be to have success in the IBD market, which is very competitive with a lot of biologics? We're obviously going to also see biosimilar. Humira has already launched, and it has become much more -- you have many more entrants later this year.

Question: Doug Tsao - HC Wainwright - Analyst : And even given the mechanism, this could have relevance or utility across IBD obviously as well as it seems to have an anti-fibrotic effect. And those indications aren't necessarily orphan, but they're not necessarily as big as what you would typically think of for IBD. And so does that sort of alter your commercial strategy and influence how you think about the asset from a pricing standpoint? And I know it's still early, we don't want to jump ahead of it. But are you thinking about the development of the asset on very large patient populations or sort of more targeted orphan or orphan-like indications?

Question: Doug Tsao - HC Wainwright - Analyst : And another asset that you bought in also in license from Pfizer was brepocitinib, which is your JAK/TYK2 molecule inhibitor. You seem to be sort of pursuing a different strategy than they were. They have a lot of data with the asset on sort of bigger patient populations. You're targeting Lupus. So maybe just walk through your broad -- your strategy with that asset versus the one that Pfizer was pursuing.

Question: Doug Tsao - HC Wainwright - Analyst : And for your FcRn franchise, you're the only company with two assets. You have batoclimab as well as IMVT-1402. What does that allow you to do from a development standpoint or strategic standpoint?

Question: Doug Tsao - HC Wainwright - Analyst : And Richard, one of the things that the company has sort of undergone recently is a little bit of a pipeline reprioritization. You brought in some new assets, seem to have deemphasized some of the early development or discovery work that you're doing with the computational platform. Maybe provide some context what led to that. And you've been active on business development, are you still interested in doing deals (technical difficulty) and other assets?

Question: Doug Tsao - HC Wainwright - Analyst : And Richard, when you think about your balance sheet and that strength, I mean, how are you sort of prioritizing your use of capital versus internally developed assets or opportunities versus ones that you potentially pursue to your business development?

Question: Doug Tsao - HC Wainwright - Analyst : Okay. Well, unfortunately, I think we're out of time. So with that, I think we'll wrap things up.